All Limited Liability Partnerships (LLPs) registered in India are required to file LLP Form 8 or Statement of Account & Solvency. It must be filed online every year by 30th October the Ministry of Corporate irrespective of turnover of the LLP.
Form 8 Due Date
The due date for filing LLP Form 8 is 30th October every financial year. Failure to file LLP Form 8 shall result in a penalty of Rs.100 per day. In addition to filing LLP Form 8, all LLPs are required to also file LLP Form 11 before 30th May of each financial year.
All LLPs registered in India must file the following each year, irrespective of business turnover or profits.
- LLP Form 11 Filing – Annual Return – Due on 30th May
- LLP Form 8 Filing – Statement of Account & Solvency – Due on 30th October
- ITR-5 – Income Tax Return for LLP – Due on 31st July if Tax Audit not required. Due on 30th September, if Tax Audit is required.
Statement of Account & Solvency
Form 8 is also known as Statement of Account & Solvency. In Form 8, the LLP must provide details of financial transactions undertaken during the financial year and its financial position at the end of the financial year. In addition to the financial position, the LLP must also declare:
- That the turnover is above or below Rs. 40 lakhs.
- That the LLP has already filed a statement indicating the creation of charges or modification or satisfaction till the present financial year.
- That the partners/authorized representatives have taken proper care and responsibility for maintenance of adequate accounting records and for preparation of accounts.
The following documents must be attached with Form 8:
- Mandatory: Disclosure under Micro, Small and Medium Enterprises Development Act, 2006.
- In case contingent liabilities exists, Statement of contingent liabilities to be attached.
- Any other information can be provided as an optional attachment.
Signature of Partners & Chartered Accountant
Form 8 must be filed online and must be digitally signed by a minimum of two Designated Partners of LLP or Authorised Representatives of Foreign LLP. Further, if the total turnover of the LLP exceeds Rs. 40 lakhs or partner’s contribution exceeds Rs. 25 lakh, then Form 8 should also be certified by the auditor of the LLP/ FLLP.