Overview - LLP Settlement Scheme - 2020
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LLP Settlement Scheme – 2020
Ministry of Corporate Affairs has introduced a scheme namely "LLP Settlement Scheme, 2020", by allowing a One-time condonation of delay in filing statutorily required documents with the Registrar.
The scheme was introduced vide Notification No. G.S.R. 59(E) Dated 30th January, 2020 and was modified vide General Circular No.13 /2020 dated 30th March 2020. The ministry has extended the timeline till 30th September 2020 and has waived the additional fee for filing the returns.
What is LLP Settlement Scheme
LLP Settlement Scheme – 2020 is a Onetime relaxation scheme for waiver of additional fees to the defaulting LLPs to make good their default by filing pending documents and to serve as a compliant LLP in future.
The Scheme will be in force from 1st April 2020 to 30th September 2020.
(a) "Defaulting LLP" means a LLP registered under the Limited Liability Partnership Act, 2008 which has made a default in filing of documents on the due date(s) specified under the LLP Act, 2008 and rules made there under
(b) Any "defaulting LLP" is permitted to file belated documents, which were due for filing till 31st October, 2019 in accordance with the provisions of this Scheme
Applicability of LLP Settlement Scheme – 2020
This Scheme shall ONLY apply to the filing of the following documents:
(1) Form-3 - Information with regard to limited liability partnership agreement and changes, if any, made therein;
(2) Form-4 - Notice of appointment, cessation, change in name/ address/ designation of a designated partner or partner and consent to become a partner/ designated partner;
(3) Form-8 - Statement of Account & Solvency (Annual or Interim);
(4) Form-11 - Annual Return of Limited Liability Partnership (LLP).
This Scheme shall not apply to LLPs which has made an application in Form 24 to the Registrar, for striking off its name from the register as per provisions of Rule 37(1) of the LLP Rules, 2009.
Payment of fees under the Scheme
The defaulting LLPs can avail of the scheme for filing documents which have not been filed or registered in time on payment of normal fee as applicable and there will be no Additional Fee or Penalty.
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LLP Settlement Scheme 2020 - Requirements
"Defaulting LLP"
Check if the LLP has defaulted in any filings from the date of Registration till 31st August, 2020
Pending Documents
Identify the pending documents for Filing.
Availability of Scheme
The Scheme will be in force from 1st April 2020 to 30th September 2020.
LLP Settlement Scheme - 2020
Documents Required
This Scheme shall ONLY apply to the filing of the following documents:
- = Form-3 – LLP agreement and changes, if any, made therein;
- = Form-4: Notice of appointment, cessation, change in name/ address/ designation of a designated partner or partner and consent to become a partner/ designated partner;
- = Form-8: Statement of Account & Solvency (Annual or Interim);
- = Form-11: Annual Return of Limited Liability Partnership (LLP).
LLP Settlement Scheme - 2020
No Additional Fee - Only Normal Fee will be applicable
LLP has to pay only the normal fee as applicable and there will be no Additional Fee or Penalty.
Immunity from prosecution
LLPs that avail this scheme shall not be subjected to prosecution by Registrar for delay of filing the documents filed under this scheme.
