The Rajya Sabha on Wednesday passed the Limited Liability Partnership (Amendment) Bill.  The Bill aims to encourage the start-up ecosystem and further boost ease of doing business, amid uproar by the opposition on Pegasus snooping row and other issues.

The bill proposes to introduce the concept of “small limited liability partnership” in line with the concept of “small company” under the Companies Act, 2013. Finance Minister Nirmala Sitharaman moved the bill for consideration and passage. Some MPs, including Ram Nath Thakur, Kanakmadela Ravindra Kumar, M Thambidurai, and Sujeet Kumar, spoke on the bill, several opposition members were raising slogans against the government in the Well of the House. The opposition has been protesting on Pegasus issue and three new farm laws, besides other matters, since the start of the monsoon session.

The proposed bill seeks to reduce the total number of penal provisions under the LLP Act to 22, compoundable offences to seven, non-compoundable offences to three and the number of defaults to be dealt with under the ‘In-House Adjudication Mechanism’ will be only 12. The bill further seeks to insert a new section 34A so as to empower the central government to prescribe “Accounting Standards” or “Auditing Standards” for a class or classes of limited liability partnerships. This is the first time that changes are being made to the Act since it came into effect in 2009.

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