LLP Modified Settlement Scheme, 2020 The Ministry of Corporate Affairs introduced a settlement scheme for Limited Liability Partnership (LLP) to allow the delayed filing of forms with an additional fee limit capped at Rs. 5,000/-, effective from 16th March 2020 until 13th June 2020. The scheme aimed to promote compliance among LLPs who failed to file the form within due time and provide a one-time opportunity to complete pending compliances with lower fees. However, the Ministry of Corporate Affairs introduced a new LLP Modified Settlement Scheme, 2020 (LMSS, 2020) to modify the existing settlement scheme, allowing completion of due compliances until 31st August 2020 without payment of an additional fee, providing a boon in the Covid-19 pandemic situation for LLPs to complete all their charges without paying any additional fees and waiver of per day penalty. This is an excellent endeavor by the Central Government to promote the completion of all pending compliances by LLPs at normal fees. So, let's understand the pros and cons of the boon LMSS 2020 as provided by the Government: Eligibility Criteria The LLP Modified Scheme is applicable to all Defaulting LLPs. Defaulting LLP means all LLP who has made default in filing forms. In other words, forms are due for filing but have not been filed by the LLP. However, such forms can only be filed by the LLP only if the status of the LLP is active at the MCA portal. The following LLP cannot avail of the benefit of the LLP Settlement Scheme unless their status is changed to active: LLP under the process of striking off LLP Struck off /Defunct LLP LLP which has filled Form 24 for striking off its name Which forms can be filed The following forms which are due by 31.08.2020 and have not been filed by the LLP can be filed under the LLP Modified Settlement Scheme: Form-3: Filing of new/modified LLP Agreement Form-4: Filing of notice for appointment/resignation/change in designation of Designated Partner / Partner or consent to become Designated Partner / Partner Form-5: Notice for change in name Form-8: Filing of Statement of Accounts and Solvency Form-11: Annual Return of LLP Form-12: Intimation of Address for Service of Documents Form-15: Change of Registered office Form-22: Filing of Order of Court/ Tribunal/ CLB/ Central Government Form-23: Application for direction to Limited Liability Partnership (LLP) to change its name Form-27: Form for filing of registration of particulars by foreign LLP Form-29: Form to be filed by Foreign LLP Form-31: Application for compounding of Offence Payment of Fees The person availing benefit under the scheme is required to make payment of only normal fees. No additional fee or penalty shall be levied for all forms due by 31st August 2020, and the same has been filed on or before 30th September 2020. Immunity Certificate Every LLP filing form till 30th September 2020 will automatically be covered under the LLP Modified Settlement Scheme, and no indemnity bond is required to be filed for avail immunity under LMSS. Benefits [...]