Annual ROC Filing Compliance for LLPs in India

Indian companies and LLPs must adhere to annual filing requirements mandated by the Companies Act of 2013 and the Limited Liability Partnership Act of 2008. These filings with the ROC are due annually or upon the incidence of specific events.

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Overview of ROC Compliances

As per the LLP Act 2008 and rules, LLPs in India must comply with certain annual filing requirements with the Registrar of Companies (RoC). These include filing Form 8 (Statement of Account & Solvency) within 30 days from the end of six months of the financial year, and Form 11 (annual return), within 60 days from the close of the financial year, declaring the financial status of the LLP.

Additionally, LLPs must maintain proper books of accounts and have their accounts audited if their annual turnover exceeds ₹40 lakhs or if the contribution exceeds ₹25 lakhs. Compliance with these requirements ensures transparency and accountability, aiding in the legal and financial health of the LLP. Failure to comply with these regulations can result in penalties and legal consequences.

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blank-paper-sheet-with-small-scooter-table

As per the LLP Act 2008 and rules, LLPs in India must comply with certain annual filing requirements with the Registrar of Companies (RoC). These include filing Form 8 (Statement of Account & Solvency) within 30 days from the end of six months of the financial year, and Form 11 (annual return), within 60 days from the close of the financial year, declaring the financial status of the LLP.

Additionally, LLPs must maintain proper books of accounts and have their accounts audited if their annual turnover exceeds ₹40 lakhs or if the contribution exceeds ₹25 lakhs. Compliance with these requirements ensures transparency and accountability, aiding in the legal and financial health of the LLP. Failure to comply with these regulations can result in penalties and legal consequences.

Understanding ROC Annual Filing

Annual filing with the ROC provides critical information about a company’s financial status, structure, and compliance status with the statutory regulations. It includes two main forms – Form AOC-4 (for filing financial statements) and Form MGT-7 (for filing annual returns).

Applicability of ROC Filings for LLPs

Under the LLP Act, 2008, and MCA guidance, all LLPs are required to annually file their financial statements and returns with the Registrar of Companies (ROC) to maintain compliance and transparency.

Why ROC Filing is important?

ROC annual filings are essential for LLPs to ensure legal compliance, maintain transparency, and enhance their credibility and financial stability.

Ensures Legal Compliance
Maintains Transparency
Facilitates Creditworthiness Assessment
Avoids Penalties
Builds Investor Confidence
Facilitates Regulatory Oversight
Ensures Legal Compliance

Annual filings with ROC keep LLPs in compliance with the LLP Act, 2008, and MCA regulations.

Maintains Transparency

Filings provide a clear financial picture, building trust among investors, creditors, and the public.

Facilitates Creditworthiness Assessment

Entitles pregnant employees to paid leave for a specified period before and after childbirth, ensuring financial support during maternity.

Avoids Penalties

Timely submissions prevent late fees and penalties, safeguarding the LLP from unnecessary financial burdens.

Builds Investor Confidence

Regular compliance and disclosure of financial information can build trust and confidence among potential investors.

Facilitates Regulatory Oversight

These filings enable regulatory bodies to monitor LLP activities, ensuring adherence to legal and financial norms.

Key Financial & Compliances Process for a LLP

Annual Reporting Process as per the Companies Act,2013, and ICAI standards.

Mandatory Audit: As per the LLP Act, an audit is mandatory if the annual turnover exceeds ₹40 lakhs or if the contribution exceeds ₹25 lakhs.

Voluntary Audit: LLPs not hitting the mandatory threshold may also choose to appoint an auditor voluntarily for better financial oversight.

Within 30 Days of Incorporation (if applicable): For LLPs requiring mandatory audit, an auditor should be appointed within 30 days of incorporation for the first financial year.

Subsequent Appointments: For subsequent years, the appointment must be made within 30 days before the end of each financial year.

Continuous Process: The LLP is required to maintain proper books of account on a cash or accrual basis. The books of accounts should be kept at the registered office of the LLP and should reflect true and fair values of the state of the LLP’s affairs.

Documentation: This includes documenting all sales, purchases, receipts, expenditures, and other financial transactions systematically.

Preparation of Financial Statements: After the books of accounts have been prepared, the next step is the preparation of the financial statements, including the Balance Sheet and the Profit & Loss Account, for the financial year.

Approval from Designated Partners: Before these statements are audited, they need to be approved by at least two designated partners of the LLP.

Conducting the Audit: Once the financial statements are prepared and approved by the designated partners, the appointed auditor conducts the audit as per the ICAI guidelines.

Audit Report: The auditor then provides an audit report, ensuring that the financial statements give a true and fair view of the LLP’s financial position and comply with the statutory requirements.

After the completion of the audit, the LLP is required to file Form 11 (Annual Return) and Form 8 (Statement of Accounts and Solvency) with the Ministry of Corporate Affairs (MCA).

Form 11 (Annual Return): All LLPs must file Form 11 with the Ministry of Corporate Affairs (MCA) within 60 days from the end of the financial year. This form is a summary of the LLP’s management affairs.

Form 8 (Statement of Accounts and Solvency): LLPs are required to file Form 8 with the MCA within 30 days from the end of six months of the financial year. This includes the statement of assets and liabilities and the statement of income and expenditure for the year. If audit is applicable, the audited financial statements are also attached.

Consequences of Failing to File an Annual Return of LLP as per LLP Act 2008

The filing of an annual return is a critical compliance requirement for Limited Liability Partnerships (LLP) under the LLP Act, 2008. Failing to adhere to this requirement can lead to several adverse consequences, affecting both the LLP and its designated partners.

Penalty & Late Fee

Monetary Penalties: LLPs are fined ₹100 daily if they don’t submit their annual returns (Form 11) and financial statements (Form 8) by the due date, as per the LLP Act, 2008. This daily charge can add up to a large sum over time if the filing is delayed significantly.

No Cap on Penalty: There’s no maximum limit for this penalty, meaning the longer the delay in filing, the larger the total fine becomes, creating a possible major financial issue for the LLP.

Disqualification of Designated Partners

Personal Liability: The failure to file an annual return can also affect the designated partners personally. According to the LLP Act, 2008, non-compliance with filing requirements can lead to the disqualification of designated partners.

Restrictions on Other Directorships: Disqualified designated partners may face restrictions on managing or starting other LLPs or companies. This disqualification can have a long-term impact on their professional and business activities.

Risk of LLP Striking Off

Removal from Registrar: If an LLP consistently fails to file its annual returns & financial statements, the Registrar of Companies (RoC) may determine that the LLP is no longer operational. This could lead to the LLP being removed from the official Register of LLPs.

Legal Repercussions: When an LLP is struck off, it’s legally dissolved, leading to serious consequences for its partners, who may face personal liability for its debts and obligations.

Annual ROC Compliance E-Forms under the LLP Act,2008

Here’s a comprehensive table that outlines the key forms LLPs must file, their purpose, any required attachments, due dates, and applicability:

Form Name Purpose of E-form Attachments Due Date of Filing Applicability

Form ADT-1

Appointment of Auditor

Consent of the auditor, resolution for auditor appointment

Within 15 days from the conclusion of the AGM

Applicable to LLPs required to appoint auditors

Form 11

Annual Return of LLP

Details of the total contribution by partners, details of partners, etc.

Within 60 days from the close of the financial year, i.e., by 30th May every year

Applicable to all LLPs

Form 8

Statement of Account & Solvency

Details of the assets and liabilities, and the Statement of Income and Expenditure

Within 30 days from the end of six months of the financial year, i.e., by 30th October every year

Applicable to all LLPs

How V Smart Auditor Can Help ?

  • Compliance Guidance

    Offers advice on meeting the Limited Liability Partnership Act, 2008 requirements efficiently.

  • Financial Statement Support

    Helps in preparing and reviewing accurate financial statements for filings, such as Form 8 (Statement of Accounts and Solvency).

  • E-Form Submission

    Ensures the timely submission of essential LLP forms, including Form 11 (Annual Return) and Form 8, to avoid penalties.

  • Regulatory Update Monitoring

    Keeps LLPs informed on the latest regulatory changes, ensuring that all compliance and filing practices are up-to-date.

  • Audit Facilitation

    Coordinates with auditors for any required audits, preparing and managing all necessary documentation.

  • Strategic Consulting

    Offers advice on compliance, tax planning, and risk management strategies to enhance LLP operations.

Required Documents for DSC Application Submission

What is LLP Annual Filing, and why is it important?

LLP Annual Filing is the process of submitting various documents and financial statements to the regulatory authorities. It's essential to ensure compliance with the law, maintain transparency, and provide stakeholders with an accurate picture of the LLP's financial health.

When is the due date for LLP Annual Filing?

The due date for LLP Annual Filing can vary by jurisdiction, but it's typically within 30 days from the close of the financial year. Check with your local regulatory authority for the specific deadline.

What documents are typically included in LLP Annual Filing?

The typical documents include the Annual Return (Form 11), Statement of Accounts and Solvency (Form 8), and any other documents as required by the LLP Act or regulatory authority. These documents contain financial information, details of partners, and other statutory information.

Are there any penalties for late LLP Annual Filing?

Yes, there are penalties for late filing, and they can vary depending on the jurisdiction and the extent of the delay. Penalties can include fines and the loss of certain benefits, so it's crucial to file on time.

How do I complete LLP Annual Filing?

To complete LLP Annual Filing, you need to prepare the necessary documents and submit them electronically through the official website of the regulatory authority. Ensure that the documents are accurately filled out, signed by designated partners, and in compliance with the LLP Act.

What is the LLP Annual Return (Form 11)?

The LLP Annual Return (Form 11) is a document that provides a snapshot of the LLP's management and ownership as of the end of the financial year. It includes details of partners, their contributions, changes in partners, and details of the LLP's business activities

Do LLPs have to undergo a statutory audit for Annual Filing?

Statutory audit is required for LLPs if their turnover exceeds a specified threshold (varies by jurisdiction). If your LLP meets the threshold, you must engage a qualified auditor to conduct the audit and submit the audited financial statements with the Annual Filing.

Can I make changes to the LLP agreement during Annual Filing?

You can make changes to the LLP agreement, but it should be done through a proper process as outlined in the agreement itself or by the regulatory authority. Any changes should also be reflected in the Annual Filing documents.

Is LLP Annual Filing mandatory even if the LLP had no business activity during the year?

Yes, LLPs are generally required to file their annual documents even if there was no business activity during the year. Compliance with this requirement helps maintain the LLP's legal status and avoid penalties for non-compliance.