The Rajya Sabha on August 9, 2021, passed the Limited Liability Partnership (Amendment) Bill, 2021.The Bill seeks to amend the Limited Liability Partnership Act, 2008 which regulates limited liability partnerships (LLPs). The key changes as proposed in the bill include the introduction of the concept of ‘small LLPs’, de-criminalisation of certain offences, empowering government to establish special courts, authorisation to regional directors with respect to the compounding of offences, empowering government to prescribe ‘AS’ and ‘Auditing Standards for a certain class of LLPs among others..
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