Introduction

Post your LLP Registration, it is important to comprehend and comply with the annual compliance obligations incorporated by the Ministry of Corporate Affairs (MCA). Among these obligations is the timely and precise LLP Annual Filing which consists of filing two key forms every year, even if your LLP has had no business activities.

The consequences of non-compliance include not only the financial kind, but also the legal, which is the potential striking off of the LLP. This guide aims to describe the entire filing process for LLP Registration, the involved forms, associated fees, the deadlines, and how Lawfinity helps you maintain compliance effortlessly.

FORMS REQUIRED

Post LLP Registration, the two essential forms needed for LLP Annual Filing are:

Form 11 – Annual Return: This is a summary of the LLP's partners, their contributions and the changes over the financial year. It must be filed by every LLP, regardless of whether or not they have conducted any business.

Form 8 – Statement of Account & Solvency: The declaration of solvency and statement of assets held and liabilities owed must be included in this form. Even LLPs with nil turnover are required to submit Form 8.

Additional Compliance

In addition to Form 11 and Form 8, LLPs must also complete and submit income tax returns as well as other event-based ROC filings (partner changes, registered office changes, etc.) in a timely manner.

LLPs with contributions over ₹25 lakh and/or turnover exceeding ₹40 lakh are required to have their accounts audited by a Chartered Accountant.

DEADLINES

In order to avoid penalties and maintain ROC good standing, deadlines must be followed.

For LLPs incorporated after 30th September, the first financial year may be extended to the next 31st March, giving more time for the first LLP Annual Filing.

There is a daily penalty of ₹100 for each late submission of forms, which can accumulate quickly, as no upper limit is imposed on the penalty amount.

FEES

With regard to LLP Annual Filing, your costs will include filing costs, government fees, and the value of professional services (if any were provided).

Government Filing Fees:

The fees charged by the Registrar of Companies (ROC) for filing are dependant on the LLP's contribution amount:

For contributions up to ₹1 lakh: ₹50 to ₹150
For ₹1–5 lakh: ₹150 to ₹300
For ₹5–10 lakh: ₹300 to ₹400
Above ₹10 lakh: ₹600 and above

Professional/Service Fees:

There will be a servicing charge if a professional firm such as Lawfinity will be assisting you in the submission process. This charge is for the preparation and review of documentation as well as the certification and submission. This helps ensure precision as well as deadline adherence in order to evade late submission penalties.

HOW LAWFINITY HELPS WITH FILING

Lawfinity is your ally in business even after LLP Registration, by providing compliance solutions which include LLP Annual Filing. To ensure your compliance, we offer the following services:

1. Due Date Monitoring: We manage the compliance calendar for your LLP to ensure you do not miss any deadlines.

2. Expert Filing Assistance: Our team prepares Form 11 and Form 8 with the utmost accuracy, ensuring correct details and partner information.

3. Coordination with Auditors: Where applicable, we engage with auditors to ensure your accounts are reviewed and certified.

4. E-Filing Digital Signature: We supervise the e-filing procedure, which encompasses Digital Signature Certificates, and document submission to the MCA portal.

5. Compliance Alerts: We send alerts about deadlines approaching, filing due dates, changes in statutory compliance, and MCA updates.

6. Cost-Effective Plans: We offer simplified, value-oriented structures for LLPs of various sizes, with detailed explanations of statutory fees and service charges.

With Lawfinity, after your LLP Registration, we ensure your compliance needs are met, year after year, without disruption.