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|Annual Return||Every Limited Liability Partnership (LLP) is required to file an Annual return duly authenticated with the Registrar of Companies every year in E-Form 11. along with the prescribed fees||Within 60 Days of the closure of the Financial Year|| Additional Fees of Rs. 100/- per day after the due date till the default continues.
|Statement of Account and Solvency||Every Limited Liability Partnership (LLP) is required to prepare a Statement of Accounts & Solvency of the Company and file the same with the Registrar of Companies every year in E-Form 8. along with the prescribed fees||Within 6 months from the end of each Financial Year|| Additional Fees of Rs. 100/- per day after the due date till the date of default.
|Minutes Book Keeping||Every company is required to make the minutes of the proceeding of the meeting and is required to maintain a minutes books containing the minutes of the meeting of Partners at the Registered Office of the LLP||Minutes Book are required to be maintained throughout the year for lifetime of the LLP||Specific penalties for each type of contravention has been defined under the Act|
The quickest way to close the non - operational LLP is through a process called Fast Track Exit (FTE) under LLP Act, 2008 read with Rule 37 of the LLP Rules, 2009:
Where a Limited Liability Partnership is not carrying on any business or operation
An application in E-Form 24 shall be filled with the Registrar along with the prescribed fees and following documents:
Once the application has been filled with the Registrar, the same will be processed by the Registrar and if satisfied with all the requirements, will issue a public notice in official gazette for inviting any objection within a period of 30 days.
If no objections are filled within the time period prescribed the ROC will then proceed to strike-off the name of the LLP from its Register and the LLP shall stand dissolved.
Any Limited Liability Partnership (LLP) as and when feels the need that a change is required in certain basic requirements of the LLP, the same has to be incorporated in the LLP Agreement and said change become effective from the date of amendment in the LLP Agreement. As an when there is a change in the LLP Agreement, the said change needs to be intimated to the Registrar of Companies, Ministry of Corporate Affairs, by filling the prescribed E-Forms for the same. Some of the major changes which require compliance as per the act includes the following: