What do you mean by a Small Limited Liability Partnership?

Small Limited Liability Partnership [Section 2 (1) (ta) of the Limited Liability Partnership Act, 2008]: It means a limited liability partnership — (i) the contribution of which, does not exceed twenty-five lakh rupees or such higher amount, not exceeding five crore rupees, as may be prescribed; and (ii) the turnover of which, as per the Statement of Accounts and Solvency for the immediately preceding financial year, does not exceed forty lakh rupees or such higher amount, not exceeding fifty crore rupees, as may be prescribed; or (iii) which meets such other requirements as may be prescribed, and fulfils such terms and conditions as may be prescribed.