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A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited
liability. In LLP, one partner is not responsible or liable for another partner’s misconduct or
LLP provides a business format that would combine the flexibility of a partnership and the advantages of limited liability of a company at a low compliance cost. This format would be quite useful for small and medium enterprises in general and for the enterprises in services sector in particular.
LLP has less compliance than a private limited company and is also significantly cheaper to start and maintain.
CHANGES IN PARTICULARS
A company can intimate changes among designated partners’ or partners’ or change in any
particulars of designated partners’ or partners’ of a LLP by filing Form 4 (Notice of appointment,
cessation, change in name/ address/designation of a designated partner or partner and consent to
become a partner/ designated partner) with Registrar.
LLP can change the LLP Agreement by filing Form 3 (Information with regard to Limited Liability Partnership Agreement and changes, if any, made therein).
LLP has to intimate changes in LLP within 30 days to registrar. Failure to file LLP form can incur a penalty of Rs.100 per day.
Filing of Form 8
Form 8 is also known as Statement of Account & Solvency. In Form 8, the LLP must provide details of financial transactions undertaken during the financial year and position at the end of financial year.
The due date for filing LLP Form 8 is 30th October of each financial year. Failure to file LLP Form 8 can incur a penalty of Rs.100 per day.
The due date for filing LLP Form 8 is 30th October. Failure to file Form can incur a penalty of Rs.100 per day.
Annual Return (Form 11)
LLP Form 11 is due within 60 days of financial year end. Since, all LLPs have 31st March as the closure
of financial year; LLP Annual Return Form 11 is due on the 31st of May of each year.
If LLP Form 11 Annual Return is not filed on or before the due date of 31st May, then a penalty of Rs.100 per day until the non-compliance continues will be applicable.
The due date for filing LLP Form 11
is 31 st May. Failure to file Form can incur a penalty of Rs.100 per day.