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Statutory Compliance after Incorporation of the LLP (Limited Liability Partnership)
After formation of Limited Liability Partnership, every LLP firm is required to comply with following statutory requirements as per LLP Act, 2008 and LLP Rules.
A. To maintain financial affairs and file accounts
a) To maintain proper books of accounts relating to its affairs for each year on cash or accrual basis and according to the double entry system of accounting and shall maintain the same at the registered office of the company.
b) The accounts of LLP shall be audited by an auditor.
B. Returns and records required by LLP
| Books of Account | LLP should maintain proper books of account. |
| Minute Book | Minute book should be maintained to record minutes of meetings of partners and managing/executive committee of partners. |
| Change in partners | Any change in partner and designated partner (admission, resignation, cessation, death, expulsion) should be filed electronically in e-form 4 within 30 days of change with fees. |
| Supplementary LLP agreement | Such admission and cessation will alter mutual rights and duties of partner shall change. Hence, supplementary LLP agreement will be required which is also required to be filed in e-form 3 within 30 days of change with fees |
| Statement of Account and solvency | Statement of Account and Solvency (SAS) is to be filed annually in e-form 8 with required fees. It is to be filed within 30 days from expiry of 6 months from end of each financial year i.e. by 30th October. |
| Annual Return | Annual Return should be filed with ROC in e-form 11 with filing fees, within 60 days from close of financial year i.e. by 30th May. |
| Heavy penalty | Heavy penalty of Rs 100 per day for late filing of returns. |
| Inspection of documents | Incorporation document (form 2), Annual Return (form 11), Statement of Account and Solvency (SAS) (form 8 ) and Name of partners and changes, if any, made therein (form 4) are available for public inspection on payment of fees but LLP agreement is not available for public inspection]. |
C. Compliance of Meetings of LLP as per LLP agreement
| Sr. No. | Nature of Meeting | Number of meetings | Period |
| 1 | First General Meeting | N.A. | Within 30 days of incorporation |
| 2 | General Meeting | 1 | In 1 Financial Year |
| 3 | Executive Committee | 2 | In 1 Financial Year |
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appreciate the efforts. would like to know the items for First Annual General Meeting of LLP and
Also explain me how to approve the annual accounts
Provision of holding of Annual General meeting for LLP is not applicable. For LLP, hold board meeting of designated partners, approve annual accounts and obtain signatures and file accounts and Financial statements through e-form 8 LLP on V 3 portal on or before 30.10 every year.
Hello Mam,
I had incorporated llp and now I want to appoint designated partner in that. So can I appoint designated partner in llp. I have yet to upload form 3 agreement of llp.
Hello Meenal Mam,
It is a very helpful blog on LLP. You are really doing a marvelous job out here.
Can you please provide your valuable input on my query, regarding LLP agreement:
We have formed an llp 2 months ago. But the agreement has not been executed till now.
So my query is can we execute a agreement after 2 months now and file form 3 with penalty.
Yes you can file form 3 now with additional fees. Don’t delay the filing of form 3 of LLP.
If LLP was incorporated two months ago, you can file form 3 and execute LLP agreement now and file it to ROC with normal fees by taking advantage of General Circular No. 11/2020 dated 24th March, 2020, and additional fees would be waived.
Dear Mam
We have started the LLP with the contribution of Rs .12 lakhs with four partners and we have received contributions from 2 partners in full and partial amount of contributions has been received from remaining partners.
Question is
1. Is it mandatory to fufill the obligation as agreed ?
if yes, within which time frame ?
2. Increased the COntribution at MCA but the partners have contribution is less than that of MCA. Is there any voilation ?
2. Cp
1. Yes it is obligatory to contribute capital as per LLP agreement ( decided terms and conditions). There is no time frame but they can contribute at least before closure of first financial year.
2. Yes there is violation.
Dear Madam,
I had filed Form 24 for Closure of LLP on 23-11-2017. The Current Status is shown as ‘Under Process for Strike Off’ in MCA Website.
I had also received notice under Rule 37(1) dated 29-10-2018 regarding the same.
Now, for FY 2018-19, do we need to File Form 11 and Form 8?
While prefillling Form 11, the details are getting prefilled. However, for Form 8 it is not getting prefilled as a message is displayed as ‘ Under Process for Strike Off’
Kindly guide about this.
Thanks
After submitting form 24 of LLP, if you have received notice from the Government that, application is “under process for strike off” then I think you are not required to file form 11 and form 8 for F.Y. 2018-2019. I would suggest to raise the ticket for form 11 which is getting pre filled after mentioning LLP number. Please raise ticket that since the application of closing down LLP was filed through form 24, we are not required to file form 11. you will get the solution from MCA technical department
Maám,
In form 11
1. Do we need to mention the details of DP resigned during the FY, for which Form 11 is filed?
2. Do we need to state the increase of Contribution of Partners?
No. DP of existing directors shall be filled up. If there is increase of contribution of partners, first of all you need to file Form 3 (Supplementary agreement) and form 4 (consent by partners) then capital contribution will automatically reflect in form 11 of LLP after pre filling the LLP registration number, you cannot type the increase capital without filing form 3 and 4.
Dear Mam,
1In form no. 11 details of retired partners is also getting prefilled , till last year details of only existing partners as on 31 March were prefilled in form , is this an error or a new updation ?
2.If we are to give details of retired partners also then in one of a case a partner has retired without contributing his capital , in the form his obligation to contribute is being shown as 1000/- his date of cessation is being shown as 30 nov 2018 , should i mention zero in the filed “amount contributed and accounted “
1. You will have to first of all file Form 3 LLP with supplementary agreement and inform to Registrar of Companies (ROC) about retirement of partner. Then ROC will update on MCA site in LLP Master data. Then his name will be deleted from form 11 by system.
mam i want to covert private company into LLP and simantanously i want to change registered office ? can i do same? because i want to made rent agreement one time ….or i have to made agreement for conversion as well as for shifting of office separately ….pls suggest
For converting Private Ltd into LLP, you will have to file RUN form on MCA portal for name reservation. Then after name approval, please file e-form FiLLip which is incorporation form with necessary documents. Then file form 18 and form 3 along with LLP agreement. Once conversion will be over, you can shift the office at new place.
madam, in the llp all the partners are foreigner, can they apply for llp. whats procedure if yes
In case all partners are foreigner, then as per LLP Rules, one Designated Partner should be Indian resident.
Hello Madam, We have registered an LLP in the month of January 2018, now it’s already March 2018, usually by when when should the directors open a bank account in the name of LLP, and should the directors deposit the said capital contributions in the account in any defined period. Will there be any penalties in this regard while filling the annual report with ROC. Please guide us.
After incorporation, partners should deposit the capital amount in Current account , there is no time limit.
Dear ma’am I had purchased stamp for LLP agreement on 16/01/2018 but by mistake agreement was made on 15/01/2018 and the same has already been filed to Roc . Plz suggest what step to be taken to rectify this mistake
Wait for ROC query. The date of agreement should be executed after date of purchase of stamp paper.
madam stamp paper was purchased after the date of incorporation. So we can execute deed only after the date of incorporation of LLP. Will it be a issue?
Yes you can execute deed only after incorporation of LLP.
Hello Mam,
After incorporation of an LLP, it is mandatory to appoint the first auditor within the end of the financial year.
So is it enough if the designated partners pass an resolution for appointment of auditor in their first meeting or else a separate form is to be filed to intimate to ROC?
Kindly intimate the Form number to be filed with ROC for appointment of first auditors
Appointment letter of CA will be sufficient.
Hello mam,
My question is that, my LLP incorporated on 3rd Nov,2016.No business activities carried out or there is no business transactions.
What are the basic compliances and what are their due dates for filing?? Please give me the exact date of filing
form 11 LLP- 30/05/2018 and form 8 of LLP-30/10/2018. This is general opinion based upon the information provided by you.
Excellent Mam, all the best .
You cleared so manyyyy doubts.
Thank You
Mam,
Is there any solution for waiver of heavy penalty of the non uploading of Form 3?
Can ROC accept any compounding of offence by way of presentation of petition for not uploading Form 3 in the case where the LLP being incorporated 3 years back but Form 3 not still being uploaded?
Likewise the Compounding is done in cases of Company? Can any presentation in ROC will work?
Under LLP there is no provision for compounding of offence if LLP failed to file form 3. Filing of form 3 is compliance after incorporation and which cannot be avoided. Hence it is considered as a default and therefore there is no compounding available. It would be advisable to pay the penalty as per ROC.
HI Mam,
My mother started some home business consultant didnt filed LLP 3 now its 6 months. she didnt did any business and business needs to be closed she already 65+ of age, I am not sure from where she is going to pay penalty, what are the consequences.
Thanks,
Jamey
Please file form 3 asap.
Dear Mam,
I have got a mail from MCA asking me to file Form 3 , Form 8 and Form 11 for an LLP registered in 2011, in my opinion only Form 8 and Form 11 is required to be filed which we already did and are filing each year, please confirm why they are asking to file Form 3.
Form 3 is to be filed within 30 days after incorporation of LLP. Now as a compliance if it has not been filed MCA asks LLP to file it first and then upload form 11 and 8. The Government has recently issued circular about this.
Hello mam,i have a query one llp was incorporated on 16.06.2016, llp 3 was not filed at that time…now on 08.11.2017 i have to file….is there any maximum penaity for non filing …because it is extending to Rs. 60000 around???/
please do the needful
Before filing form 11 and 8, LLP should file LLP agreement through e-form 3. Then only form 11 and 8 can be uploaded. As on today whatever may be the additional fees will have to be paid. There is no way of reducing the same.
Dear Ma’am,
I am unable to find schedules to the LLP ACt/ LLP Rules. Please guide where i can find the same.
Thanks
You can view LLP Act and Rules on MCA portal.
If LLP in incorporated in 07 march 2017, then when we need to file Form 8 and 11…please give me exact date of filing..
If you refer FAQ specified on MCA Portal, it says if LLP incorporated on or after October, then LLP can close accounts in the coming financial year or next financial year. If there are business operations, it will be advisable to file income tax return and file form 11 and 8 accordingly.
Is it possible to change the contribution amount of partners in LLP agreement after getting incorporation certificate?
No, it is not possible to change contribution. File form 3 with previous contribution, After approval of form 3, file form 3 again with supplementary LLP agreement for change in capital contribution.
As per Incorporation form 2 LLP, contribution amount of partners shall be specified in LLP agreement. File form 3 LLP and after approval for change in capital contribution file form 3 again for supplementary agreement.
Hi. Really very helpful post. I have one query.
If LLP is having 2 designated partners and both the partners wants to resign from LLP and want to introduce 2 new partners. Can it possible only by filing form 3 and 4 or any further procedure need to be followed? Whether LLP agreement is required to be filed again?
First of all file form 3 and 4 for admission of new partner with supplementary agreement. Then on MCA portal you will see names of all four partners. Then file form 3 and 4 with supplementary agreement for resignation of existing two partners. You need to file form 3 and 4 twice because for any change in LLP agreement, on the date of event there must be two partners.
LLP was incorporated in March 2017. Is there any compliance benefit available for 1st year of Incorporation wrt non-mandatory filing for Form 8 and Form 11?
If there is no business transaction, LLP can file form 8 and 11 in next financial year.
Hi…your blogs are really helpful.
I have incorporated an LLP with 1 company and 1 individual as partner. Both the partners are also the designated partners. Form 3 for initial agreement is still left to be filed. Now the corporate partner wants to change its nominee. How to go about it?
First of all please file form 3 with existing partners and then after approval of form 3, you can make changes in nominee.
we have incorporated LLP in AUG 15. No business activities carried out.
In April 16 bank account and MVAT Number taken.
we need to file annual balance sheet and doc for 31.03.2016
yes LLP form 11 and LLP form 8 is to be filed.
Mam,
My LLP incorporated on 1st day of March, 2017.Do i need to file Form 11 (annual return) this year by may ending ie 30.5.2017 or next year 30.5.2018.
If 31.03.2017 would be your first Financial year end, then LLP needs to file form 11 and 8 in 2017.
Hi Ma’am…
I have a query regarding LLP…as we filed form 2 for incorporating a LLP and it gets approved now one of the designated partner wants to resign from this LLP..and as per the procedure form 3 has to be filed within 30 days of incorporating a LLP..so I’m confused that we have to only initial llp agreement with details of new DP ya first of all we have to file initial llp agreement in form 3 and once it gets approved than file form 3 and form 4?…plz guide me..
you will have to file LLP form 3 with LLP agreement with two existing partners and then again file supplementary agreement for change in partners along with form 3 and 4.
Hello Ma’am,
The Q&A in comments helps lot.
Can you please tell me that, “Is it mandatory to appoint an auditor if neither investment exceeds 25 Lakhs nor turnover exceeds 40 lakhs?”
It is not mandatory to appoint CA if the limits are not crossing.
Dear Mam
Should we file Form ADT-1 again for a LLP as Auditor of the Company if same audit firm which was appointed for 5yrs., is convereted into LLP
I think it is not required after conversion of LLP.
We formed LLP on 19th August but failed to file LLP agreement. Now penalty comes to Rs 20000 around?? is there any way out to avoid penalty?? what if i dont file the LLP agreement??
Please file it with penalty asap.
Hi,
We have just incorporated LLP with two partner. One partner is NRI. Now going to open the current account in bank. Is it mandatory to contribute in the same ratio for both partners as per the LLP deed or any partner can give cheque to open the account.
As per LLP Agreement, partners have to deposit amount of contribution separately in LLP’s Bank Account. Depending upon the nature of business, in case of NRI investment, you need to check FDI policy and obtain prior approval of RBI before NRI’s investment.
Hello,
I have a question. Before starting the procedure, we had specified our contribution as X. Now after a month, we want to reduce our contribution. We have recently received Certificate of Incorporation and yet to file Form 3. Do we file two agreements separately? Or can we do it in one form itself?
File form 3 with previous capital. Then after approval of form 3 LLP, do supplementary agreement and file form 3 again with form 4.
Form 4 is for notice of appointment and cessation or change in details of partner/designated partner, right? In our case, the partners remain the same, only the contribution amount would decrease.
Though the partners are same, there contribution has been increased hence Form 4 is to be filed with form 3.
Hi . Gud Day!!
I have a query. I incorporated an LLP on 3rd Feb 2017 with 2 Designated Partners and 1 Partner. Now One of the Designated Partner want to resign and so a new Designated partner need to be appointed. Can I do the same before the expiry of 30 days of his appointment if my LLP agreement is silent on the period of notice. Kindly advise. Thanks
Appoint first of all new DP and then pass resolution for accepting resignation of existing DP.
Companies have to mention CIN on all their official documents. What information does an LLP have to print or display or disclose on documents such as Letterheads used for appointment of employees, for signing contracts, etc??
Yes, for LLP, specify LLP registration number, registered address, contact number, email ID of company, website if any.
Hello mam,
My question is that if a LLP firm engage in work contract service,e.g. preparing hydro power projects , and that LLP firm further sublet some part of work to another contractors and that contractor don’t have service tax number in this case who will pay service tax on bill provided by that contractor.
1. It should be pay by LLP firm or contractor?
2. If LLP firm paying service tax on bill provided by that contractor then LLP firm can take input credit of such amount or not.
Please check with Tax consultant.
Does the llp need to mention on the letter head about the Former name for 12 months?
Yes
Whether do we need to file for the appointment of Auditor of LLP?
No
Like the companies act do we need to hold the first meeting in the LLP
Yes
we did not file eform-3 yet. or we might have filed, but don’t know. how to check or what is the thing to do now? because we recently filed form 8 and 11, but not sure about form-3. is form 3 same as appointment of auditor? we have not set appointment of auditor too. are there any penalties for the same? or not? is there a way for us to check the status of our llp on mca? please advise
You can view public documents on MCA site and check which forms you have filed previously.
Thank you Madam, but form LLP-3 is not available for inspection. In such a case what would be the possible solution.
In our case we have done the filings of form form 8 & 11 for last 2 years and form 11 for this year has also been filed successfully. however while uploading form 8 today we get a prescruitiny error “form LLP-3 for initial agreement not filed.”
we do not know if it has been filed at the time of incorporation. had the form not been filed, then how did the system permit us to carry out the filings for last 2 years.
Please raise ticket on MCA portal.
which one will be advisable, a LLP or a private limited company in all aspets
Both the structures are good. One has to check the investment, the scope and limits. The Pvt. ltd can be converted into LLP. LLP can never be converted in to Pvt. Ltd.
My question is continued part of S chowdhury.. please tell me wether we should filie initial Agreement & Supplementary LLP agreement both in a single form or one should first file Initial LLP agreement & then supplimentory agreement since one of the partner is not ready to become a partner of the LLP now??? is any separate stamp duty required to be paid on Supplimentary Agreement??
You will have to submit Initial agreement and supplementary agreement separately. There will be separate stamp duty on each instrument.
Mam,
what is the procedure to appoint or change statutory auditor in an LLP. are any forms required to be filed to RoC?
The partners shall pass board resolution with signature of all partners for appointment of an auditor.
An LLP was incorporated in July 2014 with two partners; however no business was started; no contribution made; no bank account opened; no PAN sought; no dealings or transactions – NOTHING AT ALL; the LLP did not file any returns with income tax or ROC either. Can the LLP be closed without inviting any penalty(s); also if it is not closed now and continued to exist without filing any returns, would it be possible to revive and restore at any later date (if business is sought to be started) without inviting any penalty(s) ? Would be much obliged for guidance/reply
Closing of LLP without payment of penalty is not possible.
Madam,
A LLP has 3 partners. All the 3 partners are body corporate (Company) and 3 nominees (Director of Company) are nominated from body corporate as designated partners. One of the designated partners (Nominee from a company) Mr.x died on 09/05/2016.
Now the other director of company wish to nominated Mr. y in place of Mr.x as body corporate designated partner.
My query which form should be filed for this change?
LLP Agreement should be changed or not?
Please suggest.
LLP agreement is to be revised. File form 3 an 4 with ROC.
I had opened a LLP and defaulted on filling a form. Now that company needs to be closed but am not able to close it due to the heavy dues and penalties. I have heard that an exit scheme may be on the way. Please let me know if such an exit scheme comes. I am checking mcagov.in regularly. Please let me know. I want to get out the mess asap.
Before closing of LLP, all dues must be paid to Government.
In case a Private Company was converted into LLP on 28th May 2016, what are the due date for filling LLP-8 & 11??
Due date for form 11 would be May 2016 and form 8 -Oct 2016.
While filing Form 3 for llp agreement, what is the manner of calling, holding meeting?
Form 3 is to be filed within 30 days from date of incorporation of LLP. so you can hold meeting after incorporation within 30 days.
date of incorporation of llp (as per Certificate of Incorporation) is 1.1.2015 (Form-2 filed) and LLP Agreement is 21.1.2015 (Form 3 filed on 22.1.2015). Is this valid or the LLP Agreement must be dt. 1.1.2015 and filed within 30 days i.e. by 29th Jan.,2015 but in all cases, the LLP Agreement must be 1.1.2015, pl. explain asap.
You will have to consider the date of LLP agreement after receipt of incorporation certificate. LLP agreement shall be filed within 30 days of incorporation.
HI I registered an llp and we are not doing any business and want to file defunct. the e form is not accepting and asking to submit after an year. Why is it so?
Yes if you are filing application for defunct you need to wait for one year after incorporation.
I see that many LLPs who have aaplied to strike off their names in Oct-2015 they are still active. What can be the reason? Does MCA reject the striking off their name?
The process of strike off takes few months. If your application is still pending, please visit nearest ROC office and check the status.
after convert pvt co. into LLP
can we strike off LLP
Reserves stands on books
Yes you can strike off LLP after conversion of Pvt. ltd into LLP.
we incorporated our LLP on 27th May, 2015 with 90000 of total contribution. we are not doing any business. I want to file form 24 – to declare our company defunct to close the firm…
but before that I have to file annual return, IT return and form 8.
should I file with NIL contribution because we have not done any business?
because this will have to correspond with form 8.
is there any rules there for minimum contribution to be made by partners and what if we were not able to contribute the amount?
Before closing LLP , it has to file all pending annual forms.
I want to close LLP which is not running business since one year, Can anyone suggest me to find drafts of E form 24
The draft of e-form 24 is same like closing of company. Please check drafts provided under FTE (Fast Track Exit)scheme for closing Private company.
LLP incorporated in Feb 2016 whether we have option either to close f.year as on 31.03.16 or 31.03.2017 when form 11 and 8 are to be filed with ROC.businessnot yet started. is it necessary to bring whole of the contribution in one stroke or it can be brougt in peacemeals. in case f.yr is closed on 31.03.2017 whether we can file I.Tax return by 31.07.2017 thanks
you can close FY on 31.03.2017 if there are no business operation.
Hello Madam,
We are a newly formed LLP (less than 1 year) with 2 Partners and overall income of within15 Lakhs this financial year. Please could you tell me if the following two are mandatory for us:
1) Auditing of Financial Statements for the financial year 2015-16
2) CS Compliance for LLP
Audit is not compulsory.
Is it possible to convert public company into LLP and what are the pre requisites for converting a public Company into LLP.
For conversion of Public limited to LLP, the number of partners can be reduced to two, the ROC compliance shall be completed.
I want to appreciate for your blog I am really inspired by your quick reply for the queries raised.
Madam I want to know about the procedure and compliances to be followed after death of partner. one of partner is died in month of Dec. 2015 and till the date no compliance has been done now I am working on this assignment and want to avoid the additional fees. How can I do so.
File DIR_12 of person alongwith death certificate and board resolution.
Dear Mam,
We want to convert LLP into Proprietorship. Is it Possible. Whether we have to close the LLP & New propreitorship have to start.
For closing LLP, you can apply with ROC by way of filing 24 LLP form. You can simultaneously apply for registration of Proprietorship firm.
LLP formed on nov 2013. IS form 8 & Form 11 is to be filed for 31.03.2015.Please clarify. and please also clarify whether incomet tax return to be filed for both financial year i.e FY 2013-14 & Fy 2014-15.
Income tax to be filed for 2013-2014 and 2014-15. LLP form to be filed for 31.03.2015.
We’ve incorporated a LLP in Jan, 14 but we never did any business and never filed any annual return. Now we wish to close it through Form 24, please tell us is it necessary to file annual returns of previous years to close down LLP through Form 24
Yes
Dear Mam,
Please let me know is it necessary for every partner to contribute in the LLP?
Yes
Hi Madam
we have got the incorporation certificate of llp and we have not filed the form -3 for the agreement even after 3 months of incorporation. now the promoters are saying to close the same without filing the llp agreement. is it possible? any solution to close the same.
File form 3 and then close the LLP.
I have convert one private company into LLP with 9 partner(3 dis partner & 6 normal). at that time we had filed form 2 & 18. form 3 is still pending. in master data of LLP only 8 partner show. and form 11 also prefilled only 8 directors details. how its possible?
Pass board resolution and get consent from 9th Partner and file form 3 and 4 .
Is it mandatory to have meetings for LLP? Also whether accounting standards are mandatory for LLP?
Minimum two meetings will be sufficient. Accounting standards are not mandatory.
Is it mandatory to held meeting in case of LLP? Also what is applicability of accounting standards?
AS per LLP Rules, minimum two board meetings shall be conducted in calendar year.
Earlier contribution of LLP was Rs.1,00,000
It has changed to 25000 from 31/03/2015.
Still contribution is Rs.1,00,000 on the portal
Kindly guild the procedure to follow
What will be the amount, we are required to pay?
Normally it will be changed when form 11 is to be filed. I think you have forgot to file Form 3 after changing the LLP contribution.
i am going to file form 3. but LLPIN given in incorporation certificate in showing invalid.
plz help me to solve this problem.
Please type LLP registration number once. If still there is problem then please download Form 3 fresh.
We have converted a Pvt Ltd co. into a LLP with all the 8 shareholders becoming 8 partners in the LLP.
Scene 1 = one of the Partner wants to retire but does not want his Capital Contribtuion ? Is this Possible ?
Scene 2 = Can Retiring Partner sell his % to another new partner for less Capital ?
Scene 1- the retiring partner will divide his capital to existing partners in profit sharing ratio.
Where will the Partner’s Current Capital A/c come in Form 8 Balance Sheet column where you have to fill? As there is only Contributions (which is pre-filled) & Reserves & Surplus?
Capital contribution of partners are to be filled in form 8, current capital to be specified in others in form 8
Mam,
what are the provisions related to meeting of LLP. and is there any critera for executive/committee meeting.
Minimum two board meetings of LLP every year.
Hi
Your blog has been very informative and I would like to say that such prompt responses have been rare. I had a doubt on registering the name of our LLP as services or a solutions company. We will making e learning products, e greetings etc and have chosen the name as follows X Services. If we choose X solutions will it expand the scope of our work in legal terms?
Thank you for taking out the time to respond, in advance.
Thanks for comments. While selecting the best option for name, please take care that it will suit to the business of proposed company. This is the requirement of Company law, the name should conversant with the object.
Dear Madam, our LLP formed in August 2013, filed form 8 & 11 for FY 2013-14, due to lack of business, we are planning to file Form 24 for closure, is it mandatory to file form 8 & 11 for FY 2014-15 in this case or else can we go ahead to file Form 24 without filing annual forms for FY 2014-15
Before making application by filing Form 24, you will have to file form 8 and form 11 and do the pending compliance.
Dear Meenal Madam,
Please advice on the following matter:
I incorporated LLP in Gujarat and Paid 5000/- as stamp duty as contribution of the Partners was 500,000/-
In Gujarat Stamp duty is 1 % of contributuin maximum up to Rs.10,000/-.
Now we are admitting new partner and contribution is increased to 10,00,000/-
i have prepared an new agreement with newly added partners and increased contibution.
1. What will be stamp duty on new llp agreement 10,000/- or 5000/-.
2. What care should be taken if old llp agreement is replaced by new?
If the stamp duty in Gujrath is Rs.10000 which is maximum, you will have to pay maximum stamp duty. Regarding old agreement, you will have to keep safe old agreement in registered office of LLP.
Hi Ma’am
I have incorporated an LLP on 04-Dec-2014 with 2 partners.
My question is regarding the compliance requirements for 2015.
1. According to the comments on the blog, I seems that I don’t need to file Form 8 and Form 11 this year. Is that correct?
2. Do I have to file Income Tax Return (ITR-5) for the firm, this year i.e. July, 2015?
3. Is there any other liability for this year?
Would really appreciate your help, this is all very new for me as an Entrepreneur.
yes since incorporation date is 04.12.2014, no need to file form 11 and 8 for FY 31.03.2015, you can close FY as on 31.03.2016.
My Client has incoporated LLP on 12.09.2012 and has not filed any return so far. Can i close the LLP as Defunct. Will i face any problem in submitting online Closure 24 form. Do i need to file Form 3 or 8 or 11. Please suggest. at the earliest
yes you need to file form 11 and form 8 before closing LLP.
Dear mam
LLP was incorporated on 26.12.2014. So is it mandatory to close is FY on 31.03.2015 and file form 11 accordingly or we have an option to close the FY on 31.03.2016. Please help me mam.
Based upon information provided by you, you can close FY on 31.03.2016
By which notification I am allowed to close FY on 31.03.2016
Please refer definition Section 2 (41) of Financial year as per Companies Act 2013 and also section 96 (AGM).
Dear mam
LLP was incorporated on 26/12/2014. wether it is mandatory to close its FY on 31.03.2014 or we can close it on 31.03.2016.
you can close FY on 31.03.2016
Dear Mam
We have converted a company to llp on 12-02-2015. Now while filing form 11 , date of start of financial year of llp is to be mentioned. Kindly reply which date is to be taken as the date of conversion into LLp is 12-02-2015.
Date of conversion is to be considered on form 11
DEAR MAM
WE HAVE CONVERTED A COMPANY TO LLP ON 12-02-2015. NOW WHILE FILING FORM 11 , START DATE OF FINANCIAL YEAR OF LLP IS TO BE MENTIONED. KINDLY ADVICE WHICH DATE HAS TO BE TAKEN AS THE DATE OF CONVERSION TO LLP IS 12-02-2015
yes
Madam,
We have incorporated a LLP on 12th March 2014, but we have not filed the Form 8 and Form 11 for the Financial year 2013-14. So do we need to pay any penalty for the same or is there any way that the penalty can be skipped?
Thansk
If LLP was formed on 12.03.2014 and you have not filed e-form 8 and e-form 11 till today, you can file it for the financial year end 31.03.2015. It can be possible only if you have not filed Income tax return in the year 2014.
As per existing LLP Agreement, further capital contribution can be made in the profit sharing ratio. Can we execute the Supplementary LLP Agreement post receipt of capital contribution from the partners?
Yes for every change in capital contribution, change of address, change of partners, supplementary agreement shall be submitted to ROC.
HI MAM,
CAN WE CONVERT A PVT LTD COMPANY INTO LLP THEN …….CAN WE CHANGE THE REGISTERED OFFICE ADDRESS OF THAT PVT COMPANY FROM ONE CITY TO ANOTHER CITY IN THE SAME STATE WITHIN SAME ROC, WHILE CONVERSION OF COMPANY INTO LLP
After conversion you can shift the ROC from one city to another.
Madam,
Is there any requirement to file details regarding general meetings or executive meeting held during the year with ROC?
No requirement to file details about general meetings and executive meetings held during the year. Only if there is required to hold General meeting due to change in name, office then minutes of meeting and resolution shall be required to file with Registrar.
Hello Ma’am,
I have two question about LLP
1) company LLP me covert hui he, main ye puchna chahti hu k koi compliance he jo dhyan me rakhne chahiye.
2) dusri llp me capital 10 lacs se LLP incorporation hui he agar aur nayi capital laye to uske liye kya procedure hai, aur kya hum wo capital contribution me na dikhakar other liabilities me dikha sakte he
Please reply me as soon as possible.
To learn more about compliance of LLP , I would like to request you to visit “Compliance of LLP after its incorporation” on my blog.
Whenever there is change in capital contribution, LLP shall be required to update the same on LLP agreement, file e-form 3 and 4 of LLP with ROC.
Dear Mam,
Initial contribution by partners is Rs 3 Lakhs. Now they want to bring in additional 3 Lakhs but not as contribution . Can it be treated as a Loan ?
Thanks
If it is LLP, then answer is no.
LLP incorporated in Mar 2015. 3 partners, 3rd partner (dormant), wants to quit the partnership before signing the agreement.
What will be the next line of action?
LLP is incorporated, so if all partners wants to quite the partnership before signing LLP agreement, they have to file form 3 with LLP agreement first of all and then quite from LLP. in between filing of form 3 they cannot quite, because while submitting form 2, the partners have already filed their subscription sheet and consent letters
Dear Ma’am,
Kindly help with the following :
We have converted a company into an LLP on 14th March, 2015.
1) Will ROC Annual Filing compliances need to be done for the company FY 14-15?
2) Do the books of the company need to be audited as per Company Law for FY 2014-15?
3) When filing the Income Tax return for FY 14-15, who will sign the return, if the Directors of the company are not partners/DPs in the LLP?
I think you will need to close annual filing and file annual return, Balance sheet as per LLP Act and do the compliance. If LLP capital contribution is more than Rs. 25 lakh or turnover Rs. 40 lakh, then only account shall be audited. The Income tax return for F.Y 14-15 will be signed by Designated partners of LLP.
Pl. let me know we just now converted our Pvt Ltd Co. into LLP, after that whether we have to file I.Tax Return of Pvt Ltd Company or not. If no then how to take credit of TDS and other taxes.
Now after conversion of Pvt. ltd into LLP, the income tax return of LLP will be filed.
Dear Meenal Ma’am,
Kindly suggest me in the below mentioned Query:
I want to file Form 3 for my LLP but my date of agreement is prior to date of incorporation.
i.e. Date of initial agreement: 16/01/2015
Date of incorporation: 04/02/2015
Now can I file the Form 3 attaching that initial partnership agreement deed. I have however made a deed of ratification dated 10.02.2015.
Kindly suggest me is it will be ok if i file the initial agreement along with deed of ratification.
As per LLP Rules, LLP agreement shall be filed with Form 3 after incorporation. hence the LLP agreement date shall be after date of incorporation.
I have filed Form-2 nd form-3, but when i am filing Form-4 for the appoinment of partners, it is showing file form-3 first . Status of Form-3 is already approved and Acc to Company Master Records (Service provided by MCA) It is showing No of partners zero
yes form 3 and form 4 shall be filed if there is changes in LLP structure.
Hi Mam,
Is it allowed to mainatain minutes book and accounts book electronically for a LLP?
no.
Is filing of Fomr 4 is compulsory after incorporation?
My form 3 is approved some days back and there is no change in LLP, do I need to file form 4 ??
After incorporation of LLP, form 3 is to be filed and after approval of form 3, filing of form 4 is not required. Filing of 4 will be required if there is any change in partners or their contribution.
Dear Ma,am,
A LLP firm was formed on 1st September 2011 with two designated partners and capital contribution of Rs. 1.00 Lac by each partner.
Now, for the business growth partners want to introduce more capital in their LLP.
Please guide me on procedure to introduce further capital in LLP after its incorporation.
Thanks,
Please submit supplementary agreement with LLP form 3 and submit consent by partners with form 4.
Ma’m
After going through the provision of LLP Act & Rules ,i came to know about the steps that are to be taken for change of auditor but i could not ascertain whether any E-Form is to be filled with ROC ??
What are the steps that are to be taken by a LLP and an newly Appointed Auditor….
there is no such form to be filed by LLP for appointment of auditor.
Hello mam,
I want to know after filing LLP form15 for address change, what kind of certificate I will receive, Whether I will receive new copy of Certificate of Incorporate with new address mention on it or only notice of consequent or both
Thanks & Regards
-GuRu
Yes after change of address you will receive certificate with new address.
what should be done if after filing form 2 but before filing form 3 there is changes in no. of designated partners in llp….
After filing form 2 (LLP incorporation) you cannot make changes in form 3. After filing form 3, only you can make change in partners or add new partner
Hello Mam,
Please guide me on following:-
Like in companies act, whether in llp also its annual accounts is required to be certified by the auditor or appointment of auditor is compulsory even if llp is not liable for audit?
As per CHAPTER VII, Financial Disclosures, 24 (1) of LLP Rules, every limited liability partnership shall keep books of accounts which are sufficient to show and explain the limited liability partnership’s transactions. As per Ruke 24((8) The accounts of every limited liability partnership shall be audited in accordance with these rules: Provided that a limited liability partnership whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty-five lakh rupees shall not be required to get its accounts audited: Provided further that if partners of such limited liability partnership decide to get the accounts of such LLP audited, the accounts shall be audited in accordance with these rules: Provided also that where the partners of such LLP do not decide for audit of the accounts of the LLP, such LLP shall include in the Statement of Account and Solvency a statement by the partners to the effect that the partners acknowledge their responsibilities for complying with the requirements of the Act and the Rules with respect to preparation of books of account and a certificate in the form specified in Form 8.
Like in companies act, whether annual accounts of LLP is also required to be certified by the auditor or appointment of auditor is required even if turnover does not exceeds Rs. 40 lakhs or capital contribution does not exceeds Rs. 25 lakhs?
As per CHAPTER VII, Financial Disclosures, 24 (1) of LLP Rules, every limited liability partnership shall keep books of accounts which are sufficient to show and explain the limited liability partnership’s transactions. As per Ruke 24((8) The accounts of every limited liability partnership shall be audited in accordance with these rules: Provided that a limited liability partnership whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty-five lakh rupees shall not be required to get its accounts audited: Provided further that if partners of such limited liability partnership decide to get the accounts of such LLP audited, the accounts shall be audited in accordance with these rules: Provided also that where the partners of such LLP do not decide for audit of the accounts of the LLP, such LLP shall include in the Statement of Account and Solvency a statement by the partners to the effect that the partners acknowledge their responsibilities for complying with the requirements of the Act and the Rules with respect to preparation of books of account and a certificate in the form specified in Form 8.
dear ma’am ,
please guide . A llp is incorporated on 27/11/2014. Does not want to commence any business .And dint Filed Form3 llp agreement .. Whats the procedure for striking off
Please refer CHAPTER XIV, STRIKING OFF NAME OF DEFUNCT LLP – Rule 37 of LLP Rules and file form No. 24 to Registrar of Companies
hi,
we have an llp..where the remuneration is deicded mutually among the partners..i have a question that if the partners want to make changes to their remuneration is it necessary to file a supplementary deed in this case? is supplementary deed mandatory? or is there any other way to make it
I think if LLP agreement says about clause of remuneration and requires to modify the agreement as and when there is change in remuneration then supplementary agreement would be made. If LLP agreement is silent about this clause then no need to do this.
what should i do if i failed to file LLP agreement within 30 days and do not want pay the penalty as it is so heavy ?
Thank You
Sorry for late reply. you need to pay penalty for late filing of Form 3.
Ma’am,
I want to strike off one of my client’s LLP pursuant to rule 37(1)(b) of LLP Rules 2009.
When i want to prescrutnise e form 24LLP. It is showing error ” Atleast one form 3, form 8 and form 11 should be filed”.
Please resolve my query as soon as possible.
Thanking You.
Sorry for delayed form. Before going for closure of LLP, if you have came across the pre scrutiny message tleast one form 3, form 8 and form 11 should be filed”. then it shall be file first of all.
Madam,
what are the privilleges to LLP compared to LTD company w.r.t compliances and taxation
1) In case of LLP, minimum capital requirement is not required ( like in case of pvt. ltd, minimum capital required is Rs. 1 Lakh),
2) No condition to hold minimum 4 board meetings in one year in case of LLP, it is compliance in case of Pvt. ltd.
3) Appointment of statutory auditor is not compulsory in LLP whereas it is mandatory in Pvt. Ltd
4) Amount of ROC is less than amount to be paid under Pvt. Ltd
Please go through advantages and disadvantages of LLP on my blog.
Dear Madam
LLP formed w.e.f 01.04.14. on conversion of Pvt Ltd Co. Accounts of FY 13-14 finalised. How to conduct AGM of Pvt Ltd Co and adopt the accounts as Co. is no more in existence.
Please guide
Regards
S. K. Bhartia
Once Private Limited company converted into LLP, after conversion, the provisions of Company law will not apply. LLP has to follow the compliance as per LLP Act.
Hello Mam,
I have registered a LLP in July 2014 but didn’t begin any transactions or actual business. When do I need to submit form 8 and form 11?
Please file form 11 and 8 in the next year 2015 after closing of Financial year.
Hi ma’am,
Ours is a LLP firm and we are three partners. Now one of the partner wants to resign. Please if you can guide us with the procedure and paper work that needs to be done.
If there is change in partners of LLP, the LLP will file form 3 with Supplementary agreement for change of contribution and form 4 with the Registrar of Companies.
Dear Madam,
I would like to know the formalities after LLP incorporation is done and LLP agreement is signed within 2 months. Can we start the business by having a current a/c in Bank or ir is mandatory to have PAN/ VAT/ Trade License for West Bengal zone
Thanks
After LLP incorporation, within 30 days of incorporation, partners have to file form 3 LLP with ROC. and after approval of LLP agreement i.e. form 3, you can open bank account and apply for PAN TAN VAT
Dear Madam,
Plz tell me the formalities after LLP incorporation is done. Can we start the business by having a current a/c or ir is mandatory to have PAN/ VAT/ Trade License for West Bengal.
Thanks
After LLP incorporation, you need to open current account and apply for PAN TAN VAT
Dear Ma’am,
I want to know that which period should be mentioned in the appointment letter for the appointment of the auditor as “From the conclusion of this AGM upto the next AGM” or “From the conclusion of this AGM upto the sixth AGM from this AGM” as the appointment letter is sent as attachment to the form ADT-1.
we are currently using the first term and the same is being approved by the MCA.
As per Companies Act 2013, the appointment of CA shall be from conclusion of AGM till the conclusion of sixth AGM.
Mam
Pls guide,
LLP formed in Jan 14, form 3 still to be filed and also stamp paper still to be purchased.
Pls tell me is it neccesary to file form 3?
If yes, then what will be the date of agreement?
And what is the value of stamp paper for delhi and Rs 1 Lakh contribution?
Thanks in advance
As per LLP Rules, Form 3 should be filed within 30 days from the date of execution of LLP agreement. If it is not filed it can be filed now with additional fees.
Dear Madam… I like your block & your response.
I am a design engineer like to register a company please suggest which would be the best form to start it.
I am interested in LLP.
Please call me.
Dear Ma’am,
We have failed to upload LLP Form 3 and have started business and got our Books Audited. Now we want to file Form 3, can we do so? Or is there any problem in doing so? Kindly suggest as soon as possible. Thank You.
If you have failed to file form 3 of LLP on time, you can file now with additional fees.
Thanks a lot Meenal ji for your informative blog and prompt reply to the queries. I too have a problem, kindly guide. I have filed Form 3 for LLP incorporation, but after filing the same it came to my notice that firstly, the stamp paper was dated post the date of agreement and secondly, stamp paper value should be Rs.1000 whereas I have used only Rs.500. Can I change the date of the agreement to current date (keeping it within 30 days of registration) and use a current stamp paper to meet the requisite value ?
Once you have filed form 3 along with LLP agreement, the ROC will raise query and then you can resubmi the form after doing all corrections.
There is no DIN 1 form is available on MCA website.
DIN 1 form is replaced with DIR-3 form in MCA site.
Dear Mam,
we have formed LLP in October, 2013. when i want to file Form8 and Form 11 of LLP.
Sorry for the delayed reply. if LLP form in October 2013, file form 11 before 30th may and form 8 before 30th October.
Hello Madam, will you be able to throw some light on the process of winding up of an LLP. I want to close a LLP, incorporated in Jan 2012, which have not done any annual filings as on 13 may 2014. Please let me know the implications on part of non-compliances and process for winding up.
Thanks
Sorry for the delayed reply. You can make application under striking off by filing form 24AAA.
Mam,
which kind of evidence of cessation we have to attached in form no.4
You can attach board resolution passed by all designated partners and resignation letter of the concerned person to form No. 4 who would like to resign from LLP.
Can you please help let me know the number of meetings to be held by an LLP in a year. Whether they are to be held as General Meetings or as meeting of the Partners of the LLP. Can you post a format of the minutes?
LLP shall hold two meetings of partners every year or follow the frequency of meeting as per LLP agreement.
Mam is there any time requirement for holding meeting in LLP like companies Act or it can be held as per will of partners if agreement is silent regarding this. And can u plz send me the format of minutes and how the minutes are required to be filed with the registrar.
As per Private Ltd company, there is no requirement of holding minimum 4 board meetings in LLP. As per LLP agreement, partners can meet as per will of partners.
If there is delayed in filing form 8 and 11 of LLP, you will have pay penalty as applicable on today’s date, but you cannot close the LLP without paying fees. You cannot skip the filing and even the penalty cannot be reduced.
Ma’am,
I received the Incorporation certificate of a LLP(it has been converted to a LLP . It was a Pvt Ltd company before)
I have the following queries:
1. Is it necessary to file form 4? These is no change in the partners.
2. What are the other statutory changes ?Like PAN , TAN, Service tax?
What is to be changed?
Please help me.
Thanks in advance.
2.
Since Private limited has been converted into LLP, there is no requirement of filing Form 4 for consent of partners. I think you need to apply for PAN, TAN and service tax registration after conversion.
Dear madam,
Our LLP was incorporated on 21.11.2011.
Form 8 and 11 for year ended 31.03.2013 have been delayed due to oversight.
Presently late fees has grown to huge amount.
1. Please advice if there is any procedure for condonation of the same or any workaround to reduce the same?
2. Is it possible to skip filing of the same and continue normally for year ended 31.03.2014?
3. Can late fees and other penalties for non filing be avoided by liquidating the LLP?
There is no procedure of condonation of delay.
Does stamp duty need to be paid at the time of ammendment of LLP agreement in the state of Maharastra or just preparing the assignment deed on Rs 200/- stamp paper suffice
Yes appropriate stamp duty to be paid while amending the LLP agreement.
Madam
Please tell me the stamp duty to be paid for LLP agreement and is that necessary to be notarised.Need quick reply it is very urgent
Stamp duty to be paid on LLP agreement depends upon amount of total capital contribution. Suppose it is Rs. 1 Lakh then stamp duty will be Rs. 1000/- Please check your LLP contribution and pay accordingly.
Hello Ma’am!
Here’s my query – I have filed eform 1 and 2 for a LLP for 2 designated partners and they have been approved. Now we want to appoint one more designated partner. So can I flle eform 4 and then file eform 3 as the initial agreement having all 3 designated partners??
After filing form 1 and 2 for LLP with ROC, before filing form 3 you cannot add new partner. After filing 3 with ROC, you will have to execute supplementary agreement for adding new partner and file 3 accordingly for change in capital contribution and 4 for consent of new partner.
Hello Ma’am,
Can you just let me know the stamp duty on LLP Agreement if total monetary contribution by all partners is Rs. 6 Lacs.?
The stamp duty to be paid while executing LLP agreement would be Rs. 6000/- if the total capital contribution is Rs. 6 lakh.
Dear Mam,
Thanks for your reply, i had printed the LLP Agreement in three Rs. 100/- stamp papers. there is any need to file LLP Form 3 for Registration of LLP Agreement.
Yes form 3 along with LLP agreement should be submitted to ROC within 30 days from the date of receipt of registration certificate of LLP.
Dear Mam,
we formed LLP in November 2013. LLP Agreement dated November 11, 2013. Requesting you to let me know the filing fees for Form 3 LLP Agreement registration?
Normally the LLP fees would be Rs. 50 if the capital contribution is below Rs. 1 Lakh. I would advise you to check the fees on http://www.llp.gov.in if the capital contribution is more than Rs. 1 Lakh.
Mam you explain everything so well…I have become literally a fan of yours now
I have appeared for my CS Finals Dec 2013…and your posts helped me a lot…
Wish you more success in life for helping us in disguise ! 🙂
Thanks for your comments and wishing you all the best for your future career!!
we are unable to file the form 4 for admission of new partner due to prescrutiny error, prescrutiny error says file form 3 .
We have file form 3 , 10 days before for change in LLp agreement
Please raise query if you are facing pre scrutiny error while filing form 4 for admission of new partner
what is the process for admission of new partner in LLP?
For admitting new partner in LLP, the new partner should obtain Director Identification Number (DIN), give consent letter and subscription sheet to LLP. LLP will file form 3 ( Supplementary agreement for admission of new partner) and form 4 (Consent letter). Please check view signatory details after admission of new partner, you can see the name of new partner.
LLP is being formed on December 16, 2013. Kindly help with compliances to be followed upon formation. Is common seal of LLP, statutory registers etc required.
Thanks in advance
CS Monali Shah
yes common seal is also required for LLP.
A LLP has three partners & one designated partner had died. Now my question is
1) In that case LLP has to fill any form?
2) In that case if LLP wants to close the business then which forms has to be filled by LLP?
Awaiting your reply madam.
If there is any change in LLP such as capital or partners structure, the LLP shall be required to execute supplementary agreement and file form 3 with ROC from the date of making change. If one of the partners died then the LLP will inform ROC by filing form 3 and attach LLP agreement after changing the capital contribution between the two existing partners. To close LLP will be possible by filing Form 24 with ROC.
Dear Mam,
What will be the stamp duty payable on supplementary deed while amending LLP Agreement due to admission of a new partner?
We had executed the initial agreement in stamp paper worth Rs. 5000/-
The amount of stamp duty to be paid on LLP agreement would depend upon total amount of contribution. Please check the total amount and pay stamp duty
The amount of stamp duty to be paid on LLP agreement would depend upon total amount of contribution. Please check the total amount and pay stamp duty
what will be the minimum statutory fees/expenses for an LLP even if it doesnt do any business? I want to set up LLP but before that i need to know what will be my Fixed statutory expenses even if i dont do any business.?
Awaiting your reply Mam
Even if LLP does not do any business, it has to comply statutory requirement such as filing of Annual Return, Balance sheet, profit and loss account, Income tax return every year. The statutory fees would depend upon the amount of capital contribution of LLP.
Please let me know how do I inform the Registrar about the appointment of Auditors which according to the new Act the company has to inform the Registrar. Our Company is formed in November 2013 as a Private Limited Company.
Since the appointment of auditor as per Companies Act 2013, is not yer implemented, there is no provision to inform ROC (Registrar of Companies) , but still as per Companies Act 1956, the company shall inform Registrar of Companies about his appointment.
My LLP is registered on 11/03/2013. Partner’s contribution is more than 25 lakhs, hence liable for audit.
1. Form 8 : Do I compulsorily need to file form 8 for year ended 31.03.2013 ? Is audit also compulsory?
2. Form 11: Since due date has passed, can I straight file for year ended 31.03.2014 ?
3. Is it possible that periods for form 8 and form 11 are different? (In my case, 13 months for form 11 and 10 days for form 8).
Awating reply. Thank you.
Due date of filing form 8 will be 30.10.2014 and form 11 will be 30.05.2014 since LLP is incorporated on 11.03.2013. Yes Audit is mandatory
Hi,
can you give me some reference of notification or Rules or Section of the Act, which states that if Date of Incorporation of LLP say is after 1st October 2013, then it can file its first Form 8 and Form 11 for the period from the date of incorporation till 31st March 2015. I have tried to search the legal provisions, but could not find it anywhere.
can you please send the same to me to my email ID ajayshahacs@gmail.com
Thanks
You will not find any provision of filing of form 8 and 11 in the LLP Rules and LLP Act
The notice is published on http://www.mca.gov.in/LLP/
All LLPs registered up to 30-September-2012 have to mandatorily close their financial year as on 31-03-2013 and to file Form 11 by 30th May 2013 and Form-8 by 30th October-2013.
LLPs registered from 01-10-2012 to 31-03-2013 have an option either to close financial year as on 31-03-2013 or 31-03-2014 and to file both Form-8 & 11 accordingly.
Please note that if LLP fails to file Form-8 and Form-11 within prescribed time, an additional fees of Rs. 100/- is payable per day till date of filing.
formalities to be followed, if the designated partner is a NRI for formation of an LLP—
Both Designated partners already has DIN
Please suggest at the earliest
For registration of LLP, two designated partners are required. Hence two DIN are sufficient. If the third partner is NRI and wants to become Designated partner then his DIN and DSC is necessary. Get documents notarised from Indian Consulate of home country.
one partner is NRI and other is resident
my question is what is the compliance to be done while incorporation of an LLP , the two partners have DIN and DSC
IS there any extra formalities in the process of incorporation if one of the partner is NRI
The documents signed by NRI should be notarised from Indian Consulate of Homw country while incorporation of LLP.
The documents signed by NRI should be notarised from Indian Consulate of Home country while incorporation of LLP.
Dear Meenal,
If an LLP is incorporated on 15th March 2013 with a capital contribution of Rs. 1 lac and has not had any transactions till 31st March 2013, can it file form 8 & 11 considering the financial year to end on 31st March 2014.
Further, considering an LLP formed on 15th March 2013, would it be liable for any fines if it hasnt done any kind of filling till date i.e. 17th August 2013
Thanks
All LLPs registered up to 30-September-2012 have to mandatorily close their financial year as on 31-03-2013 and to file Form 11 by 30th May 2013 and Form-8 by 30th October-2013.
LLPs registered from 01-10-2012 to 31-03-2013 have an option either to close financial year as on 31-03-2013 or 31-03-2014 and to file both Form-8 & 11 accordingly.
Please note that if LLP fails to file Form-8 and Form-11 within prescribed time, an additional fees of Rs. 100/- is payable per day till date of filing.
Since your LLP is incorporated on 15.03.2013, you can close the accounts as on 31.03.2014 and file returns.
Mam llp is formed on 10.12.14 but till 31st march 2015 it has not done any business then can it close its books on 31.03.16 and file form 11 and 8 after that or it has to be filed for 31.03.15 also.
LLP has to close first financial year for 31.03.2015.
Dear Meenal,
If an LLP is incorporated on 15th March 2013 with a capital contribution of Rs. 1 lac and has not had any transactions till 31st March 2013, can it file form 8 & 11 considering the financial year to end on 31st March 2014.
Further, considering an LLP formed on 15th March 2013, would it be liable for any fines if it hasnt done any kind of filling till date i.e. 17th August 2013.
Thanks
All LLPs registered up to 30-September-2012 have to mandatorily close their financial year as on 31-03-2013 and to file Form 11 by 30th May 2013 and Form-8 by 30th October-2013.
LLPs registered from 01-10-2012 to 31-03-2013 have an option either to close financial year as on 31-03-2013 or 31-03-2014 and to file both Form-8 & 11 accordingly.
Please note that if LLP fails to file Form-8 and Form-11 within prescribed time, an additional fees of Rs. 100/- is payable per day till date of filing.
Since your LLP is incorporated on 15.03.2013, you can close the accounts as on 31.03.2014 and file returns.
maam,
is there any requirement to file minutes of meeting in case of llp with MCA??
No, Minutes of meetings of LLP need not to be filed with MCA.
maam,
is there any requirement to file first general meeting with ROC???
Do you mean say to convene First Annual General meeting and to file first Annual report. yes it is required by Company law.
want to close LLP
please guide me, want to know detailed procedure to closed LLP
I don’t have any plans to post something on this as of now. Will take this up sometime later. Stay tuned.
Dear Meenal, Please see notice posted on the MCA LLP site wherein it has been stated that LLPs registered from 01.10.12 to 31.03.13 have an option to either close their financial year as on 31.03.13 or 31.03.14 and to file form 8 and 11 accordingly. That is the reason I was confused about the Statutory audit for LLP registered 01.01.13, whether it is needed to be done for period ending 31.03.13 or straight for period ending 31.03.14.
Yes the LLP registered upto 30.09.2012 will have to close F.Y. on 31.03.2013 and registered from LLPs registered from 01-10-2012 to 31-03-2013 have an option either to close financial year as on 31-03-2013 or 31-03-2014 and to file both Form-8 & 11 accordingly.In this case you will close accounts either 31.03.13 or 31.03.14.
Dear Meenal, thank u for your prompt reply. Can u please clarify this little confusion I have – When the LLP Act defines the financial year of an LLP formed after 30/09/ as the year ending on 31st March of the year next following that year, which means that for an LLP formed on 1st January 2013, the first financial year will be the period ending on 31st March 2014. In that case doesn’t the statutory audit need to be done for the period 01.01.13 to 31.03.14 and filed with ROC by 30.10.2014? Thank you once again.
The first financial year for the LLP incorporated on 01.01.2013 would be 31.03.2013 and not 2014. Please file form 11 (before 30.05.2013) and 8 (before 30.10.2013)with ROC.
In my view the LLP has an option to close First Financial year on 31-03-2014 also
When to close the first Financial year will depend upon the date of incorporation.
An LLP formed on 1/1/13, having contribution of one crore, does it need to get its accounts statutorily audited for the period 01.01.13 to 31.03.13? Or can statutory audit be done straight for the period 01.01.13 to 31.03.14. And whether income tax return needs to be filed for the period ended 31.03.13 though transactions are not many. Please advise.
LLP having capital contribution of one crore shall be required to prepare account and do statutory audit and submit to Government. Regarding appointment of auditor and procedure of audit please read LLP Rules2009- Chapter VII Rule 24(1). You would have to appoint auditor before end of F.Y. 2013 and close F.Y. 2013. Also you will have to file Income tax return for 31.03.2013 though transactions are not many.
Thank you so much. Ur replies are a great help. When you say do the statutory audit and submit to Government, do you mean ROC? By what date do the audited accounts for the year ended 31.03.2013 need to be filed?
Yes, Government means ROC. Audited accounts for the year ended 31.03.2013 need to be filed before 30.10.2013 by way of filing form 8.
i want to retire 1 partner as on dtd. 01/04/2013 llp firm. supplementary deed is also ready but i want to ask detailed procedure about it.
which form should i filed first form-3 or form-4?? please reply & guide me as soon as possible.
As per Rule 22 (2) Limited Liability Partnership Rules, 2009,where a person becomes or ceases to be a partner or where there is any change in the name or address of a partner, the limited liability partnership shall file with the Registrar, a notice in Form 4.
In your case if there is retirement of any partner from LLP firm, you need to file form 3 and 4 simultaneously. For form 3 attach Supplementary agreement signed by existing partners and for form 4 attach certified true copy of resolution passed by existing partners for cessation of partner as an Evidence of cessation.
Form 3 and 4 shall be digitally signed by one Designated partner of LLP and certified by Company Secretary or Chartered Accountant or Cost Accountant ( in whole time practice).
Madam
I want to know If Partner is Foreign Company and wants to resign from LLP than whats is procedure and want to know evidence of cessestion includes what !!
Please also suggest what to if Foreign company is left before one year without filing to roc any document and want add to new partner after one year. Now Other three partner do not have contact with foreign partner so how how i will get evidence.
You can submit board resolution and resignation letter of partner as evidence of cessation.
Dear Meenal
I have formed a LLP on 10th October 2012 and would like to know what are the compliance requirements ??
Please guide me with the compliance requirements and the due dates.
Thanks
It appears you have commented on the same page where the LLP compliances are mentioned.
which is beneficial? To have higher contribution or lesser in LLP
Whether to keep higher or lower capital in LLP, it would all depend upon the business plan and capacity to invest in capital.
LLP incorporated on 21st Novemnber,14. There are 8 partners. Name approved. Capital contribution committed Rs 80 lacs. Now one of the partners wants to get out. Please let me know the consequence and the action that need to be taken.
File form 3 ( Supplementary agreement) form 4 ( consent of partners) for such change with Government.