LLP Form 8: Quick Guide
Introduction
Under the Limited Liability Partnership Act, 2008, there is various compliance which a Limited liability partnership (LLP) has to comply with. One of such compliance is that LLP has to file LLP Form 8 annually. The form is for filing a statement of Account & Solvency with the Registrar. Form 8 is registered with the Ministry of corporate and it is mandatory irrespective of the turnover of the LLP. The said form is to be filed on October 3 of each financial year.
What is LLP
Limited Liability partnership is a partnership with a separate legal entity. It combines the benefit of both the company and organization. It is governed by the Limited Liability Partnership Act, 2008 and Limited Liability Partnership Rules, 2008. It prescribes various forms and compliances to be filed by the LLP Annual filing with the Registrar of Companies (ROC). Since its incorporation LLP has to file various forms with ROC-like annual return in Form 11, Statement of account and solvency in Form 8, etc.
Why Form 8
Form 8 is for filling statement of account and solvency of the LLP with the registrar. The LLP Registration here provides details of financial transactions undertaken by it during the relevant financial year. The LLP also has to declare that: turnover is below or above Rs. 40 lakh; LLP has already filed statement indication the creation of creation of charges or modification or satisfaction in the financial year. And that the partners/ authorized person of LLP have taken reasonable care and responsibility for maintenance of adequate accounting records and accounts preparation.
Details required for the form 8

• Limited liability Partnership identification number
• Name of the LLP
• Address of the registered office of LLP or principal place of business
• Email id of LLP
• Total monetary value of obligation of contribution as on date mentioned
• Date of Statement of account
• Contribution of Partners
• Liabilities of LLP including secured, unsecured loan short-term borrowing, etc.
• Provision for taxation, contingencies, insurance other
• Details of Asset including gross fixed assets including intangible assets, net fixed assets loan and advances inventories trade receivables, etc
• Statement of income and expenditure including income net turnover details and expenses like raw material consumed, power and fuel insurance expenses interest, etc.

Attachments to Form 8

• Disclosure under Micro, Medium enterprises development act, 2006 is mandatory
• Statement of contingent liabilities not provided for if any,
• Others

The process of filing form 8
Process of filing form 8 is easy and straightforward; you can submit your form on the website of Ministry of Corporate Affairs for which you have to visit a site of MCA. Where you have to log in your account, then you can file your form 8. During filing of a form, you have to fill your personal and professional details with supported documents. During filing of form you have to attach some documents like balance sheet and profit and loss account etc. list of required detail is mentioned above you can see that in the above article.
Conclusion
As you saw in the above article that Form 8 is an important filing for an LLP. As Ministry of corporate affairs requires it. You have to submit your form 8 to the MCA. Filing of form 8 is mandatory because you have to submit your annual financial statement to the MCA. In case of failure of filing you may have to face difficulties.