{"id":37531,"date":"2022-06-09T17:11:15","date_gmt":"2022-06-09T11:41:15","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=37531"},"modified":"2024-06-03T12:03:33","modified_gmt":"2024-06-03T06:33:33","slug":"impact-of-llp-amendment-act-2021","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/impact-of-llp-amendment-act-2021\/","title":{"rendered":"Section-wise Impact of LLP (Amendment) Act, 2021"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-37533 size-full\" title=\"Impact of LLP Amendment Act 2021\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Section-wise-Impact-of-LLP-Amendment-Act-2021-1.png\" alt=\"Impact of LLP Amendment Act 2021\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Section-wise-Impact-of-LLP-Amendment-Act-2021-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Section-wise-Impact-of-LLP-Amendment-Act-2021-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Section-wise-Impact-of-LLP-Amendment-Act-2021-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Section-wise-Impact-of-LLP-Amendment-Act-2021-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Section-wise-Impact-of-LLP-Amendment-Act-2021-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Section-wise-Impact-of-LLP-Amendment-Act-2021-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Are you running a company registered under LLP? A new LLP Amendment Act has been introduced in 2021. Further, you should know how it can effect your business. The Act has been in effect since 1<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> April, 2022. In this article we will discuss, Section wise Impact of LLP (Amendment) Act, 2021.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of Content<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Brief\"><span style=\"font-weight: 400;\">Brief Overview<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Objective\"><span style=\"font-weight: 400;\">Objective of the Amendment<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Table\"><span style=\"font-weight: 400;\">Table of Amendment<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Analysis\"><span style=\"font-weight: 400;\">Analysis of the Changes Made<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Brief\" style=\"text-align: justify;\"><b>Brief Overview<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The LLP (Amendment) Act, 2021 came into effect after the <a href=\"https:\/\/www.cagmc.com\/llp-registration\/\">Limited Liability Partnership<\/a> (Amendment) Bill, 2021 was passed by the Rajya Sabha on 4<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> August, 2021 and the Lok Sabha on 9<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> August, 2021. It became operative when the President signed it on 13<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> August, 2021. Further, as on 1<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> April, 2022 the section 1-29 of the said Act became operative.<\/span><\/p>\n<p id=\"Objective\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The act has inserted 7 new sections, omitted 3 sections and substituted 5 sections.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Objective of the Amendment<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The main objectives of the LLP Amendment Act are as follows,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To increase the Ease of doing business by introducing Start-Up LLP and Small LLP<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Remove the fear of criminal prosecution for some offences<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Empowering the Central Government to prescribe Accounting Standards and Auditing Standards<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establishing a Special Court<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gives power to the Regional Director to compound any offence which is compoundable with fine only<\/span><\/li>\n<\/ul>\n<h2 id=\"Table\" style=\"text-align: justify;\"><b>Table of Amendment<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following is a Table of changes that the LLP (Amendment) Act, 2021 has brought,<\/span><\/p>\n<table>\n<tbody>\n<tr style=\"background-color: #1e82b6;\">\n<td><b>Section of the LLP Act, 2008<\/b><\/td>\n<td><b>Section Name<\/b><\/td>\n<td><b>Effect of the LLP (Amendment) Act<\/b><\/td>\n<td><b>New Section Insertion<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Short Title and Commencement<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Definitions<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Designated Partner<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">10<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Punishment for Contravention of Section 7,8,9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Figure 8 shall be omitted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">13<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Registered office of LLP and change therein<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">15<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Name of LLP<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">17<\/span><\/td>\n<td><a href=\"https:\/\/www.cagmc.com\/llp-name-change-process\/\"><span style=\"font-weight: 400;\">Change of Name of LLP<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">18<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Application for direction to change name in certain circumstance<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Omitted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">21<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Publication of Name and Liability<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">25<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Registration of changes in partner<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Unlimited Liability in case of Fraud<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">34<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Maintenance of books, accounts, other records and audit, etc<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Inserted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34-A<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">35<\/span><\/td>\n<td><a href=\"https:\/\/www.investopedia.com\/terms\/a\/annual-return.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Annual Return<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">39<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Compounding of Offences<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">60<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Compromise or Arrangement of LLP<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">62<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Provisions for facilitating reconstruction or amalgamation of LLP<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">67<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Application of provisions of Companies Act<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Inserted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67A, 67B and 67C<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">68<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Electronic Filing of documents<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Inserted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68-A<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">69<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Payment of Additional fee<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">72<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Jurisdiction of tribunal and appellate tribunal<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">73<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Penalty on non-compliance of any order passed by tribunal<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Omitted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">74<\/span><\/td>\n<td><span style=\"font-weight: 400;\">General Penalty<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">76<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Offences By LLP<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Inserted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">76-A<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">77<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Jurisdiction of court<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">79<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Power to make rules<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Substituted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">80<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Power to remove difficulties<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Interred<\/span><\/td>\n<td><span style=\"font-weight: 400;\">80(1A)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">81<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Transitional Provisions<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Omitted<\/span><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Analysis\" style=\"text-align: justify;\"><b>Analysis of the Changes Made<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following are the changes made to the LLP Act,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Small LLP<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Start-Up LLP<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prescribe Standard of Accounting and Auditing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Compounding of Offence<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establishment of Special Court<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Transfer of pending cases to the Special Court<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cognizance of Offence<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establishment of Appellate Tribunal<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Adjudication of Penalties<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Changing Name of LLP<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Change in Definition of \u201cResident in India\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Registration Offices<\/span><\/li>\n<li id=\"Conclusion\">De-Criminalization of Monetary Penalties<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Conclusion<\/b><b><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">With the establishment of the LLP (Amendment) Act, 2021, the government has taken a much more business friendly approach. Further, the Small LLP and the Start-Up LLP is subjected to lesser regulations, compliances, fees, etc. Moreover, the new court will speed up the trials and there will be new designated officials. Starting a new LLP company will be much easier for you. In conclusion, the new LLP (Amendment) Act, 2021 will make the life of LLP companies much easier.<\/span><\/p>\n<p>[\/column]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you running a company registered under LLP? A new LLP Amendment Act has been introduced in 2021. Further, you [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":37533,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[88],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Section-wise Impact of LLP Amendment Act 2021 - CAGMC<\/title>\n<meta name=\"description\" content=\"In this Article you will learn about Section-wise Impact of LLP Amendment Act 2021. 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