ARTICLE · 04 MAY 2023

Key Amendment In The Limited Liability Partnership (Amendment) Act, 2021

Bhuta Shah and Co. LLP

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There were practically no amendments passed under the Limited Liability Partnership (LLP) Act, 2008 until now.

IndiaGovernment, Public Sector

Bhuta Shah Co & LLP

Background

There were practically no amendments passed under the Limited Liability Partnership (LLP) Act, 2008 until now. The Government of India recently introduced a new Limited Liability Partnership (Amendment) Bill, 2021, to amend the LLP Act 2008.

The Rajya Sabha passed the Limited Liability Partnership (Amendment) Bill on 4 August 2021 and on 10 August 2021, Lok Sabha passed the Bill.

These amendments are made to boost further the ease of doing business, reduce penalties for various offences, compounding offences stipulated in the Act of 2008.

Key Amendments

Small LLP - A new concept of small LLP is introduced.

"Small Limited Liability Partnership" means a limited liability partnership-

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