LLP Updates
- Gaurav R & Co
- Sep 17, 2021
- 1 min read
1. Concept of Small LLP’s introduced in line with Small Companies under Companies Act. Small LLP shall mean an LLP having contribution of up to Rs. 25 lakhs and turnover of Rs. 40 lakhs in the preceding Financial Year.
2. The criteria of 182 days for the designated partner to reside in India reduced to 120 days
3. The Government shall prescribe Accounting & Auditing Standards for the LLP’s.
4. To improve ease of doing business and encourage start-ups, various offences have been decriminalized.
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