Every LLP is required to file an annual return in Form 11 to the registrar of companies (RoC) within 60 days from the closure of the financial year in order to avoid legal actions against the legal entity. Hence, any non-filing of annual return attracts compensation or penalty per day till the returns are filed.
Offences and Penalties
Upon the non-filing of required form with the MCA, your LLP turns into unlimited statutory liability until the day of compliance. If there is a delay in the form filing of Form 8 and Form 11 of LLP, you will have to pay a penalty of Rs. 100 per day until it has complied.
The LLP Act contains provisions of penalty for such an act with fine only. Huge penalties can be imposed upon significant delay.
It is quite easy to fill the forms as they are available online, whoch even leaves less room for delay. There is no exemption to annual filings and it is compulsory even if no business has been conducted in a year.
You cannot wind up a company without filing the annual accounts or without completing the pending compliances as the process of Annual Filings and Winding up is inter-connected. The LLP can be wound up only when all the ROC compliances are up to date and MCA records are updated in this regard.
Hence, winding up cannot save the penalty as for winding up itself, the company has to pay the penalty first, get rid of all the pending filings and update the ROC about the same.
SubmitTax offer such services to ease the whole cumbersome process.