Online File Form 11

Annual Return for LLPs

Online File Form 8

Statement of Accounts & Solvency

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Advantage & Benefit of Annual ROC Filing

Limited liability partnership (LLP) are regulated entities under the purview of ROC & MCA. LLP has got no other option than to mandatorily maintain and close its books of accounts as on end of financial year i.e. 31st March. LLPs are subject to audit by a practicing Chartered Accountant if its turnover exceeds Rs. 40 lakhs or contribution received exceed Rs. 25 lakhs during a financial year. But Limited liability partnership is mandatorily required to file statement of accounts and solvency and annual return even if turnover is nil.

Forms used in Annual ROC Return filing of LLP with due date

ROC FORM NAMEFORM USED FORDUE DATE
Form 11Annual Return30th May
Form 8Statement of Accounts & Solvency30th October

Delay in filing of Form 11 or Form 8 for LLP will attract late fee of Rs. 100 per day per form. There is no maximum limit on additional fee imposed on late filing of LLP annual ROC returns. Further, In case delay in filing is more than 300 days, additional LLP can be prosecuted.

Form 11:

Form 11 is used by LLP to file Annual Return within 60 days from end of financial year. This means due to file LLP Annual Return in Form 11 is 30th of May. Annual Return in Form 11 provides information concerned with partners and management.

Form 8:

Form 8 is used by LLP to file Statement of Accounts & Solvency within 30 days from the end of 6 months of financial year. This means that for financial year ending on 31st March, due date to file LLP Statement of Accounts & Solvency in Form 8 will be 31st October. Statement of Accounts & Solvency in Form 8 consists of information, details & attached related with financial performance, health among other things. Form 8 must be signed by two designated partners & also by a Practicing Chartered Accountant in case turnover exceeds Rs. 40 lakhs or contribution received exceeds Rs. 25 lakhs.

Advantage & Benefit of Annual ROC Filing

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Fulfilment of Compliance

ROC Annual Filing is mandated by and it’s not optional. So, filing it on time tag the company as complaint.

Avoidance of Fine & Prosecution

Non-filing of financial statements may attract a fine on LLP and imprisonment of officers of company with or without fine.
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Saving of Additional Fee

Delay in annual filing attracts additional fee at the rate of Rs. 100 per day per form after the expiry of due date of filing and it can be avoided by filing annual returns on time.

Reputation & Credibility

LLP documents are easily available in public domain and open to inspection. Annual filing documents gives an insight into health & structure of company resulting in building value & trust.

Avoiding Strike off

If aLLP has not filed Annual Return consecutively for last two financial year, status of such company falls under the category of Inactive LLP. This can be ground for ROC to strike off the LLP from its records after giving notice and the LLP will cease to exist.

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FAQ

When audit is mandatory for LLPs?
The accounts of every LLP shall be audited in accordance with Rule which provides that any LLP, whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty-five lakh rupees, is not required to get its accounts audited.
However, if the partners of such limited liability partnership decide to get the accounts of such LLP audited, the accounts shall be audited only in accordance with such rule.
How do we file an LLP’s annual return?

LLP Annual return is required to be filed in Form 11 to the registrar within 60 days before 30th may every year. 30th may is the last date of filing annual return.

What are three main compliances which id mandatory for LLP?

Annual return
Statement of the accounts/ financial statement of the LLP
Income tax return filing

Can LLP be closed if annual return not filed?

No, it is important to complete the Annual Filings before closing down or winding up the LLP.

What are the audit requirement under LLP Act?

It is mandatory for the LLP whose turnover is more than Rs. 40 lakhs or the contribution passes Rs. 25lakhs needs to get their accounts audited and it is necessary to be done by the chartered accountant.

Who can file the annual return?

The annual return shall be signed by the directors or the manger or company secretary before submitting the return. The return can be submitted by any of the directors. If there is no manager or CS in the company in this case the directors signature should be there..

What are the consequences for not filing the annual return?

If there is any delay in filing Form 8 orForm 11, then the penalty is applicable @ sum of Rs. 100 per day. Without filing of return the applicant cannot wind up or close LLP.

Whether LLP also required to file e-form INC 22A?

LLP’s are out the preview of e-form 22A so they are not required to file e-form 22A with registrar of companies.