New Delhi, July 28 -- The Union cabinet on Wednesday cleared the amendments to the Limited Liability Partnership (LLP) Act, in order to decriminalise several provisions under the Act and also foster the ease of doing business in India. The changes, which include the removal of criminal action for failing to comply with the provisions of the Act, will help about 2,30,000 firms in the country.

"A lot of changes are being made in the Companies Act, decriminalising many sections and improving ease of doing business for companies. A similar treatment had to be given for LLPs," Union finance minister Nirmala Sitharaman said while addressing a press conference.

"With the Limited Liability Partnership Amendment Bill, we will have only 22 penal ...