ICAI supports Cabinet decisions to approve 30 amendments to LLP Act 2008

ICAI endorses & supports Cabinet Decisions to approve the 30 amendments to LLP Act 2008 through the LLP (Amendment) Bill 2021 which will provide more traction & pace to ease of doing business policy.

• Cabinet approves the LLP (Amendment) Bill, 2021 for carrying out 30 amendments to the LLP Act, 2008.
• Cabinet approves de-criminalization of procedural & technical defaults under LLP Act, 2008 to incentivize compliance and reduce burden on NCLT and special courts.
• Cabinet approves amendments to the LLP Act, 2008 to incentivize unincorporated forms of businesses to shift to incorporated LLPs and gain the benefit of limited liability.
• Cabinet approval for amendments to the LLP Act, 2008 in tune with the Ease of Doing Business agenda of the Government.
• Amendments to LLP Act, 2008 approved by the Cabinet to ensure that law abiding corporates get greater Ease in Doing Business.
• Concept of “Small LLP” and “Start-up LLP” introduced in the LLP Act, 2008;
• Provisions to levy additional fees in case of late filings by LLPs rationalized.

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ICAI endorses & supports #CabinetDecisions to approve the 30 amendments to LLP Act 2008 through the LLP (Amendment) Bill 2021 which will provide more traction & pace to #easeofdoingbusiness policy. @nsitharaman @nsitharamanoffc @PiyushGoyal @Rao_InderjitS @MIB_India @EODB_India pic.twitter.com/JJX7qflDmo

— Institute of Chartered Accountants of India – ICAI (@theicai) July 29, 2021