Summary: All Limited Liability Partnerships (LLPs) registered under the Limited Liability Partnership Act, 2008 are required to comply with annual filing obligations, including submission of Form 11 (Annual Return) and Form 8 (Statement of Account & Solvency). Form 11 must be filed within 60 days from the end of the financial year, i.e., by 30th May, as mandated under Section 35 of the Act read with Rule 25 of the LLP Rules, 2009. The form captures essential details such as LLPIN, partner information, contributions, penalties, and turnover thresholds. It must be authenticated by designated partners and certified professionals where applicable. Failure to file within the prescribed timeline attracts a penalty of Rs. 100 per day, subject to a maximum of Rs. 1 lakh for the LLP and Rs. 50,000 for designated partners. Timely compliance is crucial to avoid penalties and ensure smooth business operations, making Form 11 a key component of LLP regulatory requirements.
All LLPs registered under Limited Liability Act, 2008 have to annually file two forms – Form 11 and Form 8.
Annual Return: Form 11 is to be submitted within 60 days of closure of the financial year i.e 30th May of each year. (Financial year closes on 31st March.)
Statement of Account & Solvency: Form 8 is to be submitted within 30 days from the expiry of six months from the closure of the financial year i.e 30th October of each year.
This article aims to covers the requirements for filing the Form 11- Annual Return for limited liability partnership (LLP). Also, below are the important aspects to note while filing Form 11.
Every limited liability partnership (LLP) shall file an annual return duly authenticated with the Registrar within 60 days of closure of its financial year (i.e. 30th May every year) in such form and manner and accompanied by such fee as may be prescribed.
Governing Law:
Section 35 of The Limited Liability Partnership Act, 2008 read with rule 25(1) of The Limited Liability Partnership Rules, 2009.
Requirements:
- LLPIN (Limited Liability Partnership Identification number) allotted to the LLP
- Details of Partners/ Designated Partners
- Declaration about contribution/sums received by all the partners of the LLP
- Particulars on penalty imposed if any on LLP or Partners / Designated partners and compounding offences, if any
- Whether turnover of the LLP exceeds 5 crore or not
- DSC of Designated Partners and Certifying Professional, wherever applicable
Consequence of Late Filing:
If any LLP fails to file its annual return before the expiry of the period specified therein, such limited liability partnership and its designated partners shall be liable to a penalty of 100 Rs. for each day during which such failure continues, subject to a maximum of 1 lakh rupees for the limited liability partnership and 50,000 rupees for designated partners.
Conclusion:
Annual Filing for LLP plays a vital role in annual compliance framework and non-filing may attract penalties and other actions. It is therefore crucial to complete the Compliance within regulatory timelines to enable smooth conduct of business.
Source – www.mca.gov.in
Disclaimer – For educational purpose only and does not construe any legal advice. Please get in touch with legal consultant/professional to understand the impact on your organisation/ industry for any legal advice.
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