Limited Liability Partnership
LLPs need to file their returns and statement of accounts annually. Failing to comply with this can attract a penalty of up to Rs 5 lakh. Annual Compliance comprises.
Description
What are the Documents Required Filing of Annual Compliance?
Form 8
You must file the Form 8 inside 30 days from the completion of 6 months after a financial year ends. Two designated partners can sign this form digitally. Also, a company secretary/chartered accountant/cost accountant must certify the same. There are 2 parts in Form 8 –
Part A – The solvency statement
Part B – Statement of expenditure & income, statement of accounts.
For not filing Form 8 on time, a penalty of Rs 100 per day will be imposed.
Form 11
This form contains details such as the total number of designated partners, details of partners along with details of body corporates as partners, contributions received by the partners, and a summary of all partners. All LLPs must file Form 11 within 60 days after the end of the financial year, along with the fee prescribed. Therefore, the LLPs should file their Form 11 by 30th May every year.
An LLP will not be allowed to close or wind up till it files all its annual returns. Therefore, all LLPs must file their annual returns on time, to avoid penalties.
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