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.

E-Forms

Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms with the Registrar every year:

S. No.

Documents

E-Form

1.

Statement of Account & Solvency

Form-8

2.

Annual Return

Form -11

Due Date of E-Filing of LLP

S. No.

Document

E-Form

Due Date

1.

Statement of Account & Solvency

Form-8

30 th October ofEach Year

2.

Annual Return

Form -11

30 th May ofEach Year

 

Penalties of Late Filing

 S. No.

E-Form

Penalties

1.

Form-8

100/-per Day

2.

Form -11

Rs.25,000 but which may extent to Rs. 5 Lac.

What is E-Form 8

  • It is a declaration given by all 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.
  • LLP firm shall be required to prepare statements of Accounts and Solvency which shall be filed by all designated partners within 30 days along with the prescribed fees, from the end of Six months of the financial year to which statement of Accounts relate with ROC.

Annual Statement of Account and solvency

Section 34 of the Act and Rule 24 of the LLP Rules, 2009, the Annual Statement of Account and Solvency is calculated to be the main vehicle of financial disclosures made annually by any LLP under the scheme of the Act. This is a document of prime importance made every year by every LLP and on its filing made public at the Registrar’s office under section36

Annual Statement of Account and solvency

  • The form of Solvency declaration carries an Appendix requiring the disclosure of the particulars of the charges created, modified or satisfied during the financial year rather elaborately under 17 heads and 4 attachments, that is—
  • —Instrument creating the charge or modifying the charge
  • —Instrument of acquisition of property subject to charge
  • —Particulars of all joint-charge-holders
  • —Letter from charge-holders, for satisfactions.

What s E-Form-11

  • —Form 11 Is a Annual Return containing number of partners, total contribution received by the partners, details of partners, details to body corporate as a partner, summery of partners etc
  • —Every LLP shall file Annual Return within Sixty days from the closure of the financial year along with the prescribed fees.
  • If LLP fails to file Form-11 within prescribed time, the designated partners shall be liable to be punishable with a fine which shall not less than Rs.25,000 but which may extent to Rs.5 Lacs.

Other Norms Related LLP Filing

Basis of Accounting

—The basis of accounting could be cash basis or accrual basis but according to the double system of account keeping relating to the LLP’s affairs for each financial year

Preservation of accounting records

The books of account and the accounting records should be preserved for eight years after their making

Appointment of Auditor

  • LLPs have to appoint auditor with in30 days before the end of the financial year. In other words auditor has to be appointed before1 st March every year.
  • The appointment of the auditor has to be made every year by the LLP’s designated partners.
  • For the first financial year the appointment may be made before the end of the first financial year as defined in section 2(1)(f) of the Act, that is, the period ended by31st March corresponding to the uniform financial year under section 3of the Income-taxAct,1961.

Audit Requirement

For the next year on wards, the auditor’s appointment is required to be made by the end of last but one month of the financial year. The auditor’s remuneration too may be fixed by the designated partners or it may be as provided in the LLP Agreement. An auditor holds his office till the new auditor is appointed or continues if re-appointed.

Exemption from Audit

Rule 24 (8) exempt the LLP from the Audit of its accounts if its turnover does not exceed, in any financial year,Rs.40 lakhs or its contribution does not exceed Rs.25 Lakhs.

LLP fails to Appoint Auditor

Where the LLP fails to appoint auditor by the due date of the next period

In such a case, the auditor in office immediately before the due date is deemed to be re-appointed, unless the LLP Agreement stipulates actual re-appointment of an auditor or such re-appointment of retiring auditor is blocked by notice to the LLP revived before the due date by such number of partners specified in the LLP Agreement or the partners decide against such re-appointment.

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