Penalty for LLP contraventions includes fixed fines and daily continuing penalties, with ceilings for LLPs and partners. The Act prescribes monetary penalties where LLPs contravene specified subsections of section 7 or section 9: an initial fixed penalty for the LLP and for ... Summary
The Limited Liability Partnership (Amendment) Act, 2021
Penalty for LLP contraventions includes fixed fines and daily continuing penalties, with ceilings for LLPs and partners.
The Act prescribes monetary penalties where LLPs contravene specified subsections of section 7 or section 9: an initial fixed penalty for the LLP and for each partner or designated partner, plus a daily continuing penalty after the first day of contravention, each subject to statutory maximum caps; amended text revises earlier fine formulations and aligns liability distinctions between partners and designated partners depending on the subsection breached.
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