Compliance Required For A LLP

Here are some of the basic things we must know so as to fulfil legal compliances applicable on a LLP

1. What are the documents required to be filed by a LLP annually?

LLP is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually. The 'Annual Return' is required to be filed within 60 days of close of the financial year and 'Statement of Accounts & Solvency' shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year.

So, for the financial year ended 31st March, 2018, Due Date for Filing LLP forms will be as follows:

Form 8 - 30/10/2018
Form 11 - 30/05/2018

2. What is 'Statement of Accounts and Solvency' and whether it has a prescribed format?

Every LLP is required to file 'Statement of Accounts & Solvency' in prescribed LLP Form 8 which contains a declaration on the state of solvency of the LLP by the designated partners and also information related to statement of assets and liabilities and statement of income and expenditure of the LLP. This form has to be filed by the LLP on an annual basis.

3.I have incorporated a LLP on 1st December of financial year, when do I require filing my statement of accounts and annual return?

In case LLP has been incorporated on or after 1st October of financial year, then LLP can close its first financial year either on the coming or next 31st March i.e. LLP files its first financial year details for 18 months.

4. How can I inspect the documents as filed and registered by a LLP?

The user has to log on to LLP portal to avail the service. The following documents/ information of LLP will be available for inspection by any person:-

• Incorporation document,
• Names of partners and changes, if any, made therein,
• Statement of Account and Solvency
• Annual Return

The fees for such inspection of a LLP is Rs 50/-

5. Can I apply for certified copies of the documents as filed and as registered by a LLP?

Yes, a user can take a certified copy or extract of any document from the below mentioned list of documents by paying a nominal fee of Rs. 5/- per page:-

• Incorporation document,
• Names of partners and changes, if any, made therein,
• Statement of Account and Solvency
• Annual Return