Introduction

An LLP is a form of separate legal business entity that gives the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a traditional partnership. It is governed by the Limited Liability Partnership Act, 2008. In LLP, unlike a company, the designated partner has a direct relationship between the owner and management. Every year an LLP needs to comply with LLP annual compliance.

Just like companies, LLP is also required to file an annual return and that is done via Form 11 of LLP. In this blog, we will discuss all the Form 11- annual returns.

What is LLP Form 11?

Annual return or Form 11 is a summary of all the Designated partners like whether there are any changes in the management of LLP or not. This form is a mandatory annual compliance for LLP. Form 11 is filed with the Ministry of Corporate Affairs, even if they are not doing business. It is a mandatory requirement of law that even NIL returns should be filed.

Purpose of filing web form: Form 11

The LLP Form No. 11 web-based form intends to make the process of filing annual returns by LLP to the Registrar of Companies easier (ROC). According to Section 35 of The Limited Liability Partnership Act, 2008 every limited liability partnership must submit an annual return via Form No. 11 within the specified time frame, together with all the documents that must be included or attached to such an annual return for filing compliance for LLP.

Eligibility of an LLP to file form 11

Annul Return in Form 11 needs to be filled by all LLPs registered in India irrespective of turnover during a financial year. Even when an LLP does not carry out any operations or business during the financial year, Form 11 needs to be filed.

What are the requirements for filing the Annual Return and what should be attached to Form 11?

Requirement: Digital Signature of Both Designated Partners and knowledge of basic details of the LLP. If the total contribution of partners of LLP exceeds Rs.50 Lakhs or the Turnover of LLP exceeds Rs.5 Crore, certification by Practicing Company Secretary will be Mandatory.

Attachment: List of Companies/ LLPs in which Partners or Designated Partners are Directors/ Partners.

Due date of Form 11

Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of the financial year i.e. Annual Returns have to be filed on or before 30th May every year.

Late fees for filing form 11 of LLP

If an LLP does not file its annual filing forms within the prescribed time, then there would be a penalty of Rs.100 per day per form payable from the due date of filing the return till the date the actual return is filed. This LLP annual compliance is to be filed on time.