LLP Settlement Scheme 2020

One time Opportunity to File Form of Defaulting LLP

The LLP Settlement Scheme 2020 is a new to give relief to all the defaulting LLP which have defaulted in filing Form 3 of LLP and also non-filing the Form 4, Form 11 and 8. This a one time opportunity for defaulting LLP to file their pending forms with ROC at a very nominal fee.

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What is LLP Settlement Scheme 2020?

An LLP after its incorporation is required to file several returns to the ROC which includes Form3, Form 4, Form 11 and Form 8. The prescribed government fees to file these forms has been prescribed at Rs. 50 for each such filing. However, in case the returns are not filed within its due date then it can still be filed with an additional fee of Rs. 100 for each day of delay. There are several LLP which have missed filing of the above said forms and the additional fee is so high that most of the defaulting LLP did not file the required returns.

The LLP Settlement Scheme is starting on 16th March 2020 and it would remain in force until 13th June 2020 within which time a defaulting LLP shall be able to file all of its pending forms with the ROC with an additional fee of Rs. 10 for each day of delay, However, the additional fee shall be limited to Rs. 5000 Only.

The Central Government to promote ease of doing business has decided to give a one time relaxation in additional fees to the defaulting LLPs to make good their default by filing all pending forms viz form 3, 4, 8 and form 11 with the Registrar of companies (ROC). This scheme will come into force on the 16th March 2020 and shall remain in force till 13th June 2020.

The Defaulting LLPs can avail this scheme for filing documents, which have not been filed in time on payment of additional fee of Rs. 10/- per day for delay in addition to the fee, payable for filing such documents or return, provided that payment of additional fee shall not exceed Rs. 5000/- per document.

Settlement scheme for LLP
  • As discussed for the reason of non-filing of the required returns by defaulting LLP several LLP remanded non-compliant resulting in the following consequences, which is precisely why the LLP Settlement Scheme 2020 has been announced.

  • ROC Records:

    The ROC records of the LLP is open for inspection by the stakeholders on payment of the prescribed fee, however as the LLP did not file requisite forms the records of the LLP are not updated and hence not available for inspection by the stakeholders.

  • Criminal Prosecution of Partners

    Due to non-filing of LLP Form to the ROC the designated partners are liable for criminal prosecution

  • LLP is unable to close

    As several LLP did not file Form 3 and annual returns in form 11 and form 8, the LLP can not be closed as it is a prerequisite before the LLP goes for liquidation or winding up.

  • Effective Date

    The LLP Settlement Scheme shall come into effect from 16th March 2020 and shall remain available for the stakeholders until 13th June 2020.

  • Applicability

    The Scheme is applicable to all defaulting LLP for the forms which were due for filing until 31st October 2019. In simple words, it is available for filing Form 11 and Form 8 for the financial years up to 2018-19, however for the LLP Form 3 and 4 all forms which are due until 31st October 2019 can be filed under this scheme.

  • Benefit

    The additional fee has been reduced from Rs. 100 per day to Rs 10 per day for the delay in filing the forms and it has been further provided that the additional fee shall not be more than Rs. 5000 in any case.

  • Immunity from Prosecution

    The defaulter LLP and its partners are liable for criminal prosecution for non-filing of required forms and returns under the LLP Act, However, if the defaulting LLP files all the pending returns before 13 th June 2020, they shall be entitled to immunity from prosecution in respect of the documents or forms they file under this scheme.

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Frequently Asked Questions

What is an LLP Settlement Scheme?

LLP Settlement Scheme shall come into force on the 16th March 2020 and shall remain in force till 13th June 2020.

Why Goverment bringing a settlement scheme for LLPs?

  • One-time relaxation in filing all pending statutory documents with the Registrar of companies(RoC).
  • Promoting ease of doing business as well as to clear the default.
  • it provides these LLPs a one-time opportunity in payment of additional fees and immunity from prosecution.

What is Defaulting LLP?

LLPs, Who have not filed form 3, form 4, form 8 and form 11 in time.

What is applicability of LLP Settlement Scheme?

On Payment of additional to do Rs. 10/- per day for delay in addition to the fee payable for filing the such documents or return, that payment of additional fee shall not exceed Rs. 5000/-

When will the LLP Settlement be open for operation?

It will open from 16th March 2020.

What is the last date of llp settlement operation?

Last Date is 13th June 2020.

How many LLPs benefited from this scheme?

All the LLPs can benefit from this scheme.

How much payment of fees and additional fee on filing belated documents for seeking immunity under the Scheme?

Rs. 10/- per day for delay upto Rs. 5000/-

Defauulting LLPs shall be subjected to prosecution by Registrar?


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