+91 7305 345 345LLP Form 8 Filing
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LLP Form 8 is a mandatory annual compliance filing that includes the Statement of Account and Solvency for every Limited Liability Partnership firm in India. It confirms the financial position of the LLP and ensures transparency with the MCA. Filing Form 8 on time helps avoid heavy penalties and maintains your LLP’s legal status. It requires proper documentation, digital signatures, and timely submission through the MCA portal.
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Overview of LLP Form 8 Filing
Incorporation is not the end of business. Every year, LLP has to comply with various compliances such as filing the Annual Return in the Form 11, filing the statement of accounts and solvency in the Form 8, Income Tax Return (ITR-5), Tax Audit, and DIR-3 KYC for the designated partne₹Form 8 shows the financial health of the firm in terms of operational transparency and legal standing of the LLP. It also ensures that the LLP is solvent and has prepared proper accounts for the financial year. It also instils trust among stakeholders, clients, financial institutions, and regulatory bodies. If you do not file the LLP Form 8 on time, it can cause you hefty penalties. Continuous non-compliance can lead to being struck off.
What is Form 8 of LLP?
LLP Form 8 is called as the Statement of Account and Solvency. It provides details about the financial position of the LLP to confirm whether it is able to pay its debts.
Every year, an LLP has to file this form to show:
- Statement of Solvency: A declaration that the LLP can pay its debts.
- Statement of Accounts: A summary of the LLP’s financials, like assets, liabilities, income, and expenses.
Who files it?
The designated partners of the LLP must file Form 8. It must also be signed by at least two designated partners and certified by a practising Chartered Accountant, Cost Accountant, or Company Secretary.
When to File LLP Form 8?
Form 8 should be filed by October 30th every year for the financial year ending on March 31st.
Is an audit required?
If the LLP’s turnover is more than ₹40 lakh or the capital contribution is more than ₹25 lakh, the financial statements must be audited by a Chartered Accountant before filing Form 8.
Law governing LLP Form 8
- Section 34(2) of the LLP Act, 2008: It mandates the filing of a Statement of Account and Solvency annually.
- Rule 24 of the LLP Rules, 2009: It prescribes the format and timelines for submission.
- Companies (Filing of Documents and Forms in XBRL), Rules, 2015: It requires XBRL format for certain filings (if applicable).
Why is the LLP Form 8 Filing Important?
Filing Form 8 (Statement of Account and Solvency) plays an important role in maintaining the legal, financial, and operational credibility of an LLP. Filing the Form 8has the following benefits:
- Legal compliance: Form 8 filing is mandated under Section 34(2) of the LLP Act, 2008, and any failure to comply can attract regulatory scrutiny and penalties. Regular filings ensure that your LLP remains in good legal standing with the Ministry of Corporate Affairs (MCA).
- Financial transparency: Form 8 requires disclosure of the LLP’s financial position, including income, expenditure, assets, and liabilities. It maintains financial transparency and allows the stakeholders to assess the company’s operational health.
- Declaration of solvency: The Statement of Solvency is a declaration by the designated partners that the LLP is capable of meeting its liabilities and is not under financial distress. It assures creditors, partners, and investors of the LLP’s financial stability.
- Avoid penalties: Non-filing or delayed filing of Form 8 results in a penalty of ₹100 per day, with no upper limit. Filing within the due date prevents the accumulation of late fees, which can quickly escalate and become financially burdensome.
- Maintain goodwill: Timely filing of the Form 8 boosts the LLP’s reputation with banks, vendors, clients, and government agencies. A compliant LLP is more likely to receive funding, government contracts, and strategic partnerships.
- Protect designated partners from legal consequences: Continued non-compliance may result in legal actions, prosecution, or disqualification of designated partne₹Filing Form 8 protects them from personal liability under the law.
- Precondition for other regulatory filings: Timely filing of Form 8 is often a precondition for other MCA filings or applications, such as loan approvals, renewal of licenses, or a change in LLP structure.
- Avoid strike-off proceedings: Persistent non-compliance can trigger the Registrar of Companies (ROC) to initiate strike-off proceedings, leading to loss of registration and the inability to operate legally.
Documents Required for Filing the LLP Form 8
1. Financial statements
- Balance sheet
- Profit & loss account OR income & expenditure statement
- Detailed summary of assets, liabilities, capital, loans, and income/expenditure.
- Declaration by the Designated Partners that the LLP is solvent and capable of meeting its regulatory obligations.
- Details of contingent liabilities (if any)
- Disclosures under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006
2. Audit documents (If Applicable)
An audit is required if:
- Turnover > ₹40 lakhs or
- Contribution > ₹25 lakhs
If applicable, the following are needed:
- Audited financial statements signed by a Chartered Accountant.
- Audit report
3. Regulatory and digital documentation
- Digital Signature Certificates (DSC) of at least two Designated Partners for signing the form.
- DSC of the CA/CS/CMA certifying the form
- Certification by Practising CA/CS/CMA
- PAN of LLP
- LLPIN (LLP Identification Number)
4. Additional information (as applicable)
- Details of secured loans or borrowings, including lender name, amount, and nature of security.
- Breakup of partners' contributions, including current accounts.
- Previous Year's Form 8 (for reference)
- Bank Statements and Ledger Extracts (for verification, if required)
Step-by-Step Process to File LLP Annual Return Form 8
Step 1: Prepare financial statements
Prepare your financial statements, including the Balance Sheet and P&L Statement. finalised by an accountant and approved by the designated partners.
Step 2: Visit the MCA Portal
Log in to the MCA portal with the LLP’s credentials.
Step 3: Download Form 8
Go to LLP e-Filing Services and download the latest version of Form 8.
Step 4: Fill in Form 8 Details
Enter the following:
- General details of LLP
- Financial summary
- Solvency declaration
- Details of partners and contributions
Step 5: Attach the supporting documents
Upload:
- Balance Sheet
- P&L Account
- Audit Report (if applicable)
- MSMED disclosures
Step 6: Sign and certify the form
- Affix DSC of the two designated partners
- Get the form certified by a practising CA/CS/CMA
Step 7: Upload the document and submit the form
- Upload the form on the MCA portal
- Pay the government filing fee based on the LLP’s contribution
Filing Fee
|
Contribution Amount (₹) |
Filing Fee (₹) |
|
Up to ₹1 lakh |
50 |
|
Above 1 lakh up to 5 lakhs |
100 |
|
5 lakhs to 10 lakhs |
150 |
|
10 lakhs to 25 lakhs |
200 |
|
25 lakhs to 1 crore |
400 |
|
Above 1 crore |
600 |
Penalties for Late Filing
- ₹100 per day of delay from the due date
- No upper limit on the penalty amount
- Non-compliance may lead to:
- Legal action against designated partners
- Loss of LLP’s good standing
- Disqualification of partners
- Strike-off by ROC
Important Points to Remember for LLP Form 8 Filing
- Mandatory annual filing: Form 8 must be filed annually by all LLPs, even if there's no business activity during the financial year.
- Due date: The form must be filed on or before 30th October each year for the financial year ending 31st
- Two designated partners must sign: The form needs to be digitally signed by at least two designated partners of the LLP.
- CA/CS/CMA certification: Form 8 must be certified by a practising Chartered Accountant or Company Secretary.
- Audit requirement: If turnover exceeds ₹40 lakh or capital contribution exceeds ₹25 lakh, an audit by a CA is mandatory.
- Digital Signatures required: DSC of designated partners and the certifying professional must be valid and active.
- Financial details must be correct
- Penalty of ₹100 per day: Delay in filing results in a daily penalty of ₹100 with no maximum cap.
- Bank and ledger verification: Maintain updated bank statements and ledgers for internal verification and cross-checking.
- Filing fee based on contribution: Government fee ranges from ₹50 to ₹600, depending on the capital contribution of the LLP.
- Form 8 is Separate from Form 11: Do not confuse it with Form 11 (Annual Return), which is filed earlier by 30th May of the financial year.
- Late filing can impact future compliance: Non-filing can hinder loan applications, licensing, or structural changes in the LLP.
Why Choose Kanakkupillai for LLP Form 8 Filing?
Running an LLP involves multiple compliance requirements with the Ministry of Corporate Affairs, and missing even one deadline can result in penalties. Kanakkupillai is your reliable business partner. We provide:
- Expert Guidance: Get direct access to experienced Chartered Accountants, Company Secretaries, and legal professionals who specialise in MCA filings and LLP regulations.
- Customized Compliance: We understand that every LLP is different; therefore, we tailor our services on the basis of your firm's size, industry, and operational structure to meet the required compliance needs.
- Affordable & Transparent Pricing: No hidden fees. Choose what you see!
- Deadline Tracking: We understand the importance of deadlines; that's why we monitor all MCA deadlines for your LLP and send timely alerts to ensure your filings are always on schedule.
- Dedicated Compliance Manager: Enjoy personalised support. A dedicated compliance expert will manage your account, answer your queries, and guide you through every filing.
Frequently Asked Questions
Is LLP Form 8 mandatory even if there is no business activity?
Yes, even dormant LLPs or those with no transactions during the year must file Form 8. It's a legal obligation under the LLP Act, 2008.What if the LLP was incorporated during the financial year?
Form 8 must still be filed for the financial year, even if the LLP was operational for only part of it.Can Form 8 be revised after submission?
Revisions are generally not allowed unless the Registrar of Companies (ROC) identifies specific errors and permits resubmission.What are the audit requirements for LLPs?
An LLP must get its accounts audited if: • Annual turnover exceeds ₹40 lakhs, or • Contribution exceeds ₹25 lakhs LLPs below these thresholds can file unaudited statements.Can non-designated partners sign the Form 8?
No, only designated partners are authorized to sign and submit the form digitally.Who certifies LLP Form 8?
The form must be digitally certified by a practising CA or CS.Can an LLP apply for an extension of the due date?
No, currently, there is no provision under the LLP Act for extension of the Form 8 filing deadline.What is the difference between Form 8 and Form 11?
The main difference: • Form 8: Financial disclosure (statement of accounts and solvency). • Form 11: Annual return with details of partners and capital structure.What if Form 8 is not filed at all?
Apart from accumulating penalties, the LLP can face legal action, disqualification of partners, and strike-off from the MCA records.What makes Us Different
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