LLP Annual Compliance- An Overview
Annual compliance is an important aspect of running a Limited Liability Partnership (LLP). Failing to comply with the legal requirements can result in penalties, fines, and even legal proceedings. It’s essential to stay informed about the latest regulations and laws that apply to your LLP and take the necessary steps to remain compliant. We’ll discuss some of the key compliance requirements that LLPs need to be aware of.
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- LLP Form 11 (Filing of Annual Return): LLPs are required to file an Annual Return in Form-11 with the Registrar of Companies (RoC) every financial year. The Annual Return must contain information about the partners, designated partners, and other important details about the LLP. The deadline for filing the Annual Return is 30th May of the following financial year.
- Maintaining Books of Account and Audit requirement: LLPs are required to maintain proper books of account, including ledger, cashbook, and journal. Limited Liability Partnerships are not required to audit their books of account except where their annual turnover is more than Rs.40 lakhs or if the contribution is more than Rs.25 lakh. Hence, an LLP is not required to get their books of account audited if it fulfils the above-mentioned condition, making the process of annual filing simpler.
- LLP Form 8 (Filing of Financial Statements): LLPs are required to file their financial statements in Form- 8 with the RoC annually. Form 8 must be attested by the signatures of the designated partners and should also be certified by a practising CA/CS/CMA. Failing to file, the statement of accounts & solvency report within the specified due date will lead to a fine of Rs.100 per day. The due date to file Form 8 is October 30 of every financial year.
- Income Tax Filing: LLPs must file income tax returns within stipulated time. The deadline to file the tax return for an LLP which is required to get his books audited is September 30th. For LLPs where tax audit is not required deadline, the due date for tax filing is July 31st.
- DIR- 3 KYC: All the designated partner must file form DIR-3 KYC with the MCA within 30th September each year, otherwise their DIN will be deactivated and Rs. 5,000 penalty will be levied.
In conclusion, annual compliance is an important aspect of running a LLP. By staying informed about the latest regulations and laws and taking the necessary steps to remain compliant, LLPs can avoid penalties, fines, and legal action. It’s also a good idea to seek professional advice from a chartered accountant or a legal expert to ensure that your LLP is in compliance with all relevant laws and regulations. By doing so, LLPs can maintain good standing with the government, improve their reputation, and ensure their long-term success.
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Our expert will ensure that your LLP is in compliance with all relevant laws and regulations.
What will you get?
Form 11 Filing
Financial Statement
Audit
DIR-3 KYC
Income Tax Filing
Form 8 Filing
Documents Required for Annual Compliance of LLP
Incorporation Documents
Bank Statement
Accounts if Available
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Benefits of LLP Annual Compliance
Maintains good reputation
Complying with the legal requirements shows that a LLP is responsible, reliable, and operates within the law. This helps to maintain a good reputation with customers, suppliers, shareholders, and other stakeholders.
Avoids legal penalties
Failing to comply with the legal requirements can result in severe consequences such as fines, penalties, and even legal proceedings. By filing annual compliance, a LLP can avoid these penalties and maintain good standing with the government.
Maintains credibility
Filing annual compliance helps to demonstrate that a LLP is financially stable and transparent, which in turn helps to maintain credibility with customers, suppliers, and other stakeholders.
Attracts investment
Investors are more likely to invest in a LLP that is financially stable, transparent, and operates within the law. By filing annual compliance, a LLP can demonstrate these qualities, making it more attractive to investors.
Increases transparency
Filing annual compliance helps to increase transparency by providing important financial and business information to the government and other stakeholders. This information can be used to make informed decisions about the LLP 's future.
Protects the LLP
By complying with the legal requirements, a LLP can protect itself from legal action and ensure that its operations are in line with the law. This helps to reduce the risk of potential lawsuits, which can be costly and time-consuming.
How we work?
Step 1: Consultation with Expert
Step 2: Preparing the Documents
Step 3: Filing Returns
Step 1: Consultation with Expert
Our expert will call you after your contact form submission, then after consultation you will submit all the required documents to us for further processing.
Step 2: Preparing the Documents
After your documents submission we will prepare the financial statements and draft all other documents etc.
Step 3: Filing Returns
After getting audited financials we will file the required forms with MCA and Income tax dept.
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Frequently Asked Questions
Limited liability partnership is a partnership with limited liability. Every LLP which is registered with the Ministry of Corporate Affairs have to file the Annual Returns and Statement of Accounts every year and that is annual filing for LLP.
Yes, every LLP has to mandatorily file Annual Returns and financial statements with the Ministry even if they are not doing any business. It is a compulsory requirement of law that even NIL returns should be filed.
There are mainly 4 compliances which are mandatory for every LLP to comply for any financial year. Form-11, Form-8, DIR-3 KYC and Income Tax Returns Filings.
Only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited.
Due date of Filing of Annual Return (Form 11): On or before 30th May every year. Due date of Filing of Statement of Accounts (Form-8): On or before 30th October every year.
Income Tax Return: Every LLP has to file Income Tax Returns every year. The last date for filing of return for LLP is 31st July every year. However, any LLP under tax audit is required to file its Income tax return by 30th September.
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