Know all about LLP Amnesty Scheme, 2020
LLP Settlement Scheme, 2020 is being introduced in order to provide a single-window to defaulting LLPs that have failed to abide by the statutory compliance window in the past.
Applicability:
- The scheme shall be effective from March 16, 2020, till June 13, 2020.
- Defaulting LLPs are covered that are registered under the LLP Act, 2008 and have defaulted in the filing of certain documents before ROC till October 31, 2019.
- A nominal additional fee of INR 10/- per day for the period of delay, subject to a maximum amount of INR 5,000/- as the additional fee per document.
Type of Forms covered:
The Scheme shall apply to the following overdue documents:
- Form-3–Limited liability partnership agreement and changes, if any, made therein;
- 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;
- Form-8– Statement of account & solvency (Annual or Interim); and
- Form-11– Annual Return.
Non-applicability:
The Scheme shall not apply to the filing of the following documents:-
- LLPs that have applied Form 24 with ROC for name strike off from the register
- LLPs that defaulted in filing documents after October 31st, 2019.
Benefits under the Scheme:
Defaulting LLPs opting for the Scheme shall be entitled to the following benefits:
- No criminal prosecution by Registrar on the covered defaults;
- The concessional penalty of only INR10 per day as against the earlier penalty of INR 100 per day for each day of delay;
- Capping of penalty to a maximum of INR 5,000. This is especially beneficial to defaulting LLPs that have not filed their documents for years.
HOW ASC Group can support?
- Our experienced managers can support in availing benefits under the LLP Amnesty Scheme, 2020.
- Our secretarial team provides customized and practical solutions for all corporate law-related matters.
Leave a Reply