Comparison between Old Act {Limited Liability Partnership Act, 2008} & New/Amended Act {Limited Liability Partnership (Amendment) Act, 2021}

Also Read: LLP (Amendment) Act, 2021 (Comparison with Principal Act, 2008) Part II

Part 1 (Major Changes in Sections)

Amendment Limited Liability Partnership Act, 2008 Limited Liability Partnership (Amendment) Act, 2021
Short title and commencement This Act may be called the Limited Liability Partnership Act, 2008 This Act may be called the Limited Liability Partnership (Amendment) Act, 2021
Substitution of reference of certain expressions by certain other expressions For the words and figures “the Companies Act, 1956” wherever they occur, the words and figures “the Companies Act, 2013 shall be substituted
Amendment of Section 2

(Clause {c})

Appellate Tribunal means the National Company Law Appellate Tribunal constituted under “Sub-Section (1) of Section 10FR” of the “Companies Act, 1956” Appellate Tribunal means the National Company Law Appellate Tribunal constituted under “Section 410” of the “Companies Act, 2013”
Amendment of Section 2 (Clause {d}) Body corporate means a company as defined in “section 3” of the “Companies Act, 1956” Body corporate means a company as defined in “clause (20) of section 2” of the “Companies Act, 2013”
Amendment of Section 2 (Clause {e}) “Business” includes every trade, profession, service and “occupation” “Business” includes every trade, profession, service and “occupation except any activity, which the Central Government may. By notification. Exclude”
Amendment of Section 2 (Clause {r}) “No Provision” (ra) “Regional Director” means a person appointed as such by the Central Government for the purpose of this Act or the Companies Act, 2013, as the case may be
Amendment of Section 2 (Clause {t}) No Provisions” (ta) “Small Limited Liability Partnership” means a Limited Liability Partnership:-

i. The contribution of which, does not exceed 25,00,000/-  or such higher amount, not exceeding 5,00,00,000/-, as may be prescribed;

AND

ii. The turnover of which, as per the Statement of Accounts and Solvency for the immediately preceding financial year, does not exceed 40,00,000/- or such higher amount, not exceeding 50,00,00,000/- as may be prescribed;

OR

iii. Which meets such other requirements as may be prescribed

Amendment of Section 2 (Clause {u}) “Tribunal” means the National Company Law Tribunal constituted under “Sub Section (1) of Section 10FB” of the “Companies Act, 1956” “Tribunal” means the National Company Law Tribunal constituted under “Section 408” of the “Companies Act, 2013”
Amendment of Section 7 (Sub-Section 1) For the purpose of this section, the term “resident in India” means a person who has stayed in India for a period of not less than “one hundred and eighty-two days during the immediately preceding one year” For the purpose of this section, the term “resident in India” means a person who has stayed in India for a period of not less than “one hundred and twenty days during the Financial Year”
Amendment of Section 7 (Sub-Section 6) Every designated partner of a Limited Liability Partnership shall obtain a Designated Partner Identification Number (DPIN) from the Central Government and the provisions of “Section 266A to 266G” (both inclusive) of the “Companies Act, 1956” shall apply mutatis mutandis for the said purpose Every designated partner of a Limited Liability Partnership shall obtain a Designated Partner Identification Number (DPIN) from the Central Government and the provisions of “Section 153 to 159” (both inclusive) of the “Companies Act, 2013” shall apply mutatis mutandis for the said purpose
Amendment of Section 10 In the marginal heading, the figure “8” shall be omitted
Amendment of Section 10 (Sub-Section 1) If the Limited Liability Partnership contravenes the provisions of Sub-Section (1) of Section 7, the Limited Liability Partnership and its every partner shall be “punishable with fine which shall not be less than 10,000/- but which may extend to 5,00,000/-“ If the Limited Liability Partnership contravenes the provisions of Sub-Section (1) of Section 7, the Limited Liability Partnership and its every partner shall be “liable to a penalty of 10,000/- and in case of continuing contravention, with a further penalty of 100/- for each day after the first during which such contravention continues, subject to a maximum of 1,00,000/- for the Limited Liability Partnership and 50,000/- for every partner of such Limited Liability Partnership”
Amendment of Section 18 (Omitted) “(1) Any entity which already has a name similar to the name of a LLP which has been incorporated subsequently, may apply, in such manner as may be prescribed, to the Registrar to give a direction to any LLP, on a ground referred to in Section 17 to change its name.

 

(2) The Registrar shall not consider any application under Sub-Section (1) to give a direction to a LLP on the ground referred to in clause (b) of Sub-Section (1) of Section 17 unless the Registrar receives the application within 24 months from the date of registration of the LLP under that name”

“Omitted”
Amendment of Section 30 (Sub-Section 2) Where any business is carried on with such intent or for such purpose as mentioned in Sub-Section (1), every person who was knowingly a party to the carrying on of the business in the manner aforesaid shall be punishable with imprisonment for a term which may extend to “two years” and with fine which shall not be less than 50,000/- but which may extend to 5,00,000/- Where any business is carried on with such intent or for such purpose as mentioned in Sub-Section (1), every person who was knowingly a party to the carrying on of the business in the manner aforesaid shall be punishable with imprisonment for a term which may extend to “five years” and with fine which shall not be less than 50,000/- but which may extend to 5,00,000/-
New Section Inserted 34A after Section 34 of the principal Act “ 34A. The Central Government may, in consultation with the National Financial Reporting Authority constituted under section 132 of the Companies Act, 2013 –

a) Prescribe the standards of accounting; &

b) Prescribe the standards of auditing

as recommended by the ICAI constituted under section 3 of the Chartered Accountants Act, 1949, for a class or classes of LLPs”

Amendment of Section 73 (Omitted) “Whoever fails to comply with any order made by the Tribunal under any provision of this Act shall be punishable with imprisonment which may extend to 6 months and shall also be liable to a fine which shall not be less than 50,000/-“ “Omitted”
Amendment of Section 81 (Omitted) “Until the Tribunal and the Appellate Tribunal are constituted under the provisions of the Companies Act, 1956, he provisions of this Act shall have effect subject to the following modifications, namely-

a) For the word “Tribunal” occurring in clause (b) of Sub-Section (1) of Section 41, Clause (a) of Sub-Section (1) of Section 43 and Section 44, the words “Company Law Board” had been substituted;

b) For the word “Tribunal” occurring in Section 51 and in Sections 60 to 64, the words “High Court” had been substituted;

c) For the words “Appellate Tribunal” occurring in Sub-Section (2) of Section 72, the words ‘High Court” has been substituted”

“Omitted”

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