Copy of the LLP (Amendment) Bill, 2021 as introduced in the Rajya Sabha

LLP (Amendment) Bill, 2021 has been proposed to facilitate greater ease of living to law abiding corporates and to decriminalise certain provisions of the LLP Act. The amendment bill seeks to introduce the concept of ‘small LLP’ in line the concept of ‘small companies’ under the Companies Act, 2013. The Bill Empowers Govt. to prescribe ‘Accounting Standards’ and ‘Auditing Standards’ for classes of LLPs. Bill also empowers Govt. to establish ‘special courts’.

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