As per the LLP Amendment Act, 2021, answer each of the followings: Specify the penalty payable for non-compliance of the LLP Act by a small LLP or a start-up LLP or by its partner or designated partner.

The insertion of Section 76A under LLP Amendment Act 2021 stipulates that the penalty payable for non-compliance of the LLP Act by a Small LLP or a Start-Up LLP or by its partner or designated partner or any other person in respect of such limited liability partnership, shall be one-half of the penalty specified, subject to a maximum of ₹1 lakh for limited liability partnership and ₹50,000 for every partner or designated partner or any other person, as the case may be.