Statement of Account and Solvency
Every Limited Liability Partnership (LLP) in India is required to maintain proper financial records and submit an annual declaration regarding its financial position. The Statement of Account and Solvency is one of the key annual compliance requirements under the Limited Liability Partnership Act, 2008. This statement provides details of the LLP’s financial status and confirms whether the LLP is capable of meeting its financial obligations.
At N D Savla & Associates, we assist LLPs with the preparation and filing of the Statement of Account and Solvency (Form 8) with the Ministry of Corporate Affairs (MCA). Our team ensures that all financial information is compiled accurately and the filing is completed within the prescribed time limit to avoid penalties.
What is Statement of Account and Solvency?
The Statement of Account and Solvency is an annual return filed by LLPs that contains financial information for the relevant financial year. It includes a declaration by the designated partners stating that the LLP is solvent and capable of meeting its liabilities.
The statement typically includes:
Details of assets and liabilities of the LLP
Income and expenditure statement for the financial year
Declaration regarding the solvency of the LLP
Financial disclosures required under LLP regulations
This filing helps maintain transparency and ensures that LLPs comply with financial reporting requirements under the MCA framework.
Filing of LLP Form 8
The Statement of Account and Solvency must be filed with MCA using LLP Form 8. The form must be digitally signed by the Designated Partners of the LLP and, in certain cases, certified by a practicing Chartered Accountant, Company Secretary, or Cost Accountant.
Before filing Form 8, LLPs must ensure that proper books of accounts are maintained and financial statements are prepared for the financial year.
Due Date for Filing Statement of Account and Solvency
The due date for filing LLP Form 8 is 30th October every year for the financial year ending on 31st March.
LLPs must complete this filing annually to remain compliant with MCA regulations. Delays in filing may attract additional fees and penalties.
Importance of Filing Statement of Account and Solvency
Timely filing of the Statement of Account and Solvency ensures that the LLP remains compliant with statutory requirements and avoids unnecessary penalties. It also reflects the financial discipline of the LLP and ensures that the financial position of the business is properly disclosed.
For businesses, maintaining accurate financial records and completing annual LLP filings on time helps build credibility with banks, investors, and regulatory authorities.
Our LLP Form 8 Filing Services
At N D Savla & Associates, we provide complete support for LLP annual compliance and Form 8 filing, including:
Preparation of financial information required for Form 8
Review of LLP financial statements
Filing Statement of Account and Solvency (LLP Form 8) with MCA
Compliance advisory under LLP regulations
Assistance with annual LLP filings and documentation
Our team ensures that LLPs complete their compliance requirements efficiently and without delays.
F.A.Q.
The Statement of Account and Solvency is an annual filing that provides details about the financial position of an LLP and confirms whether the LLP is capable of meeting its liabilities.
The statement is filed with MCA using LLP Form 8.
The due date for filing the Statement of Account and Solvency is 30th October each year for the financial year ending on 31st March.
The form must be digitally signed by the Designated Partners of the LLP and may require certification by a practicing professional such as a Chartered Accountant, Company Secretary, or Cost Accountant.
Late filing of Form 8 results in additional fees and penalties. Continuous non-compliance may also lead to legal and regulatory complications for the LLP.
Yes. A professional firm like N D Savla & Associates can help prepare the financial information, review the documentation, and file the form with MCA to ensure proper compliance.
