LLP Form 8 or Statement of Account & Solvency is a filing that must be filed every year by all Limited Liability Partnerships (LLPs) registered in India. Form 8 must be filed with the Ministry of Corporate irrespective of turnover of the LLP.
The due date for filing LLP Form 8 is 30th October of each financial year. Failure to file LLP Form 8 can incur a penalty of Rs.100 per day. In addition to filing LLP Form 8, all LLPs must all file LLP Form 11 before 30th May of each financial year.
LLP Compliance
All LLPs registered in India must file the following forms each financial year, irrespective of business turnover or profits.
| Form | Due Date | Authority |
| Form – 11 (Annual Return) | 3oth May | Ministry of Corporate Affairs |
| Form – 8 (Statement of Accounts) | 30th October | Ministry of Corporate Affairs |
| Income Tax Return (ITR-5 Form) | 31st July – If tax audit not required. 30th September – If tax audit required. | Income Tax Department |
Statement of Account & Solvency
Form 8 is also known as Statement of Account & Solvency. In Form 8, the LLP must provide details of financial transactions undertaken during the financial year and position at the end of financial year. In addition to the financial position, the LLP must also declare:
- Declare that the turnover is above or below Rs. 40 lakhs.
- Declare that the LLP has already filed a statement indicating the creation of charges or modification or satisfaction till the present financial year.
- Declare that the partners/authorized representatives have taken proper care and responsibility for maintenance of adequate accounting records and preparation of accounts.
Attachments
The following documents must be attached with Form 8:
- Mandatory: Disclosure under Micro, Small and Medium Enterprises Development Act, 2006.
- In case contingent liabilities exists, Statement of contingent liabilities to be attached.
- Any other information can be provided as an optional attachment.
Signature of Partners & Chartered Accountant
Form 8 must be digitally signed by a minimum of two Designated Partners of LLP or Authorised Representatives of Foreign LLP. Further, if the total turnover of the LLP exceeds Rs. 40 lakhs or partner’s obligation of contribution exceeds Rs. 25 lakh, then Form 8 should be certified by the auditor of the LLP/ FLLP. Else, the digital signature of a minimum of two Designated Partners would suffice.
In case the LLP fails to file Form 8, then, a penalty of INR 100 per day is payable from the due date of filing of Form 8 till actual filing of the Form.
Important points to be taken care of
- Every LLP registered on or before 30th September 2018 are required to mandatory file a statement in Form 8 for the Financial Year ending on 31st March 2019.
- The due date for filing Form 8 for the Financial Year ending on 31st March 2019 would be 30th October 2019.
- Filing fees of Form 8 are tabulated below:
| Contribution of LLP | Filing fees of Form 8 |
| Up to INR 1 Lakhs | INR 50 |
| More than INR 1 Lakhs up to INR 5 Lakhs | INR 100 |
| More than INR 5 Lakhs up to INR 10 Lakhs | INR 150 |
| More than INR 10 Lakhs | INR 200 |
It should be noted here that, in case of Foreign Limited Liability Partnership, the filing fees of Form 8 are INR 1000.
FAQ
What is LLP Form 8?
LLP Form 8 is an Annual Filing Form, to be filed with ROC every year. It is Statement of Accounts and Solvency. This Form 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. This form has to be filed by the LLP on an annual basis.
Who should file LLP Form 8?
Every LLP existing or incorporated on or before 30th September 2018 shall have to file Form 8 before 30th October 2019.
Who are exempt from Filing Form 8 LLP?
LLPs incorporated on or after 1st October 2018 are exempted from filing Form 8 for the financial year ended 31st March 2019. However, they may voluntarily file Form 8.
What are the requirements for filing the Statement of Accounts and Solvency and what shall be the Form 8 Attachment?
1) Requirement:
Digital Signature of Both Designated Partners and knowledge of basic details of the LLP.
If the turnover of LLP exceeds Rs. 40 lakhs or Partner’s contribution exceeds Rs. 25 lakh, then certification by the auditor of the LLP/ FLLP will be Mandatory.
2) Attachment:
Copy of Balance Sheet and Profit & Loss Account of the LLP, Disclosure under MSME, 2006 and Statement of Contingent Liabilities not provided for, if any.
Can Form 8 of LLP be revised once it has been filed?
No. There is no such option to revise Form 8 once filed. Hence, utmost care must be taken while filing Form 8.
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