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of <h1>Amendment to LLP Act 2021: Section 60 imposes penalties for non-compliance, with daily fines capped for partnerships and partners.</h1> The Limited Liability Partnership (Amendment) Act, 2021 modifies section 60 of the principal Act by replacing sub-section (4). It stipulates that if there is a failure to comply with sub-section (3), the limited liability partnership and each designated partner will incur a penalty of ten thousand rupees. For ongoing non-compliance, an additional penalty of one hundred rupees per day will be charged, capped at one lakh rupees for the partnership and fifty thousand rupees for each designated partner.
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