Govt. Introduced The Limited Liability Partnership Act, 2021

The Central Govt. introduces The Limited Liability Partnership Act, 2021 which is an amendment of The Limited Liability Partnership Act, 2008, to promote the Ease of doing business in India.

The Salient Features of this act:
Introduction of Small LLPs: 

A. WHAT are Small LLPs? 

>The Contribution does not exceed 25 Lakh Rupees, and
>The Turnover reflecting in the Statement of Accounts and Solvency for the immediately preceding financial year does not exceed 40 Lakh Rupees.

B. Amendment in criteria of determining resident of India

A person can hold a position of a Resident Designated partner in an LLP if that the person has stayed in India for 20 days in a financial year instead of 82 days earlier.

Reference Link: https://prsindia.org/billtrack/the-limited-liability-partnership-amendment-bill-2021 

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