A beneficial owner is the person who ultimately owns or benefits from an asset or income, even if it is registered in someone else's name.
For example:
If a trust owns a rental property, and you receive the rental income from it, you are the beneficial owner — even though the property is not in your name.
In the case of a partnership, the beneficial owner is a partner who receives a share of the partnership’s profits. Even though the income is earned by the partnership as a whole, each partner is the beneficial owner of their portion of the income.
