THE LIMITED LIABILITY PARTNERSHIP (AMENDMENT) BILL, 2021
Where this law is right now
🏛️ Became law (Act)
Plain-language summary (AI-generated) — a quick read so you don't have to open the full PDF. May contain errors; the original document below is authoritative.
What does this law do?
This law amends the Limited Liability Partnership Act, 2008 to update references to other laws, adjust penalties for violations, and introduce new rules for name registration and financial reporting.
Who it affects
Limited liability partnerships (LLPs) and their partners
Key provisions
- Updates references from Companies Act, 1956 to Companies Act, 2013
- Adjusts penalty amounts for violations
- Introduces new definition of 'small limited liability partnership'
- Requires LLPs to change names if identical to other entities
- Sets new standards for accounting and auditing
- Allows compounding of certain offences with fines
Points worth noting
- Replaces references to Companies Act, 1956 with Companies Act, 2013
- Introduces new penalty structures for non-compliance
- Creates a new section for accounting and auditing standards
- Allows compounding of offences with fines
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | XXXI |
| Status | closed (section: bill) |
| Year | 2021 |
| Closing date | — |
| Documents | 3 |
Highlights & Points worth asking
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Documents
The original government PDF is the authoritative source — shown below, or open it full-screen in a new tab.
Bill_passed_both
THE-LIMITED-LIABILITY-PARTNERSHIP-AMENDMENT-BILL-2021-bill_passed_both.pdf
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Bill_introduced
2021-07-30
THE-LIMITED-LIABILITY-PARTNERSHIP-AMENDMENT-BILL-2021-bill_introduced.pdf
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Bill_passed_rs
2021-08-04
THE-LIMITED-LIABILITY-PARTNERSHIP-AMENDMENT-BILL-2021-bill_passed_rs.pdf
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