Question 1

What is LLP annual filing?

Accepted Answer

LLP annual filing refers to the mandatory process of submitting two forms to the Ministry of Corporate Affairs (MCA) after every financial year:

LLP Form 8: Statement of Account and Solvency:This form details the LLP's financial position and solvency, due within 30 days from the end of six months of the financial year (usually 31 October).

LLP Form 11: Annual Return:This form offers comprehensive information about the LLP's activities, partners, and compliance status, due within 60 days of the financial year-end (typically 31 May).

Question 2

Is annual return mandatory for LLP?

Accepted Answer

Yes, annual return is mandatory for all LLPs registered in India regardless of business activity or turnover. Failing to file annual returns can attract penalties and legal consequences.

Question 3

What is the annual compliance of an LLP?

Accepted Answer

Annual compliance for an LLP goes beyond just filing annual returns. It includes:

Maintaining proper financial records.

Appointing a Company Secretary (CS) if turnover exceeds Rs. 25 crore.

Conducting a tax audit if turnover exceeds Rs. 5 crore.

Holding Annual General Meetings (AGMs) as per LLP Agreement.

Filing GST returns (if applicable).

Question 4

Is a tax audit mandatory for all LLPs?

Accepted Answer

No, a tax audit is not mandatory for all LLPs. It becomes mandatory if the LLP's turnover exceeds Rs. 5 crore in a financial year. However, conducting an audit even with lower turnover is recommended for good financial recordkeeping and transparency.

Question 5

If I have incorporated my LLP close to year-end, do I still need to file the annual return?

Accepted Answer

Yes, regardless of when an LLP is incorporated, it must file its annual return every year.

Question 6

What are the consequences of the non-filing of Form 8?

Accepted Answer

The consequences of non-filing Form 8 include penalties and legal consequences, as it is a mandatory filing requirement under the LLP Act.

Question 7

What are the attachments to Form 8?

Accepted Answer

The attachments to Form 8 include a statement of solvency, details of the designated partners, and a list of partners.

Question 8

Who needs to authorise Form 8?

Accepted Answer

Form 8 must be authorised by two designated partners of the LLP.

Question 9

What is the due date for filing of Statement of Accounts and LLP return filing?

Accepted Answer

The due date for filing the Statement of Accounts and LLP return is 30  May of every financial year.

Question 10

What are the consequences of the non-filing of Form 11?

Accepted Answer

The consequences of non-filing Form 11 include penalties and legal consequences, as it is a mandatory filing requirement under the LLP Act.

Question 11

Is ROC filing mandatory for LLP?

Accepted Answer

Yes, ROC filing is mandatory for LLPs, as they are registered with the Ministry of Corporate Affairs (MCA) and must comply with the rules and regulations set by the Registrar of Companies.

Question 12

What is the due date of LLP annual filing?

Accepted Answer

The due date for LLP annual filing is 30 May of every financial year.

Question 13

What is the penalty for not filing an LLP Annual Return?

Accepted Answer

The penalty for not filing the LLP Annual Return on time is ₹100 per day of default, subject to a maximum of ₹5,000. Additionally, the LLP may also face legal consequences for non-compliance with the LLP Act.

Annual Compliance Filings for LLPs

FAQ's on Annual Compliance Filings for LLPs

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