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Aug 21, 2024 · New company incorporations in India fell by 4.1% year-on-year in August, following an 11% decline in the previous month, according to corporate affairs ministry data. Despite this, the medium-to-long term economic growth prospects remain strong. In contrast, limited liability partnerships (LLPs) saw a 22.1% increase in registrations for August ...
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What does the LLP Amendment Bill mean for India's start-up ecosystem?
Why was the Limited Liability Partnership Amendment Bill passed?
What is the difference between Limited Liability Partnership and LLP?
Aug 5, 2021 · Hailed as a move to boost India’s start-up ecosystem, the amendment bill primarily intends to place limited liability partnerships (LLP) on an equal footing with larger corporates as the government had previously decriminalized certain provisions of the Companies Act, 2013.
- HSA Viewpoint
- Decriminalization of Offences
- Penalties and Fees For Small LLPs and Start-Up LLPs
- Compounding of Offences
- Establishment of Special Courts
- Other Key Changes
The Amendment Act will encourage small partnerships to convertinto an organized structure of an LLP. The Amendment Act hasessentially brought the Principal Act almost at par with theframework of the existing Companies Act, 2013 and seeks tomodernize the LLP regime as a whole by introducing ease ofcompliance for ethical entrepreneurs and opening gat...
The Amendment Act offsets criminal liability and decriminalizesthe following offences as listed below by prescribing only civilliability in the form of monetary penalties:The aforesaid offences will fall under an in-house adjudicationmechanism instead of being considered as a criminal offence with anintent to remove fear of criminal prosecutions for non-substantive,...Further, the Amendment Act has omitted the following Sectionsof the Principal Act in its entirety:Furthermore, the Amendment Act has reduced the maximum penaltyfrom INR 5,00,000 to INR 1,00,000 for LLPs and INR 50,000 fordesignated partners under Section 76A. It has also extended theterm of imp...The Amendment Act has introduced Section 76A which stipulatesthat the penalty payable for non-compliance of the LLP Act by aSmall LLP or a Start-Up LLP or by its partner or designated partnershall...The Amendment Act substitutes Section 69 of the Act indicatingthat a different fee or additional fee may be prescribed fordifferent classes of LLPs or for different documents or returnsrequired to...Pursuant to the Amendment Act, Small LLPs and Start-up LLPswill be subject to reduced fees and penal consequences in event ofdefault, thereby resulting in reduction of cost of compliances andencour...The Amendment Act has substituted Section 39 of the PrincipalAct entirety by authorizing the Regional Director or any otherofficer not below the rank of Regional Director recognized by theCentral G...Compounding will not be allowed for an offence committed by anLLP or its partner or its designated partner within 3 years fromthe date on which a similar offence committed by it or them wascompounded.The Amendment Act clarifies that any second or subsequentoffence committed after the expiry of the period of 3 years fromthe date on which the offence was previously compounded, shall bedeemed to b...The Amended Act has inserted Sections 67A, 67B and 67C to thePrincipal Act for a Special Courts to be set up to exclusively tryand dispose of offences committed under the Principal Act. Thiswill no...The Special Court shall consist of:The procedure and powers of Special Courts along with appealsand revisions are further postulated under Sections 67B and67C.The Amendment Act has recognized the concept of 'Start-upLLPs' and afforded the Central Government the power torecognize certain LLPs as Start-up LLPs by issuing notificationsfrom time to time.The Amended Act has reduced the residency requirement from 180to 120 days during a financial year under Section 7 of thePrincipal Act, which prescribes that every LLP shall have at leastone residen...The Amendment Act has inserted Section 34A to the Principal Actgranting power to the Central Government to prescribe accountingand auditing standards for different categories of LLPs inconsultation...The Amendment Act has introduced Section 68A to the PrincipalAct conferring power upon the Central Government to establish suchnumber of registration offices at such places as it thinks fit andto s...Aug 9, 2021 · The Lok Sabha on August 9 passed The Limited Liability Partnership (Amendment) Bill, 2021, which seeks to encourage the startup ecosystem and facilitate greater ease of doing business for the...
Mar 8, 2022 · Following the much-required demand for business reforms among stakeholders in India, the central government has made a series of amendments to the Limited Liability Partnership Act, 2008 (LLP Act) through the LLP (Amendment) Act, 2021, as notified on February 11, 2022.
May 23, 2022 · The recent amendments to the Limited Liability Partnership (LLP) Act will help entities operating in unorganised forms of businesses shift into organised structures, according to a senior official. Updated On : 16 Aug 2021 | 8:55 PM IST.
Aug 5, 2021 · Limited Liability Partnership (Amendment) Bill 2021 was introduced in Rajya Sabha on 29 July 2021 after the Union Cabinet gave its approval on 28 July 2021. The Amendment Bill seeks to facilitate greater ease of living to law-abiding corporates and to decriminalise certain provisions of the Act.
