New Delhi, Aug 4 (TIWN) The Rajya Sabha on Wednesday cleared the 'Limited Liability Partnership Amendment Bill' that aims to accelerate the 'Ease Of Doing Business' campaign of the government and brings regulations for this segment at par with other large companies.

This the first amendment to LLP legislation since its enactment in 2008. It largely supports the growing startup ecosystem where companies are flourishing.  The new amended legislation has decriminalised 12 offences for LLPs, and three sections of earlier laws have been omitted.  To support growth of the LLP a new definition of small LLP has been introduced that had raised individual or partner contribution levels from present Rs 25 lakh to Rs 5 crore. Also, the turnover limit to be in the LLP set up has also been raised from Rs 40 lakh to Rs 50 crore.