Quick Summary
LLP settlement Scheme, 2020 launched ; Shall allow a One-time condonation of delay in filing statutorily required documents with the Registrar Scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020 It has been observed that due to applicability of additional fee on late filing, which in case of inordinate delay could actually become a financial burden, a large number of Limited Liability Partnerships (LLPs) have remained non-compliant, mainly o
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FAQ :
The LLP Settlement Scheme 2020 is a government initiative providing a one-time condonation of delay for LLPs filing statutorily required documents.
The scheme is active from 16th March 2020 and will remain in force until 13th June 2020.
The scheme aims to promote ease of doing business by offering a one-time relaxation in additional fees for defaulting LLPs to file pending documents and become compliant.
A nominal additional fee of Rs 10/- per day for the period of delay is applicable, with a maximum additional fee of Rs. 5,000/- per document, in addition to the standard filing fee.
The scheme applies to Form-3 (LLP agreement details), Form-4 (partner changes), Form-8 (Statement of Account & Solvency), and Form-11 (Annual Return).
LLPs can gain immunity from prosecutions for such defaults by filing pending documents and making good their defaults, allowing them to become compliant.
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