<h1>Union Budget 2021-22: Reforms for Small Companies and MSMEs, LLP Act Decriminalization, NCLT Strengthening, MCA21 Upgrade.</h1> The Union Finance Minister proposed several reforms in the Union Budget 2021-22 to support small companies and MSMEs. These include the decriminalization of the Limited Liability Partnership (LLP) Act, 2008, similar to the Companies Act, 2013. The definition of 'Small Companies' under the Companies Act, 2013 will be revised, increasing capital and turnover thresholds, benefiting over two lakh companies. Rules for 'One Person Companies' will be eased, promoting start-ups and innovators. The NCLT framework will be strengthened for faster debt resolution. Additionally, a new MCA21 Version 3.0 will be launched, incorporating advanced technologies for better compliance management.