Filing of Financial Statements

Filing of financial statements is a mandatory requirement for all companies, including Limited Liability Partnerships (LLPs), registered in India. It is governed by the Companies Act, 2013, for companies, and the Limited Liability Partnership Act, 2008, for LLPs. The financial statements provide crucial information about the company’s financial performance and position, enabling stakeholders to assess its health and make informed decisions. 

Here are the key aspects of filing financial statements for LLPs:


1) Financial Statements to be Filed:

LLPs are required to file the following financial statements with the Registrar of Companies (RoC):

Statement of Account and Solvency (SAS): This statement provides details of the LLP’s assets, liabilities, and solvency status. It is filed annually and gives an overview of the LLP’s financial position.

2) Annual Filing Timeline:

The financial statements of an LLP should be filed with the RoC within 30 days from the end of six months of the financial year. For example, if the financial year ends on March 31st, the LLP must file the financial statements by September 30th of the same year.

3) Format and Requirements:

The financial statements must be prepared in accordance with the relevant accounting standards issued by the Institute of Chartered Accountants of India (ICAI). The statements should provide a true and fair view of the LLP’s financial performance and position.

4) Certification and Signing:

The financial statements must be certified and signed by the designated partners of the LLP. The signing partners must declare that the statements are accurate and comply with the accounting standards.

5)Filing through LLP Form 8:

The Statement of Account and Solvency (SAS) is filed with the RoC through the LLP Form 8. This online form should be filled correctly and submitted within the specified timeline.

6) Penalties for Non-Compliance:

Failure to file the financial statements within the prescribed timeline can lead to penalties, and the LLP may be marked as a defaulting entity by the RoC.

7) Annual Return Filing:

In addition to the financial statements, LLPs are also required to file an Annual Return with the RoC. The Annual Return (Form 11) contains information about the LLP’s partners, capital, and other statutory details. It should be filed within 60 days from the end of the financial year.

Filing of financial statements is a crucial compliance requirement for LLPs in India. It is essential for LLPs to adhere to the prescribed timelines and provide accurate financial information to the RoC. Non-compliance can result in penalties and may affect the LLP’s credibility and reputation.

G Akshay Associates