ANNUAL COMPLIANCES FOR LIMITED LIABILITY PARTNERSHIP
Limited Liability Partnership (LLP) is a hybrid form of Business entity which entails features of a Partnership Firm and a Company. The LLP is managed by its partners and it is a separate legal entity from its partners.
The concept of Limited Liability Partnership has been brought by way of enforcing Limited Liability Act, 2008.
Annual Compliance of LLP
All LLPs Registered under the LLP Act, 2008 need to file
i. Annual Returns in From 11; and
ii. Statements of Accounts in Form 8 for every Financial year.
It is mandatory for an LLP to file Annual Return and Statement of Accounts irrespective of whether it has any business or not.
I. Filing of Annual Return in Form 11
Ø Annual return needs to be filed in the Form 11. This form is a summary of the management affairs of the LLP, Such as number of partner and their contribution etc.
Due Date for filing Annual Return
Ø Form 11 needs to filed every year within 60 days of closure of the Financial year. Hence this Annual Returns should be filed on or before 30th May every year.
Certification
The Form needs to Digitally signed by:
Ø two Designated Partners;
Ø in case the annual turnover of the LLP crosses Rs 40 Lakhs or the Capital contribution from partners exceeds more than Rs 25 lakhs the Annual return should be accompanied by a Certificate from Practicing Company Secretary.
Government Fees details
Ø The filing fees for Form11 depend upon the Capital Contribution of the LLP. Minimum Filing Fees is Rs. 50/-
Ø There is an additional Filing fees of Rs. 100/- per day per form, if there is any delay in filing the form beyond the due date.
For Example: ABX LLP is incorporated on 12th September 2019 with Contribution of Rs. 1,00,000/-. The designated partners were not aware of the compliances and hence they did not file the Form 11 till 30th November 2021. On 30th November 2021 the additional fees for filing Form 11 will be as below:
Due date for filing Form 11: 30.05.2020
Date of filing Form 11: 30.11.2021
Normal Fees: Rs. 50/-
Additional Fees: Rs. 18,400 (Rs. 100/- per day for 184 days delay )
II. Filing of Statement of Accounts or Financial Statements in Form 8
Ø All LLPs are Required to maintain their Books of accounts. The accounts may be on cash basis or accrual basis.
Ø They also need to prepare a Statement of Solvency (accounts) every year ending 31st march for this purpose.
Due Date for filing Statement of Accounts
Ø LLP Form 8 should be filed with the Registrar Companies on or Before 30th October every year.
Auditing requirements for LLPs:
Ø It shall be noted that LLPs whose annual turnover exceeds Rs 40 lakh or whose contribution exceeds Rs 25Lkh are required to get their accounts audited by qualified Chartered Accountant mandatorily.
Certification
The Form needs to Digitally signed by:
Ø Two Designated Partners;
Ø in case the annual turnover of the LLP crosses Rs 40 Lakhs or the Capital contribution from partners exceeds more than Rs 25 lakhs the Form should be Digitally signed by the Statutory Auditor of the LLP and should be certified by another Practicing Professional.
Government Fees details
Ø The filing fees for Form 8 depend upon the Capital Contribution of the LLP. Minimum Filing Fees is Rs. 50/-
Ø There is an additional Filing fees of Rs. 100/- per day per form, if there is any delay in filing the form beyond the due date.
For Example: ABX LLP is incorporated on 12th September 2019 with Contribution of Rs. 1,00,000/-. The designated partners were not aware of the compliances and hence they did not file the Form 8 till 30th November 2021. On 30th November 2021 the additional fees for filing Form 8 will be as below:
Due date for filing Form 8: 30.10.2021
Date of filing Form 8: 30.11.2021
Normal Fees: Rs. 50/-
Additional Fees: Rs. 3,100 (Rs. 100/- per day for 31 days delay)
No comments:
Post a Comment