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Daily Current Affairs – 2020
Topic: For Prelims and Mains
Why in news?
Government will amend the Limited Liability Partnership (LLP) Act to spur ease of business.
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.
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.