New Delhi, July 28 (SocialNews.XYZ) The Union Cabinet has cleared the 'Limited Liability Partnership Amendment Bill' to accelerate the 'Ease Of Doing Business' campaign of the government.
According to Finance Minister Nirmala Sitharaman, changes are being made in 'Companies Act', decriminalising many sections and improving the 'Ease Of Doing Business' for companies.
"A similar treatment had to be given for LLPs," she said.
Accordingly, a total of 12 offences are to be decriminalised for LLPs, and three sections will be omitted.
These amendments, she said will bring the LLPs on an equal playing field, compared to large companies which come under the 'Companies Act'.
The definition of LLP is also being changed and accordingly individual contribution level of partners being raised from Rs 25 lakh to Rs 5 crore and turnover from Rs 40 lakh to Rs 50 crore.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz