Daily Current Affairs – 2020

Topic: For Prelims and Mains

LLP

Why in news?

Government will  amend  the  Limited Liability Partnership (LLP) Act to spur ease of business.

Proposed Changes:

• Decriminalising various offences
• permitting LLPs to issue non-convertible debentures .

• Limited liability partnership/LLP is a form of business organization in which the liability of each partner is legally limited.
• In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence

Characteristics of LLP:

• Separate legal existence
• Sustainable Existence – It continues to exist despite the partner’s death (or his or her inability to continue).
• There is flexibility in preparing a partnership agreement.
• The duties and obligations of the designated partners will be as per the Limited Liability Partnership Act, 2008. Share transfer restricted Formation of LLP requires a minimum of 2 partners. 50 maximum.
• Central government has right to investigate

Facts for Prelims:

Government announces 23rd January to be celebrated as “PARAKRAM DIWAS’ every year.

• Government of India has decided to celebrate the 125th Birth Anniversary year of Netaji Subhas Chandra Bose in a befitting manner at national and international level, beginning from 23rd January 2021.
• A High Level Committee, headed by the Prime Minister Shri Narendra Modi, has been constituted for deciding the programs.

Objectives:

• To honour and remember Netaji’s indomitable spirit and selfless service to the nation,
• To inspire people of the country, especially the youth,
• To act with fortitude in the face of adversity as Netaji did,
• To infuse in youths a spirit of patriotic fervour.