I want to close my LLP

Hi,

If you have to close your LLP, you are required to do all the complainces then only you can apply for closure of the LLP.

All LLPs registered with the Ministry of Corporate Affairs need to file Annual Returns and Statement of Accounts for every Financial Year. It is mandatory for a LLP to file a return irrespective of whether it has done any business.

There are three mandatory compliance requirements to be followed by LLPs.

Filing of Annual Return

Filing of Statement of the Accounts or Financial Statements

Filing of Income Tax Returns

There are 3 Main Compliance which is mandatory things for the LLP's -

a) Annual Return (Form 11)

b) Statement of the Accounts or you can say Financial Statements of the LLP (Form 8)

c) Income Tax Returns Filings.

If there is delay in filing form no.8 and 11 of LLP, you will have to pay penalty as applicable on today’s date. If filing is not done within stipulated time, there is penalty of Rs. 100 per day till it is complied. I dont think there is any jail or so.

You cannot close or wind up your LLP without filing Annual Accounts.

Please feel free to call/ revert on case you need more clarity

Thanks and regards,

Abhishek Dugar

CA CS B.Com

Hello,

You are not the only one facing this problem. I have witnessed many clients who have come to me with the same query.

The provision for non filing of penalty does not have a maximum CAP, so you have no option than paying the penalty. The maximum you can do is make an application to your ROC officer for condonation of delay and take it further. If you are lucky enough you may save something.

The chances of they putting you behind bars is very less.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Hi,

There is no cap on the penalty levied by MCA. You could file an application with the MCA authorities, who can condone your delay. You will have to meet them to follow up your application.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B