Amendments to the Limited Liability Partnership Act 2008
On 3oth July, 2021, the government introduced the Limited Liability Partnership (Amendment) Bill in the Rajya Sabha which seeks to encourage the startup ecosystem and further boost ease of doing business in the country.
The Bill seeks to amend the Limited Liability Partnership Act, 2008.
Background
- In January, 2021, the Company Law Committee (CLC) recommended that 12 offences under the Limited Liability Partnership (LLP) Act 2008 be decriminalised and that LLPs be allowed to issue Non-Convertible Debentures (NCDs) to raise funds with the aim of improving ease of doing business for LLP firms.
Key Features
Introduction of Small LLPs
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