Good News for businesses having an LLP Registration. The news comes from the Ministry of Corporate Affairs. As per the latest notification, There is special relaxation for Limited Liability Partnership companies as they were facing several challenges due to COVID-19. This notification is also part of a relaxation scheme given to MSMEs doing business through LLP Registration. In this article, we shall read about the latest notification as to the LLP ROC form 8 due date extended for FY 2020-21.
What is LLP?
LLP stands for Limited Liability Partnership. A Limited Liability Partnership Business is a type of partnership firm that is structured as a corporation. Two or more partners can create a Limited Liability Partnership.
However, in an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.
In other words, With the exception of the same legal entity status and unlimited liability of the members, an LLP has all of the features of a regular partnership business.
Because it combines the benefits of both a partnership business and a corporation into a single organization, the Limited Liability Partnership is a popular choice among entrepreneurs.
It started in India in January 2009, and it rapidly became popular with businesses and professionals. The Limited Liability Partnership was created with the intention of providing a simple company structure that would benefit shareholders by minimizing their liability.
What is LLP ROC Form 8?
Statement of Account & Solvency is another name for Form 8. The LLP must submit information of financial transactions made throughout the fiscal year, as well as its status at the conclusion of the fiscal year, on Form 8. Furthermore, In LLP Form 8 businesses having LLP Registration need to mention the following details.
- Specify if the turnover is greater than or less than Rs. 40 lakhs.
- Confirm that the LLP has already submitted a statement detailing the establishment, modification, or satisfaction of charges for the existing fiscal year.
- Certify that the partners/authorized representatives have taken reasonable care and responsibility for maintaining adequate accounting records and accounting preparation.
Each financial year, the deadline for submitting LLP ROC Form 8 is generally the 30th of October. A penalty of Rs.100 per day is imposed if LLP ROC Form 8 is not filed on time.
LLP ROC form 8 due date extended for FY 2020-21 without any additional fees
The government has now announced a new notification of the LLP ROC Form 8 due date which extends the deadline from October 30th, 2021 to December 30th, 2021 for the current year.
Furthermore, The government has decided to allow LLPs to file Form 8 (the Statement of Account and Solvency) for the Financial Year 2020-2021 without paying additional fees until December 30, 2021. Thus, stakeholders can now consult our professionals and file their LLP Returns or LLP ROC Form 8 on time.
This relaxation comes as part of the government’s ongoing efforts to promote ease of living and compliance for Micro, Medium, and Small Enterprises doing business through the vehicle of LLP. Therefore, LLP Business Entities must not miss this valuable opportunity to file form 8 before it gets too late.
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