Incorporation of LLP – FiLLiP
Formation of New LLP and compliances of existing LLP
Incorporation of LLP
| Steps | FORM | Purpose | Fees (approx.)
(COST of LLP incorporation). |
Approval Time from MCA | Approval proof. |
| 1 | DSC | For min 2 designated Partners | 850/- per DSC | DSC To be register on MCA. | |
| 2 | RUN | Apply for Name availability of LLP.
Comment- Object Clause |
200/- | 2-3 days | SRN will be generated by MCA and given on mail id of the company. |
| 3 | FiLLiP | Incorporation of Company
To apply DIN number for 2 designated partners. Form to be certified by professional. Docs:- -Owners utility bill -NOC |
500/-
(Depends on Capital) Depends on capital contribution. Contribution up to Rs. 1 lakhs – Rs. 500, Contribution between Rs. 1 and 5 lakhs – Rs. 2000 |
10 days approx. | Certificate of Incorporation
Received from MCA after form FilliP is approved. |
| 4 | Form 3 | LLP Agreement
(To be executed on Stamp Paper). (and stamp duty based on the state where LLP is formed)
|
Depends on capital contribution.
Contribution up to Rs 1 lakhs – Rs 50 for filing Form 3. Stamp duty- 1% of Capital. Subject to min -500/- Max – 15000/-
|
1-2 Months. | To be filed within 30 days from the date of receipt of Certificate of Incorporation. |
| 5 | PAN
TAN GST |
Income Tax Department | |||
| 6 | ITR 5
(ITR V) |
Income Tax Return
LLP can file its return of income in ITR 5. LLPs are required to have its accounts audited by a practicing Chartered Accountant if its annual turnover, in any financial year exceeds Rs.40 lakhs or its contribution exceeds Rs.25 lakhs. |
Income Tax Department | Due date:
No Tax Audit – 31st July of the Assessment year. Tax Audit – 30th September. Accounts Audit -sec 44AB – 31st October of A.Y. |
|
| 7 | Form 8– statement of Accounts & solvency.
(Balance sheet and P&L)
|
Annual filing as per LLP Act, 2008.
(every year annually) Late fees: Rs. 100 per day. (Till the default continues , no cap ) |
Contribution of LLP Filing fees of Form 8 and Form 11.
Up to INR 1 Lakhs – INR 50 More than INR 1 Lakhs up to INR 5 Lakhs – INR 100 More than INR 5 Lakhs up to INR 10 Lakhs – INR 150 More than INR 10 Lakhs – INR 200 |
MCA Challan generated after payment.
|
Due dates :-
Form 8 by 31st of October each F.Y. (within 30 days from the end of six months of close of financial year)
|
| 8 | Form 11
(Annual return) |
Annual filing as per LLP Act, 2008.
(every year annually)
Late fees: Rs. 100 per day. (Till the default continues , no cap ) |
Contribution of LLP Filing fees of Form 8 and Form 11.
Up to INR 1 Lakhs – INR 50 More than INR 1 Lakhs up to INR 5 Lakhs – INR 100 More than INR 5 Lakhs up to INR 10 Lakhs – INR 150 More than INR 10 Lakhs – INR 200 |
MCA Challan generated after payment.
|
Form 11 by end of May. (30th May of each F.Y.) -within 60 days from the closure of F.Y.
|
| 9 | Form 4 | Change in partners | Depends on CC.
Depends on capital contribution. Contribution up to Rs 1 lakhs – Rs 50 for filing Form 4. |
Pointers:-
- No minimum Capital Contribution requirement as per LLP ACT, 2008.
- Minimum 2 Designated partners.
- Maximum partners – no limit
- Capital contribution in Cash or in Kind.
- If Capital contribution is in Kind :- Monetary value of Asset – To be obtained from Registered Property Valuer or Chartered Accountant.
- Profit sharing ratio may or may not be proportionate to Capital Contribution.
- All forms will be filed to MCA for incorporation of LLP and future Compliances as per LLP Act, 2008. – [ROC Approval.]
- Form FiLLiP to be certified by – depends on exceeding the prescribed Capital Contribution.
Practicing Company Secretary
Practicing Chartered Accountant
Practicing Cost Accountant
Practicing Advocate.
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Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. In no event shall i shall be liable for any direct, indirect, special or incidental damage resulting from, arising out of or in connection with the use of the information.
Author- CS Shweta Maheshwari and can be contacted at [email protected].
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