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Limited Liability Partnership Annual Compliances
Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business organization that is simple to maintain while at the same time providing limited liability to the owners. The government is nowadays increasing the compliances and disclosures for a Company form of structure as well as for LLP structure. People are choosing LLP form for their businesses as it has simple and less complex compliances. But one should be very attentive and active about the compliances of LLP as most of its Form attracts per day penalty of Rs. 100/- till the actual date of filing. Annual compliance filing is mandatory for any LLP, whether having a business or not.
ComplianceIndia can help you understand how to register and maintain Annual Compliances of LLP in India quickly and hassle-free.
Forms required to file for LLP Annual Compliance
|Forms||Purpose of filing|
|LLP Form 11||:||Annual Return of LLP|
|LLP Form 8||:||Statement of Account & Solvency|
|DIR – 3 KYC||:||KYC of the Company Designated Partners / Partners|
Advantages of Annual Compliance
– In case an organization take after every single lawful arrangement of the Act in a moral way, it implies it keeps up straightforwardness among open and makes a picture of moral organization in brains of open, administrative and government.
– As these reports are recorded with Government specialists and ensured by experts, it can make more certainty to the general population about the Company and builds up a decent picture according to other stakeholders.
– The forms filed by the LLP are accessible by companies. Hence, while entering into contracts or major projects, the concerning party may also inspect the financial worth. LLP annual filing provides the record of its financial worth and capacity to an interested person or party.
– For conversion of the LLP into any other organization, annual filing is very essential. The regular compliance records ease the conversion task. The same applies in case of closure of LLP. Even if the LLP was non-operational, the Registrar may ask to fulfill annual compliance, with additional LLP filing fee, if applicable.
– With Compliance of Annual filings, the Credibility of LLP Increases.
– It avoids lawful results of extra expenses, penalties, punishment and detainment.
– Improves chances of getting loans from banks or financial institutions.
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Frequently Asked Questions
1. It is compulsory for an LLP to carry out annual compliance?
Yes, it is compulsory for an LLP to carry out their annual compliance.
2. What if LLP has no transactions during the year? It still liable to follow all the above compliances?
Yes, even if no business or revenue was produced, an LLP still has to carry out the annual compliance.
3. Whether Annual Filing is required for the LLPs?
LLP Annual Filing is required for every LLP since its establishment. From the closure of its initial financial year, the LLP must file both the forms within the designated time limit. The annual compliance is compulsory for every LLP, irrespective of the number of transactions, turnover, or business activity undertaken.
4. What is the fine for non-filing/delayed filing of annual compliance forms for LLP?
In case of delay in filing, the LLP is charged with an extra Government fee of Rs 100 for every day of delay. Also, there is no ceiling limit to an extra fee.
5. Is Annual Return needed to be filed by a LLPs?
Every LLPs needs to file an annual return. The annual return is also available for public inspection once payment of prescribed fees is made to the Registrar.
6. What are the annual compliance requirements for a LLP?
LLPs are required to file an annual filing with the Registrar each year. However, if the LLP has a turnover of less than Rs. 40 lakhs and/or has a capital contribution of less than Rs. 25 lakhs, the financial statements do not have to be audited.
7. Whether the Audit of Financial Statements is needed for LLP RoC filing?
The audited books of accounts are required for the LLP falling below any of the below-mentioned criteria:
1) If the turnover of the LLP surpasses Rs. 40 Lakh; or
2) Total contribution of Partners surpasses Rs. 25 Lakh. If LLP does not fall below any of the above criteria, statements with the signature of partners are adequate.
8. When should I file my annual report with ROC of an LLP?
LLPs in India must file its Annual Return within 60 days from the end of close of financial year and Statement of Account & Solvency within 30 days from the end of six months of close of financial year. Unlike Companies, LLPs mandatorily have to maintain their financial year, as April 1st to March 31st. Therefore, LLP annual return is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year. In addition to the MCA annual return, LLPs must also mandatorily file an income tax return every year.