Any LLP (Limited Liability Partnership) registered in India needs to be compliant under the rules and regulations as laid down by the Ministry of Corporate Affairs. Irrespective of whether it has done any business or not, in every financial year an LLP is required to file Annual Returns and Statement of Accounts.
Mandatory Compliances for LLP
The following are the mandatory compliances for LLP –
Annual Return Filing
Every LLP would be required to file an annual return in Form 11 with the Registrar of Companies (ROC) within 60 days of the closeing of the financial year. This means that the Annual Return filing has to be done on or before 30th May of every year.
The annual return will be available for public inspection on payment of prescribed fees to Registrar.
Any LLPs that were registered up till 30th September 2016 has to submit the Form 11 or Annual Return by 30th May 2017. If your LLP is registered after 1st October of the year 2016, then the annual return has to be filed in the next year 2018.
How to do the Filing?
LLPs can do e-Filing in following ways- The Designated partner (DP) (in case of LLP) or authorised representative (AR) (in case of Foreign Limited Liability Partnership (FLLP)) can upload the e-Forms on the LLP portal (after registering oneself as a user of the portal) at his convenience from his office/ home. This is the most convenient way of e-Filing.
Filing of Statement of the Accounts & Solvency
Every LLP is required to file ‘Statement of Accounts & Solvency’ in prescribed LLP Form 8 which contains a declaration of the state of solvency of the LLP by the designated partners.
It also includes the information related to statement of assets and liabilities and statement of income and expenditure of the LLP. This form has to be filed by the LLP on an annual basis.
Form 8 is a declaration given by all the designated partners of LLP that whether they are able to pay its debts in full as they become due in the normal course of business or not.
For the purposes of sub-section (3) of section 34, every limited liability partnership shall file the Statement of Account and Solvency in Form 8 with the Registrar, within a period of 30 days from the end of six months of the financial year to which the Statement of Account and Solvency relates.
Any LLPs that were registered up till 30th September 2016 has to submit the Form 8 or Annual Statements by 30th October 2017. If your LLP is registered after 1st October of the year 2016, then the annual statements have to be filed in the next year 2018.
It is mandatory for LLPs to get their accounts audited by a qualified Chartered Accountant if their Contribution is greater than Rs 25lacs or, the Annual Turnover exceeds Rs. 40lacs.
|Forms to be filed
|Last date for filing
|Form 11 (Annual Return)
|30th May 2017
|Form 8 (Accounts Statement)
|30th Oct 2017