LLP settlement scheme

MCA has announced a settlement scheme for Limited Liability Partnerships (LLPs) who have not filed their essential documents like the LLP agreement, addition or deletion of partners, changes in the LLP agreement, the annual filings of solvency, and annual return of LLP. Presently LLPs can file these documents late by making payment of additional fees of Rs.100 per day.

Under the settlement scheme, they can pay these forms i.e. form 3, 4, 8 & 11 by paying additional filing fees of Rs.10/- per day subject to a maximum of Rs.5000/- per form.

The scheme runs from 16th march 2020 to 13th june, 2020.

Once the LLP has filed the documents under the settlement scheme, they shall be freed from any prosecution also.

So ideally, all the LLPs who have not filed their documents for years, this is a boon scheme for them to escape with minimum liability. They should avail of the same urgently.

Copy of the MCA circular can be found at the MCA site.

 

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