ROC Compliance of LLP2023-08-09T22:57:49+05:30

LLP ROC Compliance

All LLPs registered under LLP Act are required to file certain forms with the Registrar of Companies (ROC) every year, providing information related to financial statements and the annual returns of the LLP.

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    ROC Compliance of LLP

    A Limited Liability Partnership is a type of partnership organization that limits the liability of each partner in the firm. LLP together with Company is known as Body Corporate or Corporate Entity and has higher credibility than other types of organizations.

    An LLP is registered and governed by LLP Act 2008, and therefore it has to file annual returns and statements of accounts and solvency, financial statements to the regional Registrar of Companies (ROC) every year.

    An LLP is required to manage various operations in day-to-day business in line with the complex corporate and tax laws, which can be sometimes a difficult task. Therefore, it is advisable to carry out ROC Filing of LLP under the guidance of a professional for understanding the legal requirements and timely fulfillment of the compliances so as to avoid penalties and fines.

    What is the Due Date for LLP ROC Compliance?

    The due date for filing forms and returns with authorities are different for each form and returns. The below table shows the illustrative list of applicable due dates on the LLP.

    Purpose of FormDue Date
    Form 11 – Annual Return of LLP30th May after the end of the financial year [within 60 (sixty) days of closure of its financial year]
    Form 8 – Statement of Account & Solvency of LLP30th October after the end of the financial year [within 30 (thirty) days from the end of six months of the financial year]
    Form DIR 3 – KYC of Directors30th September after the end of the financial year

    Advantages of LLP ROC Filing

    • Avoid Heavy Penalty

      Statutory compliances are to be mandatorily followed under law, if a LLP does not follow the compliances regularly or doesn’t file required returns within the specified time period then the government charges heavy penalties on the LLP and its partners.

    • Attracts Potential Investors

      The potential investors usually check the financial records and compliance status of the LLP under various laws, before investing in any LLP. Therefore, the LLPs with proper and regular compliance are preferred more by the investors.

    • Active status of LLP

      If an LLP fails to comply with the requirements under the law, then apart from heavy penalties the Registrar of Companies (ROC) shall also declare the LLP as a defunct LLP and remove its name from the registrar, after which the LLP losses its existence and becomes ineligible to carry out further business operations.

    • Builds Trust of Customers

      Nowadays, not only business peers but also customers check and verify the status of compliance of an organization before entering into transaction with them. Therefore, a Compliant LLP will always build the trust of potential customers and gain their confidence.

    Consequences of Non-Filing of LLP ROC Compliance

    Payment of Additional Fees on Delayed Filings

    If the LLP fails to file Form 8 and Form 11 within the required time period, and files the e-forms after the due date, then the LLP shall be liable to pay the additional government fees of Rs. 100 per day per form.

    Penalty on LLP for default in filing Annual Return and Statement of Solvency

    If the LLP fails to file a Statement of Solvency and annual return in Form 8 and Form 11 within the required time period, then the LLP shall also be liable to a penalty of Rs. 100 for each day which shall extend up to Rs. 1 lakh rupees.

    Penalty on the Designated Partner who is in default in filing Annual Return and Financial Statement

    If the LLP fails to file a Statement of Solvency and Annual Return in Form 8 and Form 11 within the required time period, then the Designated Partner shall also be liable to a penalty of Rs. 100 for each day which shall extend up to Rs. 50,000 rupees.

    LLP liable for Strike Off or Closure by ROC

    If the LLP does not file an annual return and statement of solvency to the ROC for a period of 2 years or more and if the ROC believes that the LLP is not carrying on any business or operation, then it shall send a notice to LLP/Partner and remove its name from the records maintained by Register of Companies (ROC)

    What Is Included in our LLP ROC Compliance Package?

    • Filling of Form 8 (Statement of Account & Solvency) of LLP with their respective attachments to ROC

    • Filling of Form 11 (Annual Return) of LLP with their respective attachments to ROC

    • Advisory and Consultation with respect to miscellaneous corporate law matters

    Procedure of Annual ROC Compliance for LLP

    • Collection of required Information and Documents

      In the first step, we shall collect the required information and documents as per the checklist. We shall verify and confirm the documents and information provided.

    • Carrying out Compliance Process of the LLP

      Once we receive the required information and documents, we shall then allocate a dedicated compliance professional who shall carry out the preparation and finalisation of various documents, forms, and returns as per the compliance requirements of the LLP.

    • Submission of Forms and Returns

      After the forms and returns are prepared and finalised, it shall be signed by designated partners of LLP and Practicing Professional and shall be submitted to the Registrar of Companies (ROC) for approval purposes, after which an Acknowledgement Number shall be generated.

    • Get approval in few days

      Once the form is successfully approved by the Registrar of Companies (ROC), you shall receive the mail of approval within few days from the government.

    Documents Required for ROC Compliance of LLP

    • Certificate of incorporation of LLP

    • LLP Agreement

    • Copy of financial statement of the LLP

    • Digital Signature Certificate (DSC) of authorized Designated Partners

    • Other information and documents as may be necessary

    FAQ

    What does the LLP Act 2008 state in the event of absence of an LLP Agreement?2024-03-05T19:04:26+05:30

    Section 23 (4) of the LLP  Act 2008 states that the mutual rights and duties of the partners and mutual rights and duties between the LLP and the partners shall be ascertained by the provisions relating to that matter as are set out in the First Schedule, in the absence of agreement as to any matter.

    What are the implications of the agreement in writing before the formation of LLP?2024-03-05T19:00:21+05:30

    As per Section 23 (3) of the LLP  Act 2008, if there is any agreement in writing executed before the formation of the LLP between the persons whose names are mentioned in the incorporation document, if the same is ratified by all the partners after incorporation, the agreement may impose obligations on the LLP.

    What are the provisions set forth in the LLP Act 2008 concerning the mutual rights and duties of partners and LLP ?2024-03-05T18:56:47+05:30

    As per Section 23(1) of the LLP Act 2008, the mutual rights and duties of the partners of LLP, and the mutual rights and duties of LLP and its partners, shall be governed by the LLP agreement between the partners, or between the limited liability partnership and its partners.

    Is the Registrar of Companies (ROC) Approval Required for Form 3?2024-03-05T18:54:13+05:30

    Yes, Form 3 filed for filing the LLP Agreement within 30 days of incorporation or Supplementary Agreement filed for any alteration in the LLP Agreement is approval-based.

    Whether ROC filing is mandatory for all LLP?2021-09-20T09:21:41+05:30

    Yes, filing of returns with ROC is mandatory for all the registered LLP’s. The ROC filings do not depend upon the total turnover or capital or amount of profit/loss of the LLP, it is required to be done by every LLP irrespective of the turnover or capital or profit/loss.

    Which forms are filed with ROC during the Annual ROC Compliance of an LLP?2021-09-20T09:21:20+05:30

    Form 8 (Statement of Account & Solvency) and Form 11 (Annual Return) along with their respective attachments and Designated partner’s KYC have to be filed with the respective ROC.

    Do I need to be physically present during this process?2021-09-20T09:20:49+05:30

    No, the process is a completely online process. All the required forms and returns are filed electronically, so you would not need to be physically present at all. You would just need to send us scanned copies of all the required documents and information.

    Is the appointment of auditor mandatory for LLP?2021-09-20T09:20:29+05:30

    No, the Appointment of an Auditor is not mandatory for all LLP. However, if an LLP has a turnover of more than Rs. 40 lakh or capital contribution of more than Rs. 25 lakhs then it is mandatory to appoint an auditor and get its accounts audited by an independent auditor.

    My LLP has not done any business during the year, do I need to file the annual returns?2021-09-20T09:20:10+05:30

    Yes, even if there is no business in the LLP during the year, the LLP has to file Form 8 (Statement of Account & Solvency) and Form 11 (Annual Return) with their respective attachments.

    Are audited financial statements mandatory for annual filling?2021-09-20T09:19:49+05:30

    LLP which is not required to get its books audited is not required to file audited financial statements, whereas LLP which is crossing the turnover limit of more than Rs. 40 lakh or capital contribution of more than Rs. 25 lakhs then it is mandatory to appoint an auditor and get its accounts audited by an independent auditor.

    I have not filed annual returns for my LLP from the past financial year, whether my LLP is eligible to file annual returns in the current financial year?2021-09-20T09:19:30+05:30

    Yes, the LLP can file the pending annual returns in the current financial years with payment of applicable additional fees and penalties.

    Is there any requirement to hold board meetings and general meetings in an LLP?2021-09-20T09:19:11+05:30

    No, as per LLP Act there is no such requirement to hold a board meeting or annual general meetings (AGM) in the LLP.

    What is Form 8 and Form 11?2021-09-20T09:18:44+05:30

    Form 8 (Statement of Solvency) is used for filing information related to assets, liabilities, income, and expenditure of the LLP with the ROC whereas Form 11 is used for filing annual return details to the ROC.

    Is Income Tax Return (ITR) mandatory to be filed every year by LLP?2021-09-20T09:18:15+05:30

    Yes, Income Tax Return (ITR) is mandatory to be filed by every LLP, irrespective of income or loss during the financial year.

    Is DIR-3-KYC form to be filed every year?2021-09-20T09:17:51+05:30

    Yes, DIR-3-KYC has to be filed every financial year by 30th September of next financial year by every designated partner and it is valid till 31st March of such financial year

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