The government of India has taken various measures to support the Start-Up Ecosystem. Small-Businesses prefer a Limited Liability partnership as the most simple and easy to go for starting a new business in India. The new concept of Small LLP & Start-up LLP is introduced by the Ministry of Corporate Affairs (MCA) vide a notification dated 11 February 2022 had inserted various new rules on the Limited Liability Partnerships (LLPs) and also with regard to revised fee norms. The latest changes in late fees for LLPs for the delay in forms filing w.e.f 1st April 2022 is a big boost to ease of doing business in India.
The latest changes in late fee norms for LLPs vide amended rules i.e. the Limited Liability Partnership (Amendment) Rules, 2022 will be applicable to all LLPs are stated below:
Revised fee for Filing LLP Forms
The latest changes in Fees will be effective from 1st April 2022 for filing, recording, or registering any form, notice, statement, document, annual return, statement of accounts, and solvency. Also, the application along with the statement for conversion of a firm, private company, or unlisted public company into an LLP are as follows:
| LLP Contribution | Fee (Rs) |
|---|---|
| LLP contribution does not exceed Rs.1 lakh | 50 |
| LLP contribution is more than Rs. 1 lakh and upto Rs. 5 lakh | 100 |
| LLP contribution is more than Rs. 5 lakh and upto Rs. 10 lakh | 150 |
| LLP contribution is more than Rs. 10 lakh and upto Rs. 25 lakh | 200 |
| LLP contribution is more than Rs. 25 lakh and upto Rs. 1 Crore | 400 |
| LLP contribution of more than Rs. 1 Crore | 600 |
Additional/ Late Fees for Delay in Filing LLP’s Form
The late fees for delay in filing LLP’s form which will be effective from 1st April 2022 for Small LLP and other than Small LLP are as follows
| Period of delays | Small LLPs | Other than small LLPs |
|---|---|---|
| Upto 15 days | One-Time | One-Time |
| Beyond 15 days and within 30 days | 2 times regular filing fees | 4 times of regular filing fees |
| Beyond 30 days and within 60 days | 4 times regular filing fees | 8 times of regular filing fees |
| Beyond 60 days and within 90 days | 6 times regular filing fees | 12 times of regular filing fees |
| Beyond 90 days and within 180 day | 10 times of regular filing fees | 20 times of regular filing fees |
| Beyond 180 days and within 360 days | 15 times of regular filing fees | 30 times of regular filing fees |
| Beyond 360 days for forms other than form 11 and form 8 | 25 times of regular filing fees | 50 times of regular filing fees |
| Beyond 360 days for form 11 and form 8 | 15 times regular filing fees plus 10 per day for delays beyond 360 days | 30 times regular filing fees plus 20 per day for delay beyond 360 days |
Note:
Small LLP means the Small Limited Liability Partnership which is defined as
- whose contribution is below Rs. 25,00,000 (Rupees Twenty Five Lakh) or such other higher amount (Not exceeding Rs 5,00,00,000 (Rupees Five Crore) as may be prescribed and
- whose turnover for the preceding financial year does not exceed Rs 40,00,000 (Rupees Forty lakh) or such other higher amount (Not exceeding Rs 50,00,00,000 (Rupees Fifty Crore) as may be prescribed or
- Which meets other requirements as prescribed from time to time by the Ministry of Corporate affairs
LLP not falling in the above threshold limit and prescribed conditions shall be treated as other than small LLP. The late fees for delay in filing various LLP forms w.e.f 1st April 2022 shall be applicable as mentioned above.
