Every LLP is require to file form 11 and form 8 with the Registrar of Companies through the MCA portal. These forms are compulsory irrespective of turnover or profits of the LLP.
About Form 11
LLP Form 11 is Annual Return of Limited Liability Partnership (LLP). The return must be e-filed each year with the Ministry of Corporate Affairs to maintain compliance and avoid penalty. LLP annual return must be filed electronically and taken on record. It is important to ensure that all the information filed in the Form is correct as there is no provision for resubmission of LLP Form 11 Annual Return.
Following details are required in form 11:
LLP Identification Number
Name of the LLP
Registered office address of the LLP
Business Classification of the LLP (Business, Profession, Service, Occupation, Others)
Principal business activities of the LLP
Details of Designated Partners and Partners of the LLP
Total obligation of contribution of partners of the LLP
Total contribution received by all partners of the LLP
Summary of Designated Partners and Partners
Particulars of penalties imposed on the LLP, if any
Particulars of compounding offenses, if any
Details of LLP and or company in which Partner/Designated Partner are a Director/Partner (It is mandatory to attach this detail in case any Partner/Designated Partner is a partner in any LLP and/or Director in any company)
The form is to be filed electronically on MCA portal.
Form 11 should be digitally signed by designated partners. However, if the Total Contributions of the partners is more than 50 lacs OR if the turnover of the LLP is more than 5 crores, then the form needs to be digitally signed by a Company Secretary.
There is Government fees depending upon the capital contribution of the firm. Also, in case of delay in filing of form 11, there is penalty depending upon the delay days.
At present there is no mechanism to revise the form once it is filed.
About Form 8:
Form 8 is divided into two sections, each critical in the LLP’s financial reporting and compliance. Form 8 comprises two main parts:
Part A – Statement of Solvency: In this section, the LLP declares its solvency, confirming its ability to meet its financial obligations as they become due in the normal course of business. If there are any signs of insolvency, they should be disclosed here.
Part B – Statement of Accounts, Statement of Income, and Expenditure: This part provides detailed financial information about the LLP, including its balance sheet, statement of profit and loss (income and expenditure statement), and any changes in financial position.
Due Date for Filing of Form 8
The due date for filing the Statement of Account & Solvency (Form 8) is October 30th every year. It’s important to note that this filing requirement applies to all Limited Liability Partnerships (LLPs), regardless of whether the LLP has commenced its business activities.
Required Details for Filing Form 8
To file the Statement of Account & Solvency (Form 8) successfully, the following details and information are required:
LLPIN
LLP Name and Address of the LLP
Jurisdiction of Police Station for the registered address of the LLP
Whether any charge is modified in favour of an Asset Reconstruction Company (ARC) or assignee
Statement of Assets and Liabilities as of 31st March
Statement of Income and Expenditure for the financial year
Whether the turnover of the LLP exceeds Rs 40 lakhs
Whether the obligation of contribution exceeds Rs 25 lakhs
These details are essential for the accurate and compliant filing of Form 8 for your Limited Liability Partnership (LLP).
Attachments Required with LLP Form 8
When filing Form 8 for a Limited Liability Partnership (LLP), the following documents must be attached:
Mandatory: Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006.
A statement of contingent liabilities in case of emergency liabilities.
Any additional details may be provided as optional attachments.
Signatures on the Form:
If the turnover does not exceed Rs 5 crores and the total partner contribution does not exceed Rs 50 lakh then digital signatures of the designated partner will suffice. However, if the turnover exceeds Rs.5 crores and the total partner contribution exceeds Rs 50 lakh, then Form 11 needs to be certified by a Company Secretary in full-time practice.
There is Government fees depending upon the capital contribution of the firm. Also, in case of delay in filing of form 8, there is penalty depending upon the delay days.