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LLPs are separate legal entities; therefore, it is the responsibility of the Designated Partners to maintain proper book of accounts and file annual return with the MCA each financial year.
Every LLP is required to file Form 11 and Form 8 with Registrar of Companies every year. Due dates for filing of these forms are 30th May and 30th October respectively. Form 11 is statement of annual return, whereas Form 8 is statement of accounts. Late filing of such forms entail penalties of Rs. 100/- per day of default. Read more details here.
Our professional team at ebizfiling will make the Annual filing of LLP easy and smooth.
Few points to make your
Mandatory filing with ROC
To be electronically filed
Track financial position of the LLP
Growth of the LLP is determined
Reports of Auditor
Balance Sheet and Profit & Loss Account
TYPES OF FORMS
Form -8 for Statement of Accounts and Solvency
Form -11 for annual return
Newly Incorporated LLP
Advantage of closing of 1st FY within 18 months
Penalty for Late Filing
Rs. 100 for each day of default
No provision for revision
A small procedure for your
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What is Annual Return Filing of LLP?
All Limited Liability Partnerships are under obligation to maintain the annual accounts which should reflect genuine and authentic information/views of its state and affairs. If even the LLP does not do any business in the market still it has to comply with the statutory requirement of Annual Return, profit, Balance Sheet and Income Tax Return every year. The fee depends on the capital of the LLP.
Is Annual Return needed to be filed by an LLP?
Every LLP needs to file an annual return. The annual return is also available for public inspection once payment of prescribed fees is made to the Registrar.
What are the Audit requirements under LLP Act?
An LLP whose turnover is more than Rs. 40 lakhs or the contribution passes Rs. 25 lakhs needs to get their accounts audited and it is important to be done by Chartered Accountant.
Who files the Annual Return?
The Annual return can be submitted by any of its designated partner but it shall be duly signed by both the designated partners of the LLP and by the Manager or LLP Secretary. There are certain cases when there is no Manager/ CS in a LLP in such situations signature of both the designated partners are compulsory.
What is the penalty for non-filing the Annual Return for LLP?
There are some situations where there is a delay in filing by the LLP then a penalty is applicable and it may sum to Rs. 100 per day. Without filing the Annual Account you cannot wind up or close your LLP.
Who can register an LLP?
To register a Limited Liability Partnership you need to be an Indian National with a minimum of two designated partners and a minimum of two shareholders. The minimum authorized capital to start an LLP is Rs. 1,00,000 and it can increase upto any limits. In case you are a Foreign National then you need to have a minimum of two designated partners out of which one has to be of Indian origin and a minimum of two shareholders with an authorized capital of Rs. 1,00,000.
What do you mean by Statement of Accounts and Solvency?
All the LLPs registered with MCA is required to file ‘Statement of Accounts & Solvency’ in an appropriate format of LLP which should contain declaration on the state of solvency of the LLP. This is to be done by the designated partners.
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