TNPSC Thervupettagam

Companies Fresh Start Scheme, 2020

April 4 , 2020 1455 days 702 0
  • 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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