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The Government has came out with a one-time settlement scheme for Limited Liability Partnerships (LLPs) that will provide more time to submit their pending documents as well as immunity from prosecution for defaults.
The LLP settlement Scheme, 2020 to be in force from 16th March 2020 to 13th June ,2020.
It would permit a “ONE TIME condonation of delay in filing statutorily required documents” with the Registrar of Companies.
Salient Features of scheme :-
The scheme would permit LLPs to submit their filings that were due till October 31, 2019.
Additional Fees of Rs 10 per day for the period of delay
Fees for submitting the documents The additional fee per document is capped at Rs 5,000.
The Scheme shall apply to the filing of the following documents:
(i) Form-3- Information with regard to limited liability partnership agreement and changes, if any, made therein.
(ii) 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.
(iii) Form-8- Statement of Account & Solvency (Annual or Interim).
(iv) Form-11- Annual Return of Limited Liability Partnership (LLP).
Scheme will not apply to LLPs which has made application in Form No 24 to the registrar ,for striking off its name from registrar .