Annual compliance filing is mandatory for any LLP, whether having a business or not. Annual compliance for LLP requires filing two separate forms. One of which is for Annual Return, whereas another one is for Statement of Accounts and Solvency.
Only 3 steps to follow
Email all the documents
as per checklist
We draft & file the documents required
Form-8 & Form-11
is filed
ROC Filing - Annual
A Limited Liability Partnership enjoys a separate legal status. Thus, an organization needs to maintain its active status by regularly filing with the Ministry of Corporate Affairs (MCA).
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The forms are filed for reporting the activities and financial data for each financial year in the upcoming year. The failure to fulfill LLP Annual Compliance requirements levies an additional fee of ₹ 100 each day of a delay till the actual date of filing. Hence, apart from the mandate, the heavy penalty compels the Designated Partners to fulfill the requirements.
Annual Filing - Benefits
Higher Credibility:
Legal compliance is a primary requirement for any business. For loan approvals or any other similar requirements, compliance is a major criteria to measure the credibility of the organization.
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Record of Financial Worth:
The forms filed by the LLP are accessible by companies. Hence, while entering into contracts or major projects, the concerning party may also inspect the financial worth, which may result in new and interested investors.
Maintain Active Status, avoid penalties:
LLP needs to file the return to maintain active status. Regular filing also saves the LLP from heavy additional fee and penalties. In case of consecutive default in annual filing, the LLP can be declared as defunct or receive default status. Also, the partners can be declared as defaulters and may also be disqualified from their further appointment in LLP or company.
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Easy Conversion or closure:
Regular annual compliance filings facilitate easier conversion of Limited Liability Partnerships into other types of companies, as well as quicker resolutions in case of dissolution of partnerships.
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Documents Required
Master Documents
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1. PAN, Certificate of Incorporation, LLP Deed
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2. List of Shareholders with Shareholding Pattern
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3. Details of Board Composition
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4. Board Resolution, DSC
Relevant Year Documents
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1. Income Tax return
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2. Statutory Audit Report
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3. Financial Statements
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4. Particulars of penalties or offences (if any)
FAQs
1. Our firm is registered as a Limited Liability Partnership Firm. What are the annual returns to be filed with MCA and what are their due dates?
For LLPs, the due date of return filing is 60 days from end of financial year i.e 31st May of the assessment year. For form 8 (Statement of solvency) the due date is 30th October.
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2. What are the consequences of not filing the forms?
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If the LLP annual return form is not filed within due date, then a penalty of Rs.100 per day is applicable until the default continues. There is no limit on the maximum penalty amount and hence the amount increases over time.
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In case of company, the penalty amount depends upon the nominal share capital and period of delay.
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3. What are the necessary compliances of LLP?
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There are 3 compliances that are necessarily needed for every LLP to comply for any financial year.
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Annual Return
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Financial Statements of the LLP
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Income Tax Returns Filings.
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4. What is the Audit Requirement for LLP?
Only those LLP whose annual turnover exceeds Rs. Forty lakhs or whose capital contribution exceeds Rs. 25 lakhs.
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5. When it gets end of the first Financial Year of the LLP?
Due dates of LLP compliance are based on the closure of each financial year. Financial Year of every LLP must be closed on 31st March.
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a) LLPs registered between 1st April and 30th September: The LLP must close its financial year on 31st March of next calendar year.
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b) LLPs registered between 1st October and 31st March: The LLP has an option to choose the end of its financial year.
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6. Do I need to get digital signature for filing ROC returns?
The annual return form has to be signed with the digital signature of the director or the company secretary in practice (as the case may be).
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7. What is "Statement of Accounts and Solvency"?
Every LLP has to file LLP Form 8 annually, known as "Statement of Accounts and Solvency" which contains the information relates with financials of LLP like asset-liability etc.
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8. Do I still need to file returns even if I do not take up any business in a particular year?
Yes, every LLP has to mandatorily file Annual Returns and financial statements with the Ministry even if they are not doing any business.
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9. What should I do if it is seen as status of SRN is 'Sent for Resubmission'?
You are required to re-submit your E-Form to rectify the incompleteness pointed out by the concerned MCA office.
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10. What is the method of review of documents that are filled with ROC?
The First has to login to the MCA portal. Proper fees have to be paid and then following documents of LLP will be available for inspection:-
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LLP registration documents,
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Names of partners and changes, assuming any, made in that,
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Statement of Account and Solvency
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Financial Statement and annual return
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The expenses for such a review of an LLP are Prescribed by law.