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Highlights of Restricted Legal responsibility Partnership (Modification) Act, 2021

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Restricted Legal responsibility Partnership (Modification) Invoice, 2021 was launched in each homes of Parliament and the Union Cupboard gave its approval on twenty eighth July, 2021 and acquired the approval of the President on thirteenth August, 2021 and have become Restricted Legal responsibility Partnership Act, 2021. The Modification seeks to facilitate better ease of dwelling to law-abiding corporates and to decriminalize sure provisions of the Act.

Limited Liability Partnership (Amendment) Act, 2021

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KEY FACETS OF AMENDMENTS v Applicability; v Introduction of Small Restricted Legal responsibility Partnerships (LLPs); v De-criminalization of financial penalties; v Accounting Requirements for courses of LLPs; v Compounding of offence; v Institution of Particular Court docket for quick trial of offences; v Institution of the Appellate Tribunal; v Resident of India; v Names which aren’t allowed; v Change of identify of Restricted Legal responsibility Partnership; v Registration workplaces; v Fee of extra charges; v Penalty on non-compliance of any order handed by Tribunal; v Basic Penalties; v Adjudication of penalties; v Cognizance of offences; v Energy to take away difficulties;

♦ APPLICABILITY:

  • It shall come into power on such date because the Central Authorities could, by notification within the Official Gazette, appoint and totally different dates could also be appointed for various provisions of the Modification Act.

♦ INTRODUCTION OF SMALL LLPs:

  • Small Restricted Legal responsibility Partnership” means a Restricted Legal responsibility Partnership –

√ the contribution of which does not exceed twenty-five lakh rupees or such larger quantity, not exceeding 5 crore rupees, as could also be prescribed; AND

√ the turnover of which, as per the Assertion of Accounts and Solvency for the instantly previous monetary yr, does not exceed forty lakh rupees or such larger quantity, not exceeding fifty crore rupees, as could also be prescribed; OR

√ which meets such different necessities as could also be prescribed and fulfils such phrases and situations as could also be prescribed.

♦ DE-CRIMINALIZATION OF MONETARY PENALTIES:

  • The general variety of legal provisions beneath the LLP Act, 2008 can be lowered to 22, with compoundable offences lowered to 7, non-compoundable offences lowered to three. Whole 12 offences are decriminalized beneath LLP Act, 2008.

♦ ACCOUNTING STANDARDS FOR CLASSES OF LLPs:

  • The LLP (Modification) Act, 2021 inserted Part 34A after Part 34 of the LLP Act, 2008. Key options of the identical are as beneath;

√ The Central Authorities could, in session with the Nationwide Monetary Reporting Authority constituted beneath part 132 of the Firms Act, 2013,—

a. prescribe the requirements of accounting; and

b. prescribe the requirements of auditing

as really helpful by the Institute of Chartered Accountants of India constituted beneath part 3 of the Chartered Accountants Act, 1949, for a category or courses of restricted legal responsibility partnerships.

♦ COMPOUNDING OF OFFENCE:

  • The LLP (Modification) Act, 2021 substituted Part 39 of the LLP Act, 2008 absolutely. Key options of the identical are as observe;

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√ The Regional Director or some other officer not beneath the rank of Regional Director approved by the Central Authorities could compound any offence beneath this Act which is punishable with effective solely;

√ The Regional Director or some other Officer can accumulate a sum from an individual fairly suspected of getting dedicated the offence which can lengthen to the quantity of the utmost effective offered for the offence however shall not be decrease than the minimal quantity offered for the offence. It’s hereby clarified that any second or subsequent offence dedicated after the expiry of the interval of three years from the date on which the offence was beforehand compounded, shall be deemed to be the primary offence.

√ Each software for the compounding of an offence shall be made to the Registrar who shall ahead the identical, collectively along with his feedback thereon, to the Regional Director.

♦ ESTABLISHMENT OF SPECIAL COURT FOR SPEEDY TRIAL OF OFFENCES:

  • The LLP (Modification) Act, 2021 has inserted Part 67A after Part 67 of the LLP Act, 2008 which gives the provisions regarding the institution of Particular Court docket as beneath;

√ The Central Authorities could, for the aim of offering speedy trial of offences beneath the Act, by notification, set up or designate as many Particular Courts as could also be mandatory for such space or areas, as could also be specified within the notification.

ESTABLISHMENT OF THE APPELLATE TRIBUNAL:

  • The LLP (Modification) Act, 2021 has substituted Part 72(2) of the LLP Act, 2008 absolutely. Following are the important thing options of the identical.

√ Any particular person aggrieved by an order of Tribunal could favor an enchantment to the Appellate Tribunal Supplied that no enchantment shall deceive the Appellate Tribunal from an order made by the Tribunal with the consent of events.

√ Each enchantment most well-liked beneath sub-section (2) shall be filed inside a interval of sixty days from the date on which the copy of the order of the Tribunal is made obtainable to the particular person aggrieved and shall be in such kind, and accompanied by such charges, as could also be prescribed.

√ The Appellate Tribunal could entertain an enchantment after the expiry of the mentioned interval of sixty days, however inside an additional interval of not exceeding sixty days, whether it is happy that the appellant was prevented by enough trigger from submitting the enchantment inside the interval so specified.

♦ RESIDENT OF INDIA:

  • The LLP (Modification) Act, 2021 amended the Part 7(1) of the LLP Act, 2008 by substituting the phrases “eighty-two days throughout the instantly previous one yr” by “twenty days throughout the monetary yr”.
  • Subsequently, an individual who’s resident in India for simply 20 days in monetary yr will be appointed as Designated Accomplice.

NAMES WHICH ARE NOT ALLOWED:

  • The LLP (Modification) Act, 2021 amended the Part 15(2) by substituting the next issues;

√ No restricted legal responsibility partnership shall be registered by a reputation which, within the opinion of the Central Authorities is an identical or too almost resembles to that of some other restricted legal responsibility partnership or an organization or a registered trademark of some other particular person beneath the Commerce Marks Act, 1999.

♦ CHANGE OF NAME OF LIMITED LIABILITY PARTNERSHIP:

  • The LLP (Modification) Act, 2021 has absolutely substituted the Part 17 of the LLP Act, 2008 and likewise omitted the Part 18 of the LLP Act, 2008. The important thing options of amended Part 17 are as beneath;

√ In case of identical identify Central Authorities could direct to vary the identify inside 3 months from the date of challenge of such route and the Proprietor of registered emblems could make software inside a interval of three years from the date of incorporation or registration or change of identify of the restricted legal responsibility partnership beneath the LLP Act, 2008.

♦ REGISTRATION OFFICES:

  • The LLP (Modification) Act, 2021 has inserted the Part 68A after Part 68 of the LLP Act, 2008. Key options of the identical are as beneath;

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√ For the aim of exercising such powers and discharging such features as are conferred on the Central Authorities by or beneath this Act or beneath guidelines made thereunder and for the aim of registration of restricted legal responsibility partnerships beneath this Act, the Central Authorities shall, by notification, set up such variety of registration workplaces at such locations because it thinks match, specifying their jurisdiction.

√ The Central Authorities could appoint such Registrars, Extra Registrars, Joint Registrars, Deputy Registrars and Assistant Registrars because it considers mandatory, for the registration of restricted legal responsibility partnerships and discharge of assorted features beneath the LLP Act, 2008.

PAYMENT OF ADDITIONAL FEES:

  • The LLP (Modification) Act, 2021 has substituted all the Part 69 of the LLP Act, 2008. Key options of the identical are as beneath;

√ It shall be famous that totally different charges or extra charges could also be prescribed for various courses of Restricted Legal responsibility Partnerships or for various paperwork or returns required to be filed beneath the LLP Act, 2008 or Guidelines made thereunder.

♦ PENALTY ON NON-COMPLIANCE OF ANY ORDER PASSED BY TRIBUNAL:

  • The LLP (Modification) Act, 2021 has omitted the Part 73 of the LLP Act, 2008 absolutely.

♦ GENERAL PENALTIES:

  • The LLP (Modification) Act, 2021 has absolutely substituted the Part 74 of the LLP Act, 2008. Key options of the identical are as observe;

√ If a Restricted Legal responsibility Partnership or any Accomplice or any Designated Accomplice or some other particular person contravenes any of the provisions of the LLP Act, 2008 or the Guidelines made thereunder, or any situation, limitation or restriction topic to which any approval, sanction, consent, affirmation, recognition, route or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is offered elsewhere on this Act, the Restricted Legal responsibility Partnership or any Accomplice or any Designated Accomplice or some other particular person, who’s within the default, shall be liable to a penalty of 5 thousand rupees and in case of a unbroken contravention with an additional penalty of 100 rupees for every day after the primary throughout which such contravention continues, topic to a most of 1 lakh rupees.

♦ ADJUDICATION OF PENALTIES:

  • The LLP (Modification) Act, 2021 has inserted the brand new Part 76A after the Part 76 of the LLP Act, 2008. Key options of the identical are as beneath;

√ For the needs of adjudging penalties beneath the LLP Act, 2008, the Central Authorities could, by an order printed within the Official Gazette, appoint as many officers of the Central Authorities, not beneath the rank of Registrar, as adjudicating officers in such method as could also be prescribed.

♦ COGNIZANCE OF OFFENCES:

  • The LLP (Modification) Act, 2021 has inserted the brand new Part 77A after Part 77 of the LLP Act, 2008. Key options of the identical are as observe;

√ No courtroom, apart from the Particular Courts referred to in part 67A, shall take cognizance of any offence punishable beneath LLP Act, 2008 or the Guidelines made thereunder save on a criticism in writing made by the Registrar or by any officer not beneath the rank of Registrar duly approved by the Central Authorities for this function.

♦ POWER TO REMOVE DIFFICULTIES:

  • The LLP (Modification) Act, 2021 has inserted Sub-section 1A after Sub-section (1) of Part 80 as beneath;

√ However something contained in sub-section (1), if any problem arises in giving impact to the provisions of this Act as amended by the Restricted Legal responsibility Partnership (Modification) Act, 2021, the Central Authorities could, by order printed within the Official Gazette, make such provisions not inconsistent with the provisions of this Act, as could seem to it to be mandatory for eradicating the problem, offered that no such order shall be made beneath this part after the expiry of a interval of three years from the date of graduation of the Restricted Legal responsibility Partnership (Modification) Act, 2021.”.

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