LLP form 8 due date extended for FY 2020-21

Good News for businesses having an LLP Registration. This news is via the Ministry of Corporate Affairs. In the latest notice there is a an exemption to Limited Liability Partnership companies as they faced numerous problems because of COVID-19. This announcement is part of a relaxation plan for MSMEs that conduct business via LLP Registration. Here, we will review the most recent notice as well as the LLP Form 8 due date has been extended to Financial Year 2020-21.

What is LLP ?

LLP is a shorthand in the form of a Limited Liability Partnership. It is a Limited Liability Partnership Business is a kind of partnership company that is organized as a corporation. Also, we need GST Registration if we want to sell something offline and online stores. A partnership with two or more partners is able to form a Limited Liability Partnership.

In LLP an LLP, one partner is not accountable or liable for another's incompetence or negligence.

Also, with the exception of the legal entity status as a legal entity and the indefinite liability for the members An LLP is able to enjoy all the advantages of a traditional partnership company.

Since it blends the advantages of both a partnership and an organization into one company and a single entity, the Limited Liability Partnership is a popular choice for entrepreneurs.

It was first introduced in India beginning in the month of January and quickly became popular for professionals and business owners alike. A Limited Liability Partnership was created in order to offer an uncomplicated corporate structure that could help shareholders by reducing their liabilities.

What is LLP Form 8?

Statement of Account and Solvency is another term used to describe Form 8. The LLP must provide information about financial transactions during the fiscal year and its current status at the close in the financial year in Form 8. Additionally, on LLP Form 8 firms that hold LLP registration must provide the following information.

• Indicate if the turnover exceeds or is less than the amount of Rs. 40 lakhs.

• Verify that the LLP has already filed an account of the setting up or modification of charges for the current fiscal year.

• Rectify that the partners or authorized representatives have exercised reasonable care and have taken responsibility to maintain adequate records of accounting and preparation for accounting.