Introduction 

If you have incorporated your business structure as a Limited Liability Partnership structure in India. Then you should be aware of certain annual compliance for LLP which is necessary to be filed every year. The annual compliance is ITR, DIR 3 KYC, Form 8 and Form 11 which should be filed after the end of the financial year. This blog we will focus on 2 mandatory annual compliance filed by an LLP that are Form 8 which is regarding statement of account and solvency and Form 11 which is regarding annual returns.

 What is Form 8 of LLP?  

Form 8 is submitted to ROC each year for filing the solvency and statement of accounts of LLP. This Form includes a declaration on the LLP's solvency by the authorized partners, as well as information of the LLP's assets and liabilities and revenue and expenditure statements. This compliance for LLP should be filed annually.

 What is Form 11 of LLP? 

Form 11 is submitted to the ROC each year for filing the annual return of an LLP. This form includes information about the number of Partners, Designated Partners, and Body Corporate as Partners, amount of obligation for contributions, actual contributions received from Partners, Designated Partners, and a summary of Partners and Designated Partners as of 31st March. This compliance for LLP should be filed annually.

 Requirements and attachment of Forms 

Form 8

Listed below are the requirements to file Form 8 and attachments with the form:

• Both designated partners should provide digital signatures.

• It is necessary to obtain certification by the auditor of the LLP if the annual total of firm exceeds Rs. 40 lakhs or the contribution of each partner reaches Rs. 25 lakh.

• LLP should attach certain documents such as a copy of the balance sheet of LLP, profit and loss statement, MSME 2006 disclosure, and statement of contingent liabilities not anticipated, if any.

 Form 11 

Listed below are the requirements to file Form 11 and attachments with the form:

• Both designated partners should provide digital signatures.

• It is necessary to obtain certification from a practicing company secretary if the total contribution of the LLP partners exceeds Rs. 50 Lakhs or the turnover of the LLP exceeds Rs. 5 Crore.

• In Form 11 the list of companies or limited liability partnerships where partners or designated partners have acted as directors or partners should be attached.

 Due Date of Forms 

Both Forms are filed by an LLP every year and they should be filed after the closure of the financial year. The Form 8 should be filed on 30th October every year. The Form 11 should be filed on 30th May every year.

 Fines for non-filing of Forms 

If you fail to file the Form 8 and Form 11 within the set deadline, then the penalty for non-filing is Rs.100 per day for this LLP annual compliance.