A most awaited Circular will come into force. The Ministry of Corporate affairs promote ease of doing business has notified the LLP Settlement Scheme-2020 vide General Circular No. 6/2020 on March 4, 2020.
This scheme shall come into force on March 16, 2020 and shall remain in force up to June 13, 2020.
Due to levy of exorbitant additional fee many Limited Liability Partnership could not file their statutory documents and return in stipulated time with Registrar of Companies. By defaulting of non-filing of statutory documents and return with Registrar the LLPs and their designated partner are liable for criminal prosecution and without filing of pending statutory documents and return said LLPs cannot be closed.
The Ministry of Corporate Affairs decided to give one-time relaxation in additional fee to the defaulting LLP to make good their default by filing pending documents and to serve a Compliant LLP in future.
This scheme is applicable to any defaulting LLP which is not filed its statutory documents and return and were due for filing till October 31, 2019.
- FEES PAYABLE
Nominal Additional fee of Rs. 10/- per day for delay in addition fee as payable for filing of such document or return and subject to maximum amount of Rs. 5000/-.
- STATUTORY DOCUMENTS AND RETURN COVERED UNDER THIS SCHEME?
|SR No.||Form No.||Particular|
|1.||Form-3||Information with regard to limited liability partnership agreement and changes, if any, made therein|
|2.||Form-4||Notice of appointment, cessation, change in name/ address/designation of a designated partner or partner and consent to become a partner/designated partner|
|3.||Form-8||Statement of Account & Solvency (Annual or Interim)|
|4.||Form-11||Annual Return of Limited Liability Partnership (LLP)|
- NON-APPLICABILITY OF LLP SETTLEMENT SCHEME-2020
This scheme shall not apply to LLPs which has made an application to the Registrar for striking off its name from the register.
Thanks and Regards
B.Com, CS, LL.B