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Are you tired from all the compliances of law after incorporating your LLP? We have a solution for you…. We will take your all ROC annual filings burden… Get your annual filing done at Kanooni Sahayata from our Professional
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Any LLP registered or incorporated in India must comply with annual filing requirements with ROC every year. It is mandatory to maintain books of accounts and maintain data related to partners and their capital contribution and other details also and it is necessary to file these details as per Forms provided by MCA at its portal.
The financial year for the LLPs starts from the 1st of April to the 31st of March. The annual return for the LLPs is due on May 30th while the statement of accounts and solvency is due on the 30th of October of each financial year.
In addition to the MCA annual return filing, the limited liability partnerships must also mandatorily file the income tax return every year.
Nowadays everyone wants to focus on their business and do want to indulge in corporate compliances because rules, regulations and laws are changing everyday and non compliance of these laws could impact huge penalties and other punishments too. No one wants to suffer these. So it is always better to take experts advice from those who are professional in this field. We here at Kanooni Sahayata help you regarding filing of your annual returns and guide on other legal requirements too.
There is a huge penalty for Non-filing and late filing of Annual returns of LLP. These penalties depend upon the days of delay in filing. These are over and above normal fees charged by MCA and these are mandatory penalties. You cannot avoid these penalties.
If a company fails to comply with the rules and the regulations of the Companies Act, then the company and its members who default shall be punishable with a Fine for the period of which the default is continuing.
Annual General Meeting(AGM):-
No, AGM is not required for an LLP. AGM is a once in a year meeting for Shareholders of the Company. As there is no concept of shareholding in an LLP, no AGM is to be held.
Form 11:
Form 11 is a statement of annual return. This form contains details such as the total number of designated partners, details of partners along with details of body corporates as partners, contributions received by the partners and summary of all partners.
Time limit to file the Annual Return in Form 11 to the Registrar is within 60 days from the closure of financial year i.e. Annual Returns have to be filed on or before 30th May every year.
Form 8:
Form 8 is a statement containing details of accounts and solvency. Every LLP is required to prepare and close its accounts until the 31st March every year. Two designated partners can sign this form digitally. Also, a company secretary/chartered accountant/cost accountant must certify the same. There are 2 parts in a Form 8 –
Time limit to file the form with the Registrar is within 30 days after completion of six months of Financial Year i.e. 30th October every year.
Late filing of such forms entail penalties of Rs. 100/- per day of default.
Increase Credibility: Any organization who conducts the business in compliance with laws and regulations enjoys higher credibility and trust worthiness from its customer, investors and from other people too. Signed Financial statements filed at MCA become the authentic document and it will helps in easy availability of loan from banks and getting government tenders.
Record of Financial Worth: after Annual compliance filings by LLP’s the financial records are available at MCA portal which can be viewed by any person after payment of nominal fees. This facility helps to assess the financial worth as any person can view the records which results in new investors.
Active Status of LLP: It is mandatory to file the annual returns with ROC to maintain the active status otherwise the company will be declared as defunct company. Also LLP has to suffer penalties for non filing or delay in filing the returns. Non compliance also affects the status of the concerned partners as they are declared a defaulter and also becomes disqualified from their further appointment in any Company/LLP.
Conversion or Closure: Annual Compliance filing is mandatory if you wish to convert your LLP in any other form like if you wish to convert LLP into company then registrar require to file annual compliance. Likewise if you wish to close the LLP then even if there are no transactions in the business then also you are required to file ROC annual forms.
All the Limited Liability Partnership are required to maintain proper account banks on a cash basis or accrual basis. As Private Limited Companies are required to maintain books of accounts only on an accrual basis.
The LLPs have the option of maintaining the books of accounts on a cash basis as well. The books of accounts must be maintained at the registered office of the LLP and must contain all the information like:
At the end of each financial year, the LLPs are required to prepare their financial statements within 6 months for filing with the ROC.
Every LLP required filing Income Tax Returns every year, irrespective of its income or whether it incurs losses during the year. It must be filed by LLP on or before 31st July (Non audit case) or 30th September (audit case).
If AMT provisions applies to LLP, it is mandatory for the LLPs to obtain a report in Form 29C (to be issued by a Practising CA) which certifies that AMT and adjustable total income has been computed in accordance with the provisions of IT Act. We will obtain such a report under AMT for your LLPs.
Every LLP has to appoint a auditor who shall audit their accounts if it exceeds the turnover/contribution limit. Every Auditor has to be appointed at the beginning of each financial year and shall hold the office until new auditors are appointed or they are re-appointed.
A “Legal Notice” is a legal intimation sent to the opponent indicating that the aggrieved is preparing to file a lawsuit against the concern in case the demand mentioned in the relevant notice is not fulfilled.
Therefore, in a nutshell a legal notice can be defined as a formal communication to any person or a legal entity, informing the other party of your intention to undertake legal proceedings against them.
This notice, when sent, conveys your intention prior to the legal proceedings and thus, makes the party aware of your grievance.
Legal Notice is the concept describing a requirement that a party, company & person be aware of legal procedure affecting their own rights, obligations or duties.
A written document sent to someone, be it a person, company or any other entity, specifying that you have some grievances and you are preparing to file suit against him in civil court if the required demand is not fulfilled, is known as a Legal Notice.
Legal Notice is the baby step towards legal proceedings, and it acts like a warning to the person laying down conditions that need to be fulfilled, otherwise a civil suit shall be filed against him. For instance, if the tenant has not paid rent, the landlord can send a legal notice. In this case a tenant eviction notice is sent to the tenant for the nonpayment of rent. It states that if the rent is not paid before the specified date, the landlord has the right to initiate legal proceedings against him for payment of dues before a specified date or face eviction from the premises immediately.
The legal notice contains the basic averment of the affected party.
A Legal Notice can be filed for various issues as mentioned above but if one intends to file a Civil Suit against the Government then that person has to serve a legal notice to the concerned Governmental Organisation before filing a Civil Suit.
Section 80 of The Code of Civil Procedure, 1908 provides for sending of a legal notice to the Government or public officer if one wants to initiate any legal action against them for any act committed during their period of employment. The purpose of notice, in this case, is to give an opportunity to the concerned officer to revaluate his action and provide a justification or offer compensation.
The Apex Court in its landmark judgment of Bihari Chowdhary & Anr vs State Of Bihar & Ors has said that the object of the section is the advancement of justice and the securing of public good by avoidance of unnecessary litigation.
It also acts like a reminder for the receiver about the acts done on his part which is creating problem.
A complete brief of the problems that the aggrieved party is facing, combined with what can be done to resolve the issue need to be clearly mentioned. The last past of the Legal notice should contain a detailed account of how relief can be obtained/problem solved if mutually agreed upon the grievance.
A perfectly crafted legal notice, can act as a mediator between the two parties and help solve the issue out of the court if both of them are willing to compromise on the issue.
It must contain the following points:
STEP 1 – Contacting a Lawyer: A legal Notice is being sent through a Lawyer and the first step is reaching out to one.
STEP 2 – Sharing Information: All the information is explained in detail to the Lawyer, like the name of the parties, addresses, issues, grievances, and the relief sought.
STEP 3 – Providing the Documents: All the necessary and required documents are provided to the lawyer for filing of the notice.
STEP 4 – Drafting: The notice is then drafted in the Legal Language by the Lawyer clearly mentioning why the notice is being sent, information about previous communications, and a stipulated time e.g 15 days, 30 days or 60 days is given to the addressee to reply.
STEP 5 – Signing: The notice is duly signed by the Sender and the Lawyer and is generally sent via Registered post or Courier with the acknowledgment receipt being retained safely. A copy of the notice is also kept by the lawyer for future reference.
Once the notice has been drafted by the lawyer
It is being signed by the lawyer and the Sender.
A copy is being retained by the Lawyer for future purposes.
The Notice is being sent through Registered Post or through Courier
An acknowledgment slip is being kept as evidence of dispatch.
Legal notices are a vital principle of the courts as it provides a platform and a chance to both the parties to reach a consensus without taking the route of the court.
IT CAN BE SENT TO ANYBODY
FOR EG : Consumer Complaint Issues: Notices in Consumer Cases are filed in issues such as complaining about Faulty products, services or any advertisement which is false or misleading for the public.
What Should You Do IF YOU Receiving A Legal Notice?
The following things are to be kept in mind once a notice is being received.
1) Reading the notice carefully: It is important to read the Notice properly in order to understand the issue and the concerns raised. If one feels that talking to the person (Sender) who has sent the notice can resolve the issue amicably then the conversation should be initiated.
2) Contacting a Lawyer: If the content is not understood properly then it is advised to contact a good lawyer who can further take the matter ahead. It is advisable to keep a record of the time of notice within which you received the notice it will be advantageous even if the opposite party files a suit against you.
3) Briefing the lawyer: The next important step is to present your side of the story to the lawyer giving information about the facts, time and events related to the issue. So that the Lawyer can draft a proper reply presenting your side of the argument.
4) Sending the reply: Once a reply of the Notice has been drafted by your lawyer it is being sent through registered post or courier and the receipt of the post is being kept. A copy of the reply is also being kept by the lawyer for future use if the Civil suit is being filed.
Banking & Corporate Matters
A “Legal Notice” is a legal intimation sent to the opponent indicating that the aggrieved is preparing to file a lawsuit against the concern in case the demand mentioned in the relevant notice is not fulfilled.
Therefore, in a nutshell a legal notice can be defined as a formal communication to any person or a legal entity, informing the other party of your intention to undertake legal proceedings against them.
This notice, when sent, conveys your intention prior to the legal proceedings and thus, makes the party aware of your grievance.
Legal Notice is the concept describing a requirement that a party, company & person be aware of legal procedure affecting their own rights, obligations or duties.
A written document sent to someone, be it a person, company or any other entity, specifying that you have some grievances and you are preparing to file suit against him in civil court if the required demand is not fulfilled, is known as a Legal Notice.
Legal Notice is the baby step towards legal proceedings, and it acts like a warning to the person laying down conditions that need to be fulfilled, otherwise a civil suit shall be filed against him. For instance, if the tenant has not paid rent, the landlord can send a legal notice. In this case a tenant eviction notice is sent to the tenant for the nonpayment of rent. It states that if the rent is not paid before the specified date, the landlord has the right to initiate legal proceedings against him for payment of dues before a specified date or face eviction from the premises immediately.
The legal notice contains the basic averment of the affected party.
A Legal Notice can be filed for various issues as mentioned above but if one intends to file a Civil Suit against the Government then that person has to serve a legal notice to the concerned Governmental Organisation before filing a Civil Suit.
Section 80 of The Code of Civil Procedure, 1908 provides for sending of a legal notice to the Government or public officer if one wants to initiate any legal action against them for any act committed during their period of employment. The purpose of notice, in this case, is to give an opportunity to the concerned officer to revaluate his action and provide a justification or offer compensation.
The Apex Court in its landmark judgment of Bihari Chowdhary & Anr vs State Of Bihar & Ors has said that the object of the section is the advancement of justice and the securing of public good by avoidance of unnecessary litigation.
It also acts like a reminder for the receiver about the acts done on his part which is creating problem.
A complete brief of the problems that the aggrieved party is facing, combined with what can be done to resolve the issue need to be clearly mentioned. The last past of the Legal notice should contain a detailed account of how relief can be obtained/problem solved if mutually agreed upon the grievance.
A perfectly crafted legal notice, can act as a mediator between the two parties and help solve the issue out of the court if both of them are willing to compromise on the issue.
It must contain the following points:
STEP 1 – Contacting a Lawyer: A legal Notice is being sent through a Lawyer and the first step is reaching out to one.
STEP 2 – Sharing Information: All the information is explained in detail to the Lawyer, like the name of the parties, addresses, issues, grievances, and the relief sought.
STEP 3 – Providing the Documents: All the necessary and required documents are provided to the lawyer for filing of the notice.
STEP 4 – Drafting: The notice is then drafted in the Legal Language by the Lawyer clearly mentioning why the notice is being sent, information about previous communications, and a stipulated time e.g 15 days, 30 days or 60 days is given to the addressee to reply.
STEP 5 – Signing: The notice is duly signed by the Sender and the Lawyer and is generally sent via Registered post or Courier with the acknowledgment receipt being retained safely. A copy of the notice is also kept by the lawyer for future reference.
Once the notice has been drafted by the lawyer
It is being signed by the lawyer and the Sender.
A copy is being retained by the Lawyer for future purposes.
The Notice is being sent through Registered Post or through Courier
An acknowledgment slip is being kept as evidence of dispatch.
Legal notices are a vital principle of the courts as it provides a platform and a chance to both the parties to reach a consensus without taking the route of the court.
Yes, every LLP has to mandatorily file Annual Returns and financial statements with the Ministry even if they are not doing any business. It is a compulsory requirement of law that even NIL returns should be filed.
Once you have filled up the eForm and done “Check Form”, you are required to click the “Pre-Scrutiny” button on the eForm. Please ensure that when you click this button, your computer is connected to the internet. In case the MCA system finds some inconsistency in data, it will throw an error and advise the user to do the necessary rectifications. In case you have filled up the eForm correctly, the system will “lock” the eForm. If you need to modify any data after the successful pre-scrutiny, click on the “Modify” button. This will “Unlock” the eForm and remove the Digital signature (if already made) after which you can carry out the required modifications. Once the modifications are over you are required to do the Pre-Scrutiny again.
The Board meeting is conducted by the Board of Directors, here no BOD is involved in the LLPs instead the designated partners run the whole business and are also responsible for the compliance
The LLPs are corporate entities and are operated by the legal rules and the procedures that are the stated in LLP Act 2008. Irrespective of the turnover the LLPs have to file the annual returns giving details on the management on the financial performance. Any delay in the same attracts a heavy penalty.
If the turnover does not exceed Rs 5 crores and the total partner contribution does not exceed Rs 50 lakh then digital signatures of the designated partner will suffice. However, if the turnover exceeds Rs.5 crores and the total partner contribution exceeds Rs 50 lakh, then Form 11 needs to be certified by a Company Secretary in full-time practice.
Form 11 is a statement for partner information and all the contributions made. Additionally, the LLP also needs to provide information about other companies or LLPs in which the partners hold a similar position.
The contribution stated in Form 11 must match the declaration made in Form 8, and therefore it must be filled cautiously.
Form 8 is a form and hence must be digitally signed by a minimum of two Designated Partners of LLP or Authorised Representatives of Foreign LLP if the total turnover of the LLP is less than or equal to Rs 40 lakh or partner’s obligation of contribution is less than or equal to Rs 25 lakh.
In case the total turnover of the LLP exceeds Rs 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh, then Form 8 must be certified by the auditor of the LLP/ FLLP.
When the turnover exceeds five crore rupees in a financial year or the contribution exceeds fifty lakh rupees the annual return is to be certified by a Practising Company Secretary.
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