The Ministry of Corporate Affairs is setting up a committee to review the decade-old Limited Liability Partnership (LLP) framework, The Economic Times reported.

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The review of LLPs, considered as the lowest compliance hybrid between companies and partnerships, comes following representations about a Rs 100 per day penalty for delayed filing and difficulties faced in dissolution, said the report.

The ministry is likely to ask the Registrar of Companies to consider the office memorandum, which barred LLPs from any manufacturing activity, the report said. Earlier, the memorandum had sent the industry into a frenzy and was, therefore, withdrawn.