Revive your LLP under Amnesty Scheme 2023

Calling all LLP startups!

For those who have done LLP Firm Registartion but have not yet completed their annual filings of LLP with the Registrar of Companies (RoC), there's good news from the Ministry of Corporate Affairs (MCA). The MCA has announced a one-time relaxation, allowing these LLPs to complete their pending filings without incurring any penalties, the move not only offers relief to startups and businesses but also helps them avoid future liabilities and non-compliance issues:-

• Representations received by MCA highlighting difficulties faced by LLPs in filing Form-3, Form-4, and Form-11, including issues related to electronic registry data mismatch.
• Ministry's response to promote ease of doing business, Exercising power under section 67 of the Limited Liability Partnership Act, 2008, One-time relaxation in additional fees for LLPs unable to file mentioned forms within due dates.
• Opportunity provided to update filings of LLP and master data for future compliance.
• To reactivate LLPs and facilitate smooth business operations.
• Availability of forms for filing: From September 1, 2023, to November 30, 2023 (inclusive).
• LLPs with pending forms since incorporation can now file without penalties.

The LLP Amnesty Scheme 2023, establishes a filing window for LLPs from September 1, 2023, to November 30, 2023, During this period, LLPs can complete the filing of Form 3, Form 4, and Form 11 with or without incurring additional fees for delays subject to applicability. Government has received representations highlighting challenges faced by Limited Liability Partnerships (LLPs) in filing essential forms, namely Form-3 (LLP Agreement and related changes), Form-4 (Notice of designated partner or partner details), and Form-11 (Annual Return of LLP), challenges stem from various factors, including discrepancies in the electronic registry's master data maintained by the Ministry. As a result, the electronic registry's records and data remain outdated and unverified and to avoid LLP Closure.

In response to the challenges faced by LLPs and the government's commitment to enhancing the ease of doing business, the Ministry, exercising its authority under section 67 of the Limited Liability Partnership Act, 2008, has taken the initiative to offer a one-time relaxation in additional fees, relief is extended to LLPs that were unable to file Form-3, Form-4, and Form-11 within the stipulated deadlines. It aims to provide these LLPs with an opportunity to update their filings and rectify any discrepancies in their master data, thus ensuring smoother compliance in the future, step is aimed at reactivating LLPs, ensuring their operational continuity, and facilitating seamless business operations.

Relaxation in Additional Fee Structure

Non-Penalization for Delayed Filing

LLPs using this scheme will not face penalties provisions for late submission of Form 3, Form 4, and Form 11. This underscores the MCA's supportive approach to businesses during challenging times. These features aim to provide relief and facilitate compliance for LLPs, allowing them to rectify past filing discrepancies and ensure adherence to regulatory requirements without incurring excessive penalties. LLPs should take advantage of the filing window and follow the specified procedures to benefit from this Amnesty Scheme 2023.

Timeline for Filing

All forms will be available for filing starting from September 1, 2023, and will remain accessible until November 30, 2023, both dates inclusive. Hence, all LLPs that have pending forms to be filed since their incorporation onwards can now submit these forms without incurring any penalties, enables LLPs to continue their operations smoothly and in compliance with regulatory requirements such as:

LLP Annual Compliance and Turnover Limit For Audit

Annual Compliance Calendar for your LLP Firm Business