On July 28, 2021, the Union Cabinet has approved the amendments to Limited Liability Partnership Act, 2008 vide Limited Liability Partnership Amendment Bill, 2021 in order to accelerate the ease of doing business for companies.
Key points highlighted:
- Total 12 offences to be decriminalised for LLPs.
- New Definition of LLPs will be introduced.
- Expansion of scoped small LLPs.
- Startups can also benefit from ease of doing business.
Source: Press Information Bureau