Parliament clears LLP Amendment Bill

The Rajya Sabha on Wednesday cleared the 'Limited Liability Partnership Amendment Bill' that aims to accelerate the 'Ease Of Doing Business' campaign of the government and brings regulations for this segment at par with other large companies. The Bill was earlier cleared by the Lok Sabha. So, with Parliamentary approval now, it will become law after Presidential assent. This the first amendment to LLP legislation since its enactment in 2008. It largely supports the growing startup ecosystem where companies are flourishing. The new amended legislation has decriminalised 12 offences for LLPs, and three sections of earlier laws have been omitted.