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Parliament passes Limited Liability Partnership (Amendment) Bill 2021

  • On 9th August 2021, the Parliament has passed the Limited Liability Partnership (Amendment) Bill, 2021.
  • The Bill seeks to amend the Limited Liability Partnership Act, 2008.
  • The Bill converts certain offences into civil defaults and changes the nature of punishment for these offences.
  • It also defines small LLP, provides for appointment of certain adjudicating officers and establishment of special courts.
  • It will help start-ups, LLP professionals and Chartered Accountants.