LLP Form 8 or Statement of Account & Solvency is a form that must be filed every year by all Limited Liability Partnerships (LLPs) registered in India. LLPs must file Form 8 with the Ministry of Corporate on MCA portal irrespective of the turnover of the LLP.
Further, Every LLP has to maintain books of accounts as per the double-entry system of accounting and prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March.
Also, LLP has to file such Accounts to the Registrar of LLP (Form 8) within 30 days from the end of 6 months of such financial year. So, the filing of Accounts is mandatory on or before 30th October every year.
Applicability of Form 8
Every LLP registered on or before 30th September is required to mandatorily file a statement in Form 8 for the Financial Year ending on 31st March.
However, if LLP is registered after 30th September has an option to file a statement in Form 8 for the Financial Year ending on 31st March of that year.
Particulars of Form 8
Form 8 has two parts as follows:
Part A – Statement of Solvency
Statement of Solvency contains a declaration on the state of solvency of the LLP by the designated partners and also information related to statement of assets and liabilities and statement of income and expenditure of the LLP.
Part B – Statement of Accounts and Income & Expenditure
Statement of Accounts: It contains details of the following:
- Partners’ funds (Contribution, Profit/ loss made, etc),
- Liabilities (Secured loans, unsecured loans, short term borrowings, creditors/ trade payables, provisions for taxation/contingencies/insurance)
- Lastly, Assets (Fixed assets, Investments, Loans and advances, inventories, Debtors/ trade receivables, cash and cash equivalents, etc)
Statement of Income & Expenditure: It contains details of the following:
- Income (Turnover, other income, increase/ decrease in stocks including raw materials, work-in-progress and finished goods)
- Secondly, Expenses (Purchases, personal expenses, administrative expenses, selling expenses, depreciation, interest, profit before taxes, provision for tax, profit after tax, profit transferred to Partners’ account, profit transferred to Reserves and surplus)
Sample Form 8
Key Points For Filing LLP Form 8
Following are important Points which LLP need to consider before filing of Form 8.
- Details about Annual Return of Limited Liability Partnership Year, Start Date of the financial year, LLP Registration Number
- Registered office address of LLP & Other address if any
- Turnover details
- Likewise, Contribution details
- Details of the statement of Account ( Contribution, Secured Loan, Unsecured Loan, Fixed assets
- Details of the statement of Income and Expenditure ( Sale of Goods, Services, Expenses, etc. )
- Sign with DSC of Designated Partner
- Others if any
Filing Fees for Filing LLP Form 8
MCA Calculates LLP Form 8 fees on basis of contribution in LLP. Fees For Form Rs.50 to Rs.200/- Below is summary of Government fees for Filing Form 8.
|Contribution in LLP ( Total Amount )||Government Fees Applicable|
|LLP having Contribution up to Rs. 1 Lakh||Rs. 50/-|
|LLP having Contribution more than Rs. 1 Lakh up to Rs. 5 Lakhs||Rs. 100/-|
|LLP having Contribution more than Rs. 5 Lakhs up to Rs. 10 Lakhs||Rs. 150/-|
|LLP having Contribution more than Rs. 10 Lakhs||Rs. 200/-|
For Foreign LLP Form 8 filing fees is Rs. 1000/-
Consequences of Late Filing or Non-Filing
1. Additional Fee
Delay in filing any of the returns (Form 11 or Form 8) will attract an additional fee of Rs.100 per day till the date of filing the return.
2. Fine for non-Fling of Accounts (Form 8)
As per Sec.34 (5) of the LLP Act, 2008, if the LLP fails to file the Annual Return in time, it is punishable with fine which shall not be less than Rs.25,000/- but which may extend to Rs.5,00,000/- and also, every Designated Partner of such LLP shall be punishable with fine which shall not be less than Rs.10,000/- but which may extend to Rs.1,00,000/-
LLP need to file two eForms every year. Form 11 for Annual Return of the LLP and Form 8 for the Statement of Accounts.
The process to file LLP Form-8 is as under:
– Check that the form is fully filled
– Digitally sign the Form-8with the DSC of the partners
– If required get form 8 attested by Company Secretary
– Perform a pre-scrutiny of the eform
– Upload the form at MCA Portal
– Pay the ROC Fee
In case LLP has been incorporated on or after 1st October of financial year, then LLP can close its first financial year either on the coming or next 31st March i.e. LLP files its first financial year details for 18 months.