LLP settlement Scheme, 2020

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....wing to flexibility in its structure and operation, the LLP often become the preferred option for small enterprises. 2. It has come to the notice of Government that a large number of LLPs have defaulted in filing Form (3) viz. LLP Agreement and changes therein and statutory return viz. Form-8- Statement of Account & Solvency (Annual or Interim) and Form-ll- Annual Return of LLP. In the event of requisite forms not being filed within prescribed time presently LLPs may file such documents on payment of additional fee for one hundred rupees for every day of such delay under Section 69 of the LLP Act in addition to any fee as is payable for filing of such document or return. 3. A large number of representations were received from various quar....

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.... 30th January, 2020 u/ s 67 (2) of the Limited Liability Partnership Act, 2008) has decided to introduce a scheme namely "LLP Settlement Scheme, 2020", by allowing a One-time condonation of delay in filing statutorily required documents with the Registrar. 8. The details of the scheme are as under: (i.) This scheme shall come into force on the 16th March, 2020 and shall remain in force up to 1[31st March, 2020]. (ii.) Definitions: In this scheme, unless the context otherwise requires, (a) "Act" means the Limited Liability Partnership Act, 2008; (b) "LLP" means a LLP as defined in Section 2 (n) of the Limited Liability Partnership Act, 2008; (c) "defaulting LLP" means a LLP registered under ....

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....nt to become a partner/ designated partner; (iii.) Form-8- Statement of Account & Solvency (Annual or Interim); (iv.) Form-ll- Annual Return of Limited Liability Partnership (LLP). (b.) This Scheme shall not apply to LLPs which has made an application in Form 24 to the Registrar, for striking off its name from the register as per provisions of Rule 37(1) of the LLP Rules, 2009. 2[8A. The details of the scheme as modified, are as under: (i) The scheme shall come into force with effect from 1st April, 2020 and shall remain in force upto 30th September, 2020. (ii) Definitions:- In this scheme, unless the context otherwise requires, (a) "Act" means the Limited Liability Partnership Act, 2008; (b) "LLP' means a LLP as....