04 March, 2020
3 Min Read
Syllabus subtopic: Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.
Prelims and Mains focus: about the scheme and its benefits; about LLPs and their advantages
News: The government is set to introduce an amnesty scheme for Limited Liability Partnership (LLP) firms for delays in mandatory filings which could benefit 20-25 per cent of the 1.25 lakh LLPs registered in the country.
Aim: The move is aimed at bringing non-compliant LLPs into the legal fold.
The government had in January extended a provision in the Companies Act to LLPs allowing it to condone delays in the filing of documents. LLPs are a lower cost and lower compliance business structure relative to companies.
About the amnesty scheme
Non-compliance by LLPs
The benefit of the move
Experts say the move would improve compliance and may even prompt some LLPs to re-initiate business activity.
Concept of "limited liability partnership" (LLPs)
LLP form is a form of business model which:
Difference between LLP & "traditional partnership firm"
Difference between LLP & a Company
Source: Indian Express
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