<h1>India's LLP Act to Decriminalize Minor Offences, Introduce Small LLPs, and Ease Compliance for Entrepreneurs.</h1> The Ministry of Corporate Affairs in India is initiating the decriminalization of compoundable offences under the Limited Liability Partnership (LLP) Act, 2008. This move aims to encourage entrepreneurship by removing criminal penalties for minor procedural lapses, shifting such offences to an In-house Adjudication Mechanism. Twelve offences are proposed for decriminalization, and one provision is to be omitted. Additionally, the government plans to introduce Small LLPs, allowing them fewer compliance requirements, and permit LLPs to issue Non-Convertible Debentures to raise capital. The amendment also proposes reducing the additional fee for delayed filings to promote timely compliance.