LLP stands for a Limited Liability Partnership. …
Like a traditional partnership, LLP also allows the partners to organize their internal structure. An LLP is a legal entity, liable for the full extent of its assets. However, the liability of the partners is limited.
LLP Form 11 Annual Return
LLP registered under the LLP act 2008. .It should compulsorily file the LLP Form 11 Annual Return each year. Filing of LLP Form 11 is compulsory annual compliance for all LLPs, whether the turnover or profit or business activity or not.
Hence, even if there is no such activity, it must file LLP form 11 or pay a penalty of one hundred per day of delay in filing Form 11
LLP Form 11 – Annual Return
LLP Form 11 is the Annual Return of LLP. The return is compulsory e-filed every year with the MCA to maintain compliance and avoid penalties. The annual return of LLP must be electronically filed and taken on record. It must be ensured that all the information filled in the form is correct as there is no provision for resubmission of the LLP Form 11 Annual Return.
Filing of LLP Form 11 will not be allowed in case there is any e-Form 4 (Notice of cessation, appointment, and change in designation of a designated partner or partner) pending for payment of a fee or any e-Form 4 is under processing with the MCA.
LLP Form 11 Due Date
LLP Form 11 is due within 60 days from the end of each financial year-end. Since all LLPs have 31st March as the closure of the financial year; the Annual Return of LLP in Form 11 is due on the 31st of May of each year.
LLP Form 11 Late Filing Penalty
If LLP Form 11 for Annual Return is not filed on or before the due date, a penalty will be levied at the rate of Rs.100 per day until the non-compliance is made good. Therefore, it is important to file the return on time to avoid heavy penalties.
Information and Document Required:
The information and documents are required for filing LLP Annual Return are as under:
Name of the LLP
Registered office address of the LLP
Classification of the Business
LLP Identification Number.
The total contribution of partners of the LLP- obligation
Principal business activities of the LLP
Details of Partners of the LLP
Summary of Designated Partners and Partners
If any, penalties imposed on the LLP
offenses, if any
Details of LLP and or company in which Partner/Designated Partner is a Director/Partner (It is mandatory to attach this detail in case any Partner/Designated Partner is a partner in any LLP and/or Director in any company).
The Signing of LLP Form 11
The LLP Form 11 must be digitally signed by one of the Designated Partners of the LLP.
If the total obligation of the contribution of partners of the LLP exceeds fifty lakhs or turnover of LLP exceeds five crores, then LLP Form 11 needs to be certified by a Company Secretary in whole-time practice. If the above limit doesn’t exceed, then LLP Form 11 must be certified by the designated partner of the LLP.