Home/Business Compliance/LLP One Time Settlement Scheme 2020

LLP

(Limited Liability Partnership)

From

₹ 1,699
One Time Settlement Scheme - 2020

The Central Government has introduced LLP One Time Settlement Scheme 2020 to provide a one time opportunity to all the LLP's who missed the filing of various returns with ROC and later cannot file them due to heavy late fees payable. Use this opportunity to file your all pending compliances without late fees and safeguard yourself from all legal proceedings.

About Scheme
 
  1. The Government has noticed that a large number of LLP's have defaulted in filing Form (3) viz. LLP Agreement and changes therein, Form-4 is for filing Notice of Appointment of Partner/ Designated Partner, his consent, etc. and statutory return viz. Form-8- Statement of Account & Solvency (Annual or Interim) and Form-11- Annual Return of LLP

  2. In the event of requisite forms not being filed within prescribed time presently LLP's may file such documents on payment of the additional fee for one hundred rupees for every day of such delay under Section 69 of the LLP Act in addition to any fee as is payable for filing of such document or return.

  3. Filing of all the above-mentioned {P-1} documents is mandatory in nature and non-filing of the same will result in penalty and prosecution. Further, due to not filing the required documents on time the LLP's and their designated partners are liable for criminal prosecution and the said LLP's cannot be closed till all compliance are completed.

  4. So, the Government decided to give a One-time relaxation in additional fees to the defaulting LLP's to make good their default by filing pending documents and to serve as a compliant LLP in the future. For this purpose, the Government introduced a scheme - “LLP Settlement Scheme-2020”, by allowing a One-time condonation of delay in filing statutorily required documents with the Registrar.

 
Faq's

Scheme Details :

  • This scheme shall come into force on the 16th March 2020 and shall remain in force up to 13th June 2020.

  • Applicability: – Any "LLP (Defaulting)" is permitted to file belated documents, which were due for filing till 31st October 2019 in accordance with the provisions of this Scheme.

  • Manner of Fee payable – The "LLP (Defaulting)"can avail scheme for filing documents on payment of additional fee Rs 10/- per day for delay in addition to any fee as is payable for filing of such document or return, provided that such payment of additional fee shall not exceed Rs. 5,000/– per document.

  • Immunity from prosecution in respect of document(s) filed under the scheme - The defaulting LLPs, which have filed their pending documents till 13th June 2020 and made good the default, shall not be subjected to prosecution by Registrar for such defaults.

Forms can be filed under this scheme :

  • Form-3- Information with regard to Limited Liability Partnership Agreement and changes, if any, made therein.

  • 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.

  • Form-8- Statement of Account & Solvency (Annual or Interim).

  • Form-11- Annual Return of Limited Liability Partnership (LLP).

This Scheme shall not apply to LLP's which has made an application in Form 24 to the Registrar, for striking off its name from the register as per provisions of Rule 37(1) of the LLP Rules, 2009.​

Documents needed for the filing :

  • Form-3 - Initial LLP Agreement or Supplementary/ amended LLP agreement containing changes.

  • Form-4 - Consent to act as partner/designated partner & Partner Resignation form.

  • Form-8- Details of Investment in other Limited companies and LLP.

  • Form-11- Copies of financial statements.

Both partner's Digital signatures were needed to file the forms.​

Consequences of non filing : 

On the conclusion of the Scheme, the Registrar shall take necessary action under the LLP Act, 2008 against the LLPs which have not availed this Scheme and are in default in filing of documents as required under the provisions of LLP Act, 2008 in a timely manner.

 
Pricing

Annual Filing

Under LLPSS Scheme

1,699

/Per Return

Any One Return​

Form - 8 or Form - 11

Professional Assistance

Complete Annual Filing

Under LLPSS Scheme

2,999

Costs Rs 1,499 Per Return

Both Return​

Form - 8 Form - 11

Professional Assistance

Other Returns

Under LLPSS Scheme

2,499

/Per Return

Any One Return​

Form - 3 or Form - 4

Professional Assistance

  • Form-3 - Initial LLP Agreement or Supplementary/ amended LLP agreement containing changes.

  • Form-4 - Consent to act as partner/designated partner & Partner Resignation form.

  • Form-8- Details of Investment in other Limited companies and LLP.

  • Form-11- Copies of financial statements.

Digital signatures were needed to file the forms.​

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