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Parliament passes Limited Liability Partnership (Amendment) Bill, 2021

Parliament has passed the Limited Liability Partnership (Amendment) Bill, 2021 with the Lok Sabha approving it today amid din. The Rajya Sabha has already cleared the Bill.   The Bill seeks to amend the Limited Liability Partnership Act, 2008.  The Bill converts certain offences into civil defaults and changes the nature of punishment for these offences.  It also defines small LLP, provides for appointment of certain adjudicating officers and establishment of special courts. Speaking on the Bill, Finance Minister Nirmala Sitharaman said, it  will help start-ups, LLP professionals and Chartered Accountants.  The Bill was passed without any discussion.

 

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