The Limited Liability Partnership (Amendment) Act, 2021, introduced significant changes to the LLP framework in India. Key amendments include the decriminalisation of certain offences, the introduction of 'Small LLPs' to ease compliance for smaller businesses, and provisions for issuing Non-Convertible Debentures (NCDs). The Act also clarifies the meaning of 'Resident in India' and establishes Special Courts for faster resolution of cases. These changes aim to modernise the LLP structure and align it with current business needs.
Limited Liability Partnership (Amendment) Act, 2021
After receiving the approval of theUnion Cabinet on 28thJuly 2021, the Ministry of Corporate Affairs (MCA) had tabled the Limited Liability Partnership (Amendment) Bill, 2021, in the upper house of the Indian Parliament. On 4thAugust2021, the bi
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