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Annual filings for LLP

Annual filings for Limited Liability Partnerships (LLPs) are essential to ensure compliance and avoid significant penalties imposed by the law for non-compliance. LLPs have relatively fewer annual compliance requirements compared to private limited companies. However, the penalties for non-compliance can be substantial. While a Private Limited company may face penalties of INR 1 lakh for non-compliance, an LLP could be liable for fines of up to INR 5 lakh. LLPS must fulfil their periodic filing obligations to maintain legal compliance.

MCA LLP Compliance Chart

Every fiscal year, all LLPs registered in India are required to submit the following forms, irrespective of their profits or turnover:
Filing of MCA LLP Form 11 – Annual Return – Due on 30th May
Filing of LLP Form 8 under MCA – Statement of Account and Solvency – Due on 30th October
ITR-5 – Income Tax Return for LLP – Due on 31st July if Tax Audit is not required. It is due on 30th September if a tax audit is required.

LLP Form 8 – Statement of Account & Solvency

MCA LLP Form 8, the Statement of Account and Solvency, is an annual filing requirement for all Limited Liability Partnerships (LLPs) registered in India. LLPs are required to file this document annually with the Registrar of LLPs. It provides a snapshot of the LLP’s financial position, including its assets, liabilities, and solvency. Regardless of the LLP’s turnover, submitting Form 8 to the Ministry of Corporate Affairs (MCA) every year is mandatory.

Here are some key points about the Statement of Account & Solvency (LLP Form 8):

Annual Filing: LLPs are required to file LLP Form 8 every year. This filing must be done within 30 days from the end of 6 months of the financial year to which it relates. In other words, the deadline for filing is typically October 30th each year.
Contents: The Statement of Account & Solvency includes financial information such as the balance sheet, a statement of profit and loss, and a statement of changes in financial position. It also declares the solvency of the LLP.
Solvency Declaration: The solvency declaration is a crucial part of this filing. It confirms that the LLP can pay its debts as they become due in the normal course of business. If there is any insolvency, it should be disclosed in this document.
Statutory Compliance: Filing LLP Form 8 is mandatory for LLPs; failure to do so can result in penalties. It is important to maintain compliance with the LLP Act and regulations.
Audit: The financial statements included in the Statement of Account & Solvency may need to be audited, depending on the LLP’s turnover and other criteria. Audited financials provide an additional level of assurance about the accuracy of the financial information.

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Key Aspects of LLP Form 8:



Laws Governing Form 8

Form 8 is governed by the provisions of Section 34(2) and 34(3) of The Limited Liability Partnership Act, 2008, in conjunction with Rule 24 of The Limited Liability Partnership Rules, 2009.


Components of Form 8

Form 8 is divided into two sections, each critical in the LLP’s financial reporting and compliance. Form 8 comprises two main parts:
Part A – Statement of Solvency: In this section, the LLP declares its solvency, confirming its ability to meet its financial obligations as they become due in the normal course of business. If there are any signs of insolvency, they should be disclosed here.
Part B – Statement of Accounts, Statement of Income, and Expenditure: This part provides detailed financial information about the LLP, including its balance sheet, statement of profit and loss (income and expenditure statement), and any changes in financial position.


The due date for Filing LLP Form 8

The due date for filing the Statement of Account & Solvency (Form 8) is October 30th every year. It’s important to note that this filing requirement applies to all Limited Liability Partnerships (LLPs), regardless of whether the LLP has commenced its business activities.
Compliance with this annual filing is mandatory to meet regulatory obligations and maintain transparency in financial matters.


Required Details for Filing Form 8

To file the Statement of Account & Solvency (Form 8) successfully, the following details and information are required:
1.LLPIN (Limited Liability Partnership Identification Number)
2.LLP Name and Address of the LLP
3.Jurisdiction of Police Station for the registered address of the LLP
4.Whether any charge is modified in favour of an Asset Reconstruction Company (ARC) or assignee
5.Statement of Assets and Liabilities as of 31st March
6.Statement of Income and Expenditure for the financial year
7. Whether the turnover of the LLP exceeds Rs 40 lakhs
These details are essential for the accurate and compliant filing of Form 8 for your Limited Liability Partnership (LLP).


Attachments Required with LLP Form 8

When filing Form 8 for a Limited Liability Partnership (LLP), the following documents must be attached:
Mandatory: Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006.
A statement of contingent liabilities in case of emergency liabilities.
Any additional details may be provided as optional attachments.



Small LLP

A “Small LLP” is a recent concept introduced by the LLP (Amendment) Act 2021. It refers to a Limited Liability Partnership meeting the following criteria:
Its contribution does not exceed Rs 25 lakhs or a higher amount, as determined by the Government (up to a maximum of Rs 5 Crores).
Its turnover in the previous financial year does not exceed Rs 40 lakhs or a higher amount, as determined by the Government (up to Rs 50 Crores).
Creating Small LLPs is to alleviate the compliance burden, reduce normal fees, lower penalties for non-compliance, and eliminate the necessity for professional certification. Designated partners of a Small LLP can self-certify all LLP and ROC documents, streamlining the process.


MCA Fees for filing Form 8

The filing fee for the Statement of Account & Solvency (Form 8) with the Ministry of Corporate Affairs (MCA) in India varies based on the LLP’s contribution amount. Here is the fee structure:


Contribution Amount Fee Applicable
Up to Rs 1,00,000 Rs 50
More than Rs 1,00,000 up to Rs 5,00,000 Rs 100
More than Rs 5,00,000 up to Rs 10,00,000 Rs 150
More than Rs 10,00,000 up to Rs 25,00,000 Rs 200
More than Rs 25,00,000 up to Rs 1,00,00,000 Rs 400
More than Rs 1,00,00,000 Rs 600

The applicable fee depends on the LLP’s total contribution amount, and it is important to ensure that the correct fee is paid to complete the filing process accurately and in compliance with the regulations.

Additional Fee (Penalty) for Filing Form 8

For Small LLPs:


Period of Delay Additional Fee (INR)
Up to 15 days 1 time of normal filing fees
More than 15 days and up to 30 days 2 times of normal filing fees
More than 30 days and up to 60 days 4 times of normal filing fees
More than 60 days and up to 90 days 6 times of normal filing fees
More than 90 days and up to 180 days 10 times of normal filing fees
More than 180 days and up to 360 days 15 times of normal filing fees
Beyond 360 days 15 times of normal filing fees plus Rs. 10 per day for everyday delay beyond 360 days

The applicable fee depends on the LLP’s total contribution amount, and it is important to ensure that the correct fee is paid to complete the filing process accurately and in compliance with the regulations.



Certification Requirements for Form 8

The Statement of Account & Solvency (Form 8) needs to be certified by designated partners of the Limited Liability Partnership (LLP) as well as a qualified professional, such as a Chartered Accountant (CA), Company Secretary (CS), or Cost and Works Accountant (CWA).

Key Points to Note:

1. LLPs are required to file Form 8 annually.
2. The filing deadline is within 30 days from the end of six months from the end of the financial year, typically falling on October 30th each year.
3. Properly maintained financial records and, in some cases, audited financials are essential for accurately completing Form 8.
4. Filing Form 8 is mandatory for LLPs, and failure to do so can result in penalties and non-compliance with regulatory requirements.


Procedure to file FOrm 8

The procedure to File Form 8 (Statement of Account & Solvency) is explained below:




Why to Choose Accountants Factory LLP

Accountant's Factory LLP offers expert assistance with the filing of LLP Form 8 (Statement of Account & Solvency), a mandatory annual filing for Limited Liability Partnerships (LLPs) in India. Our team ensures that your LLP meets all regulatory requirements by submitting accurate financial information, including a statement of solvency and financial statements. We handle the preparation, certification, and filing process with precision, ensuring compliance and avoiding penalties for late or incorrect filings. Trust Accountant's Factory LLP to guide you through the entire process, making your LLP's financial filings seamless and hassle-free.


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