1. To initiate the process of decriminalization of compoundable offences under the LLP Act.
2. To introduce the concept of Small LLPs (Limited Liability Partnership) .
3. To allow LLPs to raise capital through Issue of Fully Secured Non-Convertible Debentures.
4. To reduce the additional fee of Rs. 100 per day by suitably amending Section 69 of the LLP Act.
In all, twelve (12) offenses are proposed to be decriminalized and one (1) provision (Section 73) entailing criminal liability is proposed to be omitted. The 12 de-criminalized offenses would then get shifted to IAM thereby de-clogging the criminal courts from routine cases.