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Companies Fresh Start Scheme, 2020
April 4 , 2020
1748 days
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- The Ministry of Corporate Affairs introduces the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020”.
- It aims to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19.
- These schemes incentivise compliance and reduce compliance burden during the unprecedented public health situation caused by COVID-19.
- The schemes provide a one-time waiver of additional filing fees for delayed filings by the companies or LLPs.
About
- A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liability.
- It therefore exhibits elements of partnerships and corporations.
- In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence
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