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  1. Oct 6, 2022 · Limited Liability Partnership (Amendment) Act, 2021 Last updated : October 6th, 2022 05:22 pm Recently, on 13 th August 2021, the President approved the Limited Liability Partnership (Amendment) Bill, 2021. Accordingly, post receipt of the assent, the same became the Limited Liability Partnership (Amendment) Act, 2021.

    • Definition of Small LLP: The Amendment Act has introduced the concept of small LLP in line with the concept of small companies as prescribed under the Companies Act, 2013.
    • Recognition to Start-Up LLP: Start-up is one of the most popular forms of doing business these days. To facilitate the Ease of Doing Business and encourage startups across the country; the concept of start-up has been recognized under the LLP Act, 2008 as well, this will help in extending the benefit of simplified regulation and ease of practice under proprietorship to the start-up LLPs.
    • Prescription of Accounting and Auditing Standards as recommended by the Institute of Chartered Accountants of India: It has inserted Sec 34A in the Act to empower the Central Government to prescribe the “Accounting Standards” or “Auditing Standards” for a class or classes of limited liability partnerships; the responsibility of formulation and recommendation of which has been assigned to the Institute of Chartered Accountants of India.
    • Provisions related to direction to Change of name of LLP: In order to align the provisions relating to direction of the Central Government for change of name of LLP, with the amendment introduced in the Companies (Amendment) Act, 2020, the Amendment Act has provided to auto allot a new name to the LLP by the Central Government, in case of default in complying with the direction of the CG instead of imposing punishment for non-compliance for such default.
  2. Aug 4, 2021 · A Limited Liability Partnership (LLP) is a hybrid model of a partnership firm and a company in which some or all partners (depending on the jurisdiction) have limited liabilities. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.

  3. Mar 5, 2022 · What is Small LLP? An LLP is the most preferred form of business entity in India since its introduction in the year 2008 through the Limited Liability Partnership Act, 2008. It is a combination of both partnership and a company form of entity.

  4. Nov 19, 2021 · The Limited Liability Partnership Act, 2008 herein referred as “LLP Act” was validated by the Parliament of India to introduce and legally sanction the concept of LLP in India. As defined in section 3 of the LLP Act, an LLP is a separate legal entity from its partners, has perpetual succession, and any change in the partners of an LLP has ...

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  5. Aug 31, 2021 · In order to amend the LLP Act of 2008, the Government of India recently introduced the New Limited Liability Partnership (Amendment) Bill, 2021. On August 4, 2021, the Rajya Sabha passed the Limited Liability Partnership (Amendment) Bill, and on August 10, 2021, the Lok Sabha passed the bill. These amendments are made to improve the ease of ...

  6. Jul 12, 2022 · There is a new concept of small LLP introduced by the Limited Liability Partnership (Amendment) Act, 2021. Technically, the central pursuit after welcoming this latter category of LLP is to oblige Small businesses in the ease of doing business in India. The Government has brought various measures in recent years to ease business hardships in India.