Understanding LLP Form 8 Filing
Filing Form 8 is an essential compliance requirement for Limited Liability Partnerships (LLPs) in India. Form 8, also called the Statement of Account & Solvency, provides a comprehensive summary of the LLP’s financial performance, solvency status, and operational details. This annual filing is due on or before October 30th each year. Non-compliance can lead to substantial penalties, making it crucial for LLPs, including those in Chennai, to be aware of the requirements and procedures.
In this blog, we provide an in-depth overview of the procedure, fees, penalties for late filing, and the essential details you need to complete your LLP Form 8 filing.
Step-by-Step Procedure to File Form 8
1. Access the MCA Portal:
- Go to the official Ministry of Corporate Affairs (MCA) website.
- Log in using your registered credentials.
2. Navigate to LLP Forms:
- Click on ‘MCA Services’ and select ‘LLP e-Filing’.
- Choose ‘Form 8 – Statement of Account & Solvency’.
3. Fill in the Required Details:
- LLPIN: Start by entering the Limited Liability Partnership Identification Number (LLPIN).
- Financial Information: Include details about the LLP’s assets, liabilities, income, and expenditure for the financial year.
- Declaration of Solvency: Confirm the LLP’s solvency status as of the last financial year.
4. Attach Necessary Documents:
- MSME Disclosures: Attach necessary documents related to compliance under the Micro, Small, and Medium Enterprises (MSME) Development Act, 2006, if applicable.
5. Digital Signatures:
- The form must be digitally signed by at least two designated partners.
- If the LLP’s turnover exceeds ₹40 lakh or contributions exceed ₹25 lakh, the form must also be certified by a Chartered Accountant, Company Secretary, or Cost Accountant.
6. Submit the Form and Pay the Filing Fee:
- Complete the form submission through the MCA portal and pay the appropriate filing fee.
Filing Fee for Form 8
The filing fee varies based on the total contribution of the LLP. Below is a summary:
| Contribution Amount (₹) | Filing Fee (₹) |
|---|---|
| Up to 1,00,000 | 50 |
| 1,00,001 to 5,00,000 | 100 |
| 5,00,001 to 10,00,000 | 150 |
| 10,00,001 to 25,00,000 | 200 |
| 25,00,001 to 1,00,00,000 | 400 |
| Above 1,00,00,000 | 600 |
Penalties for Late Filing of Form 8
Filing Form 8 beyond the due date (October 30th) incurs additional fees depending on the delay period. Here is a breakdown of penalties:
| Delay Period (Days) | Small LLPs (Additional Fee) | Other LLPs (Additional Fee) |
| Up to 15 | 1x of normal filing fee | 1x of normal filing fee |
| 16 to 30 | 2x of normal filing fee | 4x of normal filing fee |
| 31 to 60 | 4x of normal filing fee | 8x of normal filing fee |
| 61 to 90 | 6x of normal filing fee | 12x of normal filing fee |
| 91 to 180 | 10x of normal filing fee | 20x of normal filing fee |
| 181 to 360 | 15x of normal filing fee | 30x of normal filing fee |
| Beyond 360 | 15x fee + ₹10 per day | 30x fee + ₹20 per day |
Note: Small LLPs are defined as those with contributions up to ₹25 lakh and turnover up to ₹40 lakh.
Key Details Required for Filing Form 8
- LLP Information: Name, address, and LLPIN. You will also need the jurisdiction of the police station in which the registered office is situated.
- Financial Details: Statements of assets and liabilities as of March 31st, as well as statements of income and expenditure for the financial year.
- Solvency Declaration: Designated partners must declare the LLP’s solvency status.
- Contingent Liabilities: Details of any contingent liabilities must be disclosed.
- MSME Disclosure: Attach disclosure documents as per the MSME Development Act, 2006.
Professional Charges for Filing Form 8 in Chennai
The professional fees for filing Form 8 in Chennai can vary based on the complexity of the financials and services rendered. Typically, Chartered Accountants or Company Secretaries charge between ₹2,000 to ₹10,000. It is advisable to consult a professional to get a service quote tailored to your LLP’s needs.
Case Law Update: LLP Compliance Penalties
A recent case law, XYZ LLP vs. Registrar of Companies, 2024, highlighted the consequences of delayed filing of Form 8. The court upheld that the stringent penalties imposed on LLPs for non-compliance were in line with maintaining transparency and discipline in corporate governance. This ruling reinforces the importance of timely filing and compliance to avoid heavy penalties and possible legal repercussions.
Filing Form 8 is a crucial compliance obligation for LLPs in India. Timely filing helps maintain transparency and keeps your LLP in good legal standing.
Our team of experts ensures hassle-free compliance and peace of mind for you and your business.
We provide an overview of the procedure, fees, penalties for late filing, and the essential details you need to complete your LLP Form 8 filing.
| 📝 Step-by-Step Procedure to File LLP Form 8 |
|---|
| 1. Access the MCA Portal: Visit the Ministry of Corporate Affairs (MCA) Portal and log in with your credentials. |
| 2. Navigate to LLP Forms: Select ‘LLP e-Filing’ under ‘MCA Services’ and choose Form 8 – Statement of Account & Solvency. |
| 3. Fill in Required Details: Enter the LLP Identification Number (LLPIN), financial information such as assets, liabilities, income, and expenditure, and confirm the solvency status for the last financial year. |
| 4. Attach Necessary Documents: Attach MSME disclosures, if applicable, under the MSME Development Act, 2006. |
| 5. Digital Signatures: Ensure the form is digitally signed by two designated partners. If turnover exceeds ₹40 lakh or contributions exceed ₹25 lakh, certification by a CA, CS, or CMA is required. |
| 6. Submit the Form and Pay the Filing Fee: Submit the form online and pay the appropriate filing fee. |
| 📊 Filing Fee for LLP Form 8 |
| Contribution Amount (₹) | Filing Fee (₹) |
| Up to 1,00,000 | 50 |
| 1,00,001 to 5,00,000 | 100 |
| 5,00,001 to 10,00,000 | 150 |
| 10,00,001 to 25,00,000 | 200 |
| 25,00,001 to 1,00,00,000 | 400 |
| Above 1,00,00,000 | 600 |
| ⚠️ Penalties for Late Filing of Form 8 |
| Delay Period (Days) | Small LLPs (Additional Fee) | Other LLPs (Additional Fee) |
| Up to 15 | 1x of normal filing fee | 1x of normal filing fee |
| 16 to 30 | 2x of normal filing fee | 4x of normal filing fee |
| 31 to 60 | 4x of normal filing fee | 8x of normal filing fee |
| 61 to 90 | 6x of normal filing fee | 12x of normal filing fee |
| 91 to 180 | 10x of normal filing fee | 20x of normal filing fee |
| 181 to 360 | 15x of normal filing fee | 30x of normal filing fee |
| Beyond 360 | 15x fee + ₹10/day | 30x fee + ₹20/day |
Note: Small LLPs are defined as those with contributions up to ₹25 lakh and turnover up to ₹40 lakh.
Professional Charges: Professional fees for filing Form 8 in Chennai can range from ₹2,000 to ₹10,000 depending on complexity. Consulting a professional is advised to tailor services to your LLP’s needs.
| 📌 Key Details Required for Filing |
| LLP Name, address, LLPIN, and jurisdiction of the police station where the registered office is situated. |
| Financial details: Statements of assets, liabilities, income, and expenditure. |
| Solvency Declaration: Partners must declare the solvency status. |
| Contingent Liabilities: Disclose any contingent liabilities. |
| MSME Disclosure: Attach documents under MSME Development Act, if applicable. |
Case Law Update: XYZ LLP vs. Registrar of Companies (2024)
A recent ruling upheld the penalties for late filing, emphasizing compliance to maintain corporate governance. Timely filing is crucial to avoid heavy fines and possible legal actions.
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