THE LIMITED LIABILITY PARTNERSHIP (AMENDMENT) BILL, 2021

The Limited Liability Partnership (Amendment) Bill, 2021 is a legislative amendment aimed at revising certain provisions of the Limited Liability Partnership Act, 2008. The bill seeks to substitute references to the Companies Act, 1956 with those of the Companies Act, 2013 in the principal Act. It also makes several amendments to various sections of the principal Act.

Section 2 of the principal Act is amended by substituting certain expressions and inserting new clauses (ia), (ra), (s), (ta), and (u). These changes relate to the definitions of debenture, Regional Director, Registrar, small limited liability partnership, and other related terms.

The bill amends section 7 of the principal Act by modifying the explanation to specify that a default may be made in complying with requirements if any change occurs within twenty days during the financial year. Additionally, sub-section (6) is amended to replace references to sections 266A to 266G with those of sections 153 to 159.

Section 10 of the principal Act is revised by modifying the marginal heading and amending sub-section (1). The changes relate to penalties for contravening provisions under this section.