The LLPSS is a massive relief to the LLP’s that had defaulted in filing the LLP Agreement or Non Filing of LLP Annual Return to ROC. Under the LLP Settlement Scheme, an LLP can file all its pending returns to ROC up to 31st December 2020 without any penalty or additional fee. The LLP Settlement Scheme 2020, gives a one time opportunity to all the defaulting LLP to file their pending returns, documents etc. to ROC without any additional fee or penalty.
The first step to avail the LLP Settlement Scheme (LLPSS) is to do a due diligence of your LLP and make a list of pending returns to the ROC. You can also file the LLP agreement in LLP Form 3 if you missed it at the time of LLP incorporation. The New LLP Settlement Scheme is effective from 1st April 2020 and shall continue until 31st December 2020.