Form 8 LLP: Applicability and Filing Process – A Complete Overview
CS Rantu Das
CS Rantu Das is the Founder and Managing Partner of M/s. Rantu Das & Associates, a firm established in 2010. As a Fellow Member of ICSI and a law graduate (LL.B., LL.M.), with an M.Com from Calcutta University, he has over 13 years of expertise in corporate laws, SEBI matters, FEMA, RBI regulations, and compliance audits. He regularly represents cases before NCLT and NCLAT under the Companies Act, 2013, and IBC, 2016.
Limited Liability Partnerships (LLPs) have become a preferred mode of business in India due to their hybrid structure, combining the advantages of both partnerships and companies. As with all business structures, LLPs are also subject to regulatory compliance. One of the key annual compliance requirements for every LLP is the filing of Form 8, which pertains to the Statement of Account and Solvency. In this article, we will explore the applicability, requirements, and step-by-step process for filing Form 8 with the Ministry of Corporate Affairs (MCA).
1. What is Form 8?
Form 8 is an essential annual return filed by LLPs under Section 34(2) of the LLP Act, 2008. It contains the financial details of the LLP, such as:
a. Statement of assets and liabilities
b. Statement of income and expenditure
c. Declaration on the LLP’s solvency (ability to pay its debts)
It acts as an official declaration that the LLP is financially sound and that its accounting records are in order.
2. Applicability of Form 8 Filing
Form 8 is mandatorily applicable to every registered LLP in India, regardless of the level of activity, size, or turnover. Even if an LLP has not undertaken any business activity or earned revenue during the year, it is still required to file a ‘Nil’ Form 8.
Important Points Regarding Applicability:
a. Applicable to all LLPs registered under the Limited Liability Partnership Act, 2008.
b. LLPs are required to file Form 8 annually.
c. LLPs that are dormant or not operational must file the form within the prescribed due date.
3. Contents of Form 8
The form is divided into two main parts:
Part A – Statement of Solvency
This section contains a declaration by the designated partners stating:
a. Whether the LLP is solvent or not.
b. Whether it can pay its debts in full within one year from the date of the statement.
Part B – Statement of Accounts
This includes:
a. Details of income and expenditure for the financial year.
b. Position of assets and liabilities.
c. Any contingent liabilities (if applicable).
4. Due Date for Filing Form 8
The form must be filed on or before 30th October every year. The due date is calculated as:
a. 30 days from the end of six months after the close of the financial year (i.e., 31st March).
Hence, the filing deadline is generally 30th October unless extended by the MCA through a general circular.
5. Certification and Authentication
a. If the turnover exceeds ₹40 lakhs or the capital contribution exceeds ₹25 lakhs, then the accounts of the LLP must be audited by a Chartered Accountant.
b. The form must be digitally signed by the designated partners of the LLP.
c. In case of an audit, the auditor’s report must also be attached.
6. Documents Required for Filing Form 8
Before filing, the following documents must be kept ready:
a. Statement of Assets and Liabilities
b. Statement of Income and Expenditure
c. Declaration of Solvency
d. Disclosure of Contingent Liabilities (if any)
e. Copy of the auditor’s report (if audit is applicable)
f. Digital Signature Certificate (DSC) of the designated partners
g. Any other relevant attachment (e.g., explanations for losses or debts)
7. Process for Filing Form 8 – Step-by-Step
Here’s how the filing is done on the MCA portal:
Step 1: Preparation
a. Prepare the financial statements of the LLP.
b. Get them audited if applicable.
c. Obtain the declaration of solvency signed by designated partners.
Step 2: Access the MCA Website
a. Visit www.mca.gov.in and go to the LLP Forms section.
Step 3: Download and Fill out Form 8
a. Download the latest Form 8.
b. Fill in details like LLPIN, financial year, partner details, and the two statements (Part A and B).
c. Ensure accuracy, as the statements submitted in Form 8 are official financial declarations.
Step 4: Attach Required Documents
a. Attach supporting documents such as financials, audit reports, etc.
Step 5: Affix Digital Signatures
a. Affix DSCs of both designated partners.
b. In case of an audit, the Chartered Accountant must also digitally sign the form.
Step 6: Upload the Form
a. Log in to the MCA portal using the business user ID.
b. Upload the completed form under the LLP Services menu.
Step 7: Pay the Filing Fee
a. Pay the statutory fee online. Fees depend on the contribution amount:
- Contribution up to ₹1 lakh – ₹50
- ₹1 lakh to ₹5 lakhs – ₹100
- ₹5 lakhs to ₹10 lakhs – ₹150
- Above ₹10 lakhs – ₹200
After successful submission and payment, an acknowledgment is generated.
8. Late Filing and Penalties
Filing Form 8 after the due date attracts the maximum fine;
a. If the period of delay is beyond 360 days, the penalty is 15 times the normal fee plus ₹10 per day (for small LLPs).
b. If the period of delay is beyond 360 days = 30 Times of normal fees plus Rs 10/- per day beyond 360 days (for other than small LLP)
c. Persistent non-filing can result in the LLP being considered non-compliant.
d. Designated partners may also face legal consequences under the LLP Act, including disqualification.
9. Key Tips for Compliance
a. Maintain accurate accounting records throughout the year to simplify form preparation.
b. Don’t wait until the last minute—prepare and finalize accounts early.
c. Ensure timely audit completion, if required.
d. Keep track of due dates and any extensions issued by the MCA.
e. Use a professional service provider or compliance tool if needed.
10. Conclusion
Form 8 is more than just a formality—it serves as a critical record of the financial position and solvency of the LLP. Timely and correct filing not only ensures compliance with statutory requirements but also helps maintain the LLP’s credibility among stakeholders, financial institutions, and regulatory authorities. By understanding its applicability, gathering the required documents, and following the structured filing process, LLPs can stay compliant and avoid penalties.
If you run or manage an LLP, make Form 8 filing a priority each year. This relatively small effort yields substantial compliance benefits.
For any clarifications or queries, please feel free to reach out to us at admin@fintracadvisors.com
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