LLP Form 3 vs Form 11

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1. Purpose of the Form

LLP Form 3: Filing the LLP Agreement and any subsequent changes to it. LLP Form 11: Filed yearly to give details on LLP’s structure and compliance.

2. Nature of Compliance

LLP Form 3: Event-based filing for agreement updates. LLP Form 11: Annual filing, done every year regardless of changes.

3. Time of Filing

LLP Form 3: File within 30 days of incorporation or agreement changes. LLP Form 11: File annually by 30th May for the previous financial year.

4. Information Required

LLP Form 3: Details LLP Agreement terms like rights, duties and profit sharing. LLP Form 11: Summarizes details like partners, capital, and business activities.

5. Legal Significance

LLP Form 3: Legally binds partners to the agreement, making it enforceable. LLP Form 11: Records the LLP’s compliance status and vital corporate details.

6. Applicability

LLP Form 3: For new LLPs and those undergoing agreement changes. LLP Form 11: For all LLPs every FY, irrespective of activity.

7. Impact of Non-Filing

LLP Form 3: Agreement changes not legally valid LLP Form 11: LLP marked as non-compliant, impacts other filings

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