The Rajya Sabha has passed the Limited Liability Partnership (Amendment) Bill, 2021. The Amendment Bill seeks to facilitate greater ease of living to law-abiding corporates and to decriminalise certain provisions of the Act. Key changes as proposed in the bill includes as viz. introduction of the concept of ‘small companies’, de-criminalisation of certain offences, empowering Govt. to establish special courts, Authorisation to Regional directors.
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