The Ministry of Corporate Affairs ( MCA ) has launched the Limited Liability Partnership LLP Settlement Scheme, 2020.
As part of Government’s constant efforts to promote ease of doing business, it has been decided to give a One-time relaxation in an additional fee to the defaulting LLPs to make good their default by filing pending documents and to serve as a compliant LLP in future.
Accordingly, the Central Government 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.
The Scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020. It would be applicable to a “defaulting LLP” for filing overdue documents, which were due for filing till 31st October, 2019 on a payment of a nominal additional fee of Rs 10/- per day for the period of delay, in addition to any fee as is payable for filing of such document or return, subject to a maximum amount of Rs. 5,000/- as the additional fee per document.
The Scheme shall apply to the filing of the following documents
Form-3- Information with regard to the 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 of Limited Liability Partnership (LLP). The Scheme is being introduced in pursuance of the Government’s objective of providing greater Ease of Living to the citizens of the country and is expected to provide significant relief and a window of opportunity for LLPs to abide by the Law & conduct business accordingly.
General Circular No. 6/2020 is enclosed.
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