KEY FEATURES OF LIMITED LIABILITY PARTNERSHIP (AMENDMENT) ACT, 2021

In the Budget 2021, our Hon’ble FM announced about Amendment in LLP Act. In reference of the same, Cabinet passed LLP
Amendment Bill, 2021 on Wednesday, 28th July, 2021. This is the first time that changes are being made to the LLP Act, 2008
(“Principal Act”) since it came into effect.

The Amendment seeks to facilitate greater ease of doing business to LLPs in order to encourage start-ups and to remove
the fear of criminal prosecutionsfor minor and procedural omissions and commissions in the normal course of their business
transactions.

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