LLP Annual Filing Form 8: Everything You Need to Know

If you own or manage a Limited Liability Partnership (LLP) in India, you are required to file Form 8, also known as the Statement of Account and Solvency, every year. Filing this form is a crucial part of LLP annual compliance, ensuring transparency and accountability of your business operations. Let’s explore the details of LLP Form 8, including its due date, fees, penalties, and related compliance requirements.

What is LLP Form 8?

LLP Form 8 is an annual filing form that every LLP registered in India must file with the Registrar of Companies (ROC).

This form includes:

• A declaration of solvency by the designated partners.
• Details of the LLP’s financial health, such as assets and liabilities, income, and expenditure.

The purpose of this form is to provide the authorities with accurate information on the LLP’s financial status and solvency position.

Who Must File LLP Form 8?

Every LLP that exists or was incorporated on or before September 30 of a financial year must file Form 8. Filing is mandatory, regardless of whether the LLP conducted business during the year.

Requirements for Filing Form 8

To file LLP Form 8, the following are required:

1. Digital Signatures: Both designated partners must have digital signatures to file the form.

2. Financial Records:

• Balance Sheet and Profit & Loss Statement.
• Disclosure under the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006.

Statement of contingent liabilities, if any.

3. Certification: If the LLP’s turnover exceeds ₹40 lakhs or the partner’s capital contribution exceeds ₹25 lakhs, the form must be certified by apracticing Chartered Accountant or Cost Accountant.

Form 8 LLP Due Date

The due date for filing Form 8 is October 30 of the subsequent financial year. For instance, for the financial year ending on March 31, the due date for Form 8 filing is October 30 of the same calendar year. This timeline ensures LLPs have sufficient time to compile and verify their financial data.

LLP Form 8 filing is a mandatory annual compliance that ensures an LLP’s financial transparency and credibility. Timely filing by October 30 avoids penalties and legal consequences, maintaining the entity’s reputation.

 

What Happens If Form 8 is Filed Late?

Failing to file Form 8 before the due date attracts hefty penalties.

1. Late Fees: LLP Form 8 late fees start at ₹100 per day and continue to accumulate until the filing is completed.
2. Penalty: If the LLP fails to file Form 8 altogether, it may face a fine ranging from ₹25,000 to ₹5,00,000.
3. Legal Consequences: Non-compliance can also lead to legal notices and penalties for the designated partners, affecting the LLP’s credibility.

Filing Fees for Form 8

The filing fees for LLP Form 8 vary depending on the capital contribution of the LLP. Typically, the fees are nominal, but exact figures depend on the LLP’s structure. It’s advisable to check the latest fee schedule before filing.

Can Form 8 Be Revised?

Unfortunately, LLP Form 8 cannot be revised once submitted. Therefore, it’s vital to ensure that all details are accurate and verified before filing. Double-check the information, including financial statements and disclosures, to avoid errors.

LLP Form 8 and Form 11

Apart from Form 8, LLPs must also file Form 11 annually.

Form 11:

• This is the Annual Return of the LLP.
• It includes details such as the number of partners, designated partners, and their contributions as of March 31.
• The due date for Form 11 is May 30, 60 days after the financial year ends.

Together, Form 8 and Form 11 ensure that an LLP remains compliant with ROC regulations and avoids penalties.

Additional Compliance for LLPs

If the LLP’s turnover exceeds ₹40 lakhs or the capital contribution exceeds ₹25 lakhs, the following are mandatory:

• Audit: The accounts must be audited by a practicing Chartered Accountant.
• Income Tax Return: LLPs must also file their income tax returns based on their financial activities during the year.

Tips to Avoid Late Filing of LLP Form 8

1. Prepare Early: Start preparing financial records well before the due date.
2. Use Professional Services: Hiring a Chartered Accountant can help ensure error-free filing.
3. Set Reminders: Keep track of important compliance dates like May 30 for Form 11 and October 30 for Form 8.
4. Use ROC Tools: The ROC provides online filing facilities to make the process efficient and transparent.

Conclusion

Filing LLP Form 8 is mandatory to maintain an LLP’s operational status and credibility. The due date is October 30 each year, and missing it can result in heavy penalties and legal issues. Prepare and file documents on time to ensure compliance, avoid penalties, and uphold your LLP’s reputation.