TOP 10 FAQ’S ON LLP AFFAIRS & Latest Extension

[CSLalit Rajput]

Q1. Can an existing partnership firm be converted to LLP?

Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act.

ROC – Filings: Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.

Q 2. Can an existing company be converted to LLP?

Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of clause 58 and Schedule III and IV of the LLP Act.

ROC- Filings: Form 18 needs to be filed with the registrar along with Form 2 for such conversion.

Q 3. Can an existing company be converted to LLP?

No, only private / unlisted public company can be converted into LLP.

Q 4. Financial Year of LLP

Every LLP has to maintain uniform financial year (April to March) ending on 31st March of a year.

Q 5. Is it mandatory to file the charge details to the registrar office?

it is not mandatory to file the charge details with the office of Registrar but the stakeholders can voluntarily file the same.

ROC – Filing: The charge details i.e. creation, modification or satisfaction of charge, can be filed through Appendix to e-Form 8 (Interim).

Q 6. Can we incorporate a LLP with words like ‘Limited’ or ‘Pvt. Limited’ at the end?

No, name of the LLP shall end with either ‘Limited Liability Partnership’ or ‘LLP’.

Q 7. What is the due date for Filing Form 8 for FY 2020-21?

Ministry of Corporate Affairs (MCA) vide General Circular No. 16/2021 dated 26.10.2021 has issued notification / circular and provided Relaxations in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships up to 30th December, 2021.

Q8. Can a HUF be treated as a body corporate for the purposes of LLP Act, 2008?

An HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its Karta cannot become a partner or designated partner in LLP.

Q9: What are the Governing Laws for a LLP:

• Act - Limited Liability Partnership Act, 2008 and
• Rules - Limited Liability Partnership Rules, 2009

Q10: What are the Fixed Mandatory LLP ROC Compliances? 

Sl. No.	E-Form	Due Date
1.	Annual Return (Form 11)	within 60 days of closer of financial year
2.	Statement of Account & Solvency (Form 8)	on or before 30th October every year (due date extended for this year)
3	DIR 3 KYC DPIN KYC through DIR 3 KYC Form is an Annual Exercise.	For every DPIN holder – on or before 30th September

LLP Form- 8 due date extended till 30.12.2021

Ministry of Corporate Affairs (MCA) vide General Circular No. 16/2021 dated 26.10.2021 has issued notification / circular and provided Relaxations in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships up to 30.12.2021.

Kindly note that original due date is 30.10.2021.