The penalty for LLPs defaulting in filing of any statutory return is Rs.100 per day, without any maximum limit. Hence, it is often best to windup dormant LLPs so that there is no requirement to file LLP Form 11, LLP Form 8 and Income Tax Return for the LLP each financial year to maintain compliance and avoid penalty.
Before the introduction of the Limited Liability Partnership (Amendment) Rules, 2017, the procedure for winding up an LLP used to be long and cumbersome. However, with the introduction of LLP Form 24, the procedure has been made easy and simple.
Hence, its best for Entrepreneurs having dormant or defaulting LLPs that are accruing penalty to use this opportunity to close the LLP.
Filing LLP Form 24
To add or remove a partner from LLP, the consent of other partners must be obtained, which is followed by a change in the LLP Agreement and application to MCA to approve the changes. The application to MCA must be filed within 30 days of effective date of the change.
Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act. Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.
Usually, if you are a director (or acting as a director), you are not personally liable for paying the company's debts. This means thaIn case of an LLP in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such LLP or nominees of such body’s corporate shall act as designated partners.
In case of an LLP in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such LLP or nominees of such body’s corporate shall act as designated partners.
The Companies Act, 2013 mandates minimum 4 Board Meeting every year with a maximum gap of 120 days between 2 Board Meetings. There is no such requirement under the LLP Act. Similarly, holding of Annual General Meeting (AGM) is mandatory for Companies whereas there is no such requirement for LLPs.
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