Event Based LLP Compliances

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What is Event-Based LLP Compliances?

 

Apart from steady compliances, some occurrence-based compliance cannot be ignored. If shown any delay in fulfilling these compliances then it will call upon for penalties and punishments for both LLP and its partners.

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What are the Event-Based LLP Compliances?

Following are the major Event-Based LLP Compliances –

1. Consent of Designated Partner and Particulars of Partners (Form 4) – Section 7(3) & Section 7(4)

According to Section7(3) of Limited Liability Partnership Act, 2008, any person who wants to become a Designated partner in an LLP shall file his Consent to become as such in Form 4 with the Registrar of Companies within 30 days from the date of his appointment.

Likewise, every LLP shall also file particulars of such designated partner in Form 4 only with the ROC within 30 days from the date of his appointment.

Default in Filing Form 4

In case, such partner or LLP fails to file form 4 then the LLP and all its partners shall be punishable with fine which shall not be less than Rs. 10,000 and which may extend up to Rs. 5,00,000.

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2. Change in Registered Office of LLP (Form 15) – Section 13(3)

Now the question comes whether an LLP can change its place of registered office after its registration? And the answer is YES. After Registration, if LLP wants to change its registered office then it has to intimate ROC about the change of Place of Registered Office by filing Form 15 and that too within 30 days from the date of shifting of registered office and this change of registered office will be effected from the date of filing of this form.

Penalty for Non-Compliance

As the LLP has to mandatorily file form 15 to intimate ROC about the change of place of Registered Office. Thus, if LLP and its partners fail to file Form 15 within 30 days from the date of shifting of registered office then the LLP and its partners must be liable to penalty which shall not be less than Rs. 2000 and which may extend up to Rs. 25000.

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3. Change in Name (Form 5) – Section 19

Next question comes whether the LLP can change its name after the registration then also the answer is Yes. Thus, if any LLP wants to change its name after its registration then it can do so by filing Form 5 with ROC within 30 days from the date of change of LLP name in order to intimate ROC about such change of name.

Penalty for not filing Form 5

It is mandatory for LLP and its partners to file Form 5 to inform about the change of name of LLP to ROC. Thus, if LLP and its partners fail to file this form within the prescribed time limit then they shall be liable to fine which shall not be less than Rs. 50,000 and which may extend up to Rs. 5,00,000 and it shall be in addition to fine of Rs. 50 for every day after the first day until the form is filed.

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4. Change in LLP Agreement (Form 3) – Section 23

If there are any changes made in LLP agreement then LLP shall file Form 3 to intimate ROC about such changes within 30 days from the date of such alteration.

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Penalty for Non-Compliance

If LLP and all of the designated partners fail to file such a form then such LLP and designated partners shall be liable to pay fine which shall not be less than Rs. 2000 and which may extend up to Rs. 25000.

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5. Change in Designated Partners (Form 4) – Section 25(2)

When LLP admits a new partner or ceases an existing partner then such LLP shall file a Form 4 with the ROC within 30 days from the date of such admission or cessation.

Penalty for Non-Compliance

In case of non-compliance, every LLP and all of the designated partners shall be liable to pay fine which shall not be less than Rs. 2000 and which may extend up to Rs. 25000.

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6. Registration of Charges – Form 8

There is no provision to get the charge registered under the LLP Act, 2008 and LLP Rules, 2009 but if any charge is created, modified or satisfied then it has to be mentioned in Statement of Account and Solvency in FORM-8 within a period of 30 days from the end of 6 months of the financial year to which Statement of Accounts and Solvency relates.

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Event-Based ROC Filing

Events Form Due-Date
Consent of Designated Partner and Particulars of Partners Form 4 30 days from the date of such change
Registration of Charges Form 8 30 days from the end of 6 months of the financial year
Change in Registered Office of LLP Form 15 30 days from the date of such change
Change in Name Form 5 30 days from the date of such change
Change in LLP Agreement Form 3 30 days from the date of such change
Change in Designated Partners Form 4 30 days from the date of such change
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