The bill proposes a number of significant changes, including:ย
a) Introduction of the concept of โsmall companiesโ
b) Decriminalisation of certain offenses
c) Empowering Govt. to establish special courts
d) Authorisation to Regional directors w.r.t. compounding of offenses - fine only
e) Empowering Govt. to prescribe โASโ and โAuditing Standards for a certain class of LLPs, etc.ย
This write-up aims to provide a summary of all changes proposed under the LLP (Amendment) Bill, 2021.