{"id":252474,"date":"2021-08-10T09:33:22","date_gmt":"2021-08-10T04:03:22","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=252474"},"modified":"2021-08-10T09:32:20","modified_gmt":"2021-08-10T04:02:20","slug":"limited-liability-partnership-amendment-bill-2021-passed-by-lok-sabha","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/10\/limited-liability-partnership-amendment-bill-2021-passed-by-lok-sabha\/","title":{"rendered":"Limited Liability Partnership (Amendment) Bill, 2021 passed by Lok Sabha"},"content":{"rendered":"<p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">On August 10, 2021, the Limited Liability Partnership (Amendment) Bill, 2021 passed by the Lok Sabha. It was passed by the Rajya Sabha on August 04, 2021. The amendment seeks to amend LLP Act, 2008.<br \/>\n<\/span><\/p>\n<h4><\/h4>\n<h4><span style=\"color: #800000;\">Key highlights:<\/span><\/h4>\n<ul>\n<li><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">De-criminalization of procedural &amp; technical defaults under LLP Act, 2008 will incentivize compliance and reduce burden on NCLT and special courts.<\/span><\/li>\n<li><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">Enhance the confidence of LLPs on the Government\u2019s resolve to reduce the burden on the criminal Justice system<\/span><\/li>\n<li><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> Provide greater Ease of Doing Business and accord highest respect to honest wealth creators in the country. <\/span><\/li>\n<li>Concept of &#8216;Small LLP&#8217; and &#8216;Start up LLP&#8217; introduced in the LLP Act, 2008.<\/li>\n<li>Provisions of levying additional fees in case of late filings by LLPs rationalised.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On August 10, 2021, the Limited Liability Partnership (Amendment) Bill, 2021 passed by the Lok Sabha. It was passed by the Rajya <\/p>\n","protected":false},"author":8808,"featured_media":29801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-252474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Limited Liability Partnership (Amendment) Bill, 2021 passed by Lok Sabha | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/10\/limited-liability-partnership-amendment-bill-2021-passed-by-lok-sabha\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Limited Liability Partnership (Amendment) Bill, 2021 passed by Lok Sabha\" \/>\n<meta property=\"og:description\" content=\"On August 10, 2021, the Limited Liability Partnership (Amendment) Bill, 2021 passed by the Lok Sabha. 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