LLP Incorporated under the LLP Act 2008 shall file form for annual return and solvency of accounts at the end of every financial year in form 8 before 30th October of each financial year and LLP Form 11 before 30th May of each financial year. The Financials of the LLP are not required to be audited except those LLP’s whose turnover exceeds Rupees Forty lakhs or contribution to Rupees Twenty Five Lakhs.
The Filing of annual forms require the compilation of accounts for the entire year which hepls to analyse the financial position of the LLP i.e LLP is incurring losses or making profir.
The Government keeps the record of the existance of the LLP on the basis of the regular filings which every LLP is required to file or else the LLP is considered fake and can be stuck off suo motu by the ROC.
The timely and yearly filing of forms avoid the burden of penalty which may arise due to non filing regularly.
Audited Financial Statement if turnover exceeds Rupees Forty lakhs or contribution to Rupees Twenty Five Lakhs.
Disclosure of Interest by the all the designated partners and filing of Form.
Yes, Every LLP is covered and required to file the required forms.
Form 11 LLP (Filing of Annual Accounts) is required to be filed within 60 days of closure of the financial year i.e 30th May and Form 8 LLP (Statement of Account & Solvency) is required to be filed before 30th Oct for every financial year.
The disclosure of interest of all designated partners and Audited financial statement if turnover exceeds Rupees Forty lakhs or contribution to Rupees Twenty Five Lakhs is attched with Form 11 LLP and Disclosures under Micro, Small and Medium Enterprises Development Act, 2006 is attched with Form 8 LLP.
The Penalty of Rs 100/- per day from the due date of filing and keep on adding till the default continues.
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Founder at Addensure Media LLP
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Founder Onmytap - NETWORK FOR PROFESSIONAL GROWTH
Bhanu is one of the most sincere and trustworthy person I have come across. He is extremely ethical and is completely customer focused. His hard work and dedication is commendable and with him handling the legal as well as taxation things are always in order and compliant. Keep up the good work Bhanu. Wishing you more and more success as you grow.
Co-founder, Executive - Brightsandz Clean Tech Pvt Ltd