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FAQs  Annual Declaration


When must this Annual Declaration be lodged?

The first Annual Declaration must be lodged within 15 months from the date of registration. Subsequent declarations must be lodged once in every calendar year but not more than 15 months after the date of the last declaration.



Does a LLP need to have a financial year end (as compared to company, we have to file the annual returns within 6 months for financial year end)? If not, do we decide when to file the Annual Declaration on solvency other than the initial 15 months for reg

The LLP Act does not prescribe the requirements for financial year end as it does not prescribe financial reporting. However the law requires annual reporting of solvency status and it is very likely that financials have to be prepared in order to ascertain the solvency status. The first annual declaration must be submitted within 15 months from the date of the registration of the LLP. Subsequent declarations must be submitted within 15 months from the date of the last declaration but at least once in each calendar year.



Annual Declaration - if it is insolvent, is it an offence to continue trading? - does it affect the LLP status of the partners i.e. unlimited liability of partners?

Like the Companies Act, the LLP Act prohibits one from trading if he is a party in the contracting of a debt and he has no reasonable ground of expectation of being able to pay the debt. It is also an offence to carry on trading if it falls within the scope of fraudulent trading. One may face criminal sanctions as well as personal liability for the debts incurred, if convicted.



Annual Declaration of Solvency - what if the Declaration shows LLP is insolvent. - does that mean the liabilities of LLP will be unlimited when operating during insolvency period? - can LLP continue operating for next few years whilst it is still insolve

Like the Companies Act, the LLP Act prohibits one from trading if he is a party to the contracting of a debt and he has no reasonable ground of expectation of being able to pay the debt. It is also an offence to carry on trading if it falls within the scope of fraudulent trading. One may face criminal sanctions as well as personal liability for the debts incurred, if convicted.



When submitting the annual declaration is there any financial statements e.g. Balance Sheet, profit and loss that need to be signed and scanned to ACRA, regardless whether the LLP is solvent or insolvent.

The manager has to submit the Annual Declaration via an online transaction. No other documents is needed to be attached to the Annual Declaration.




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