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LLP Filing
For a Limited Liability Partnership (LLP), the returns should be filed periodically for maintaining compliance and escape heavy penalty under the law for non-compliance. A Limited Liability Partnership has only few compliances to be followed every year which is amazingly low as compared to the compliance requirements placed on the private limited companies. However, the fines seem to be quite large. Whilst non-compliance might only charge a Private Limited company INR 1 lakh in terms of penalties, it might charge an LLP up to INR 5 lakh.
Cost
Rs. 8999 without DSC
Rs. 9999 with DSC
Forms which will be filed by Ucomply
For annual maintenance, we shall file
Form 8
Form 11
Income Tax return filing
DIR-3 KYC of 2 designated partners
Documents required from your end
Audited financial statements of LLP
Conclusions from AGM
Contribution of partners
Timeline of service
Forms will be filed within 4-5 days of receipt of the documents.
Q1 - What is 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 a Form 8 -
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Part A - The solvency statement
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Part B - Statement of expenditure & income, statement of accounts.
For not filing the Form 8 on time, a penalty of Rs 100 per day will be imposed.
Q2 -What is 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 summary of all partners. All LLPs must file the 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.
Q3 - Does the form require certification?
In case total turnover of the LLP/ FLLP exceeds Rs. 40 lakhs or partner’s obligation of contribution exceeds Rs. 25 lakh, then the eForm should be certified by the auditor of the LLP/ FLLP. In other cases, the eForm is to be certified by the Designated Partner in case of LLP and by Authorised Representative in case of FLLP.
In case the form is certified by a designated partner or authorised representative (i.e. total turnover of the LLP/ FLLP does not exceed Rs. 40 lakhs and partner’s obligation of contribution does not exceed Rs. 25 lakh) then the eForm is to be additionally certified by a practicing professional.
Q4 - What is the eligibility to be appointed as a designated partner in an LLP?
Any individual partner can become a designated partner in an LLP by consenting to it and in accordance with the LLP agreement. A body corporate cannot be a designated partner. All partners can be designated partners in an LLP if such a provision is provided in the LLP agreement.
Q5 - Who can be partners in an LLP?
Any individual or body corporate can be a partner in an LLP. However, minors, persons of unsound mind and an undischarged insolvent cannot be partners in an LLP.