What are the compliances for LLP?

All LLPs listed with the Ministry of Corporate Affairs need to file Annual Returns and Statement of Accounts for every Financial Year. It is mandatory for a LLP to file a return irrespective of whether it has done any business. There are three mandatory llp annual filing compliance requirements to be followed.
• Filing of Annual Return
• Filing of Statement of the Accounts or Financial Statements
• Filing of Income Tax Returns

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Why should you carry out the LLP Annual Compliance?

When you go ahead with company registration in India, note that there are a few rules that you must follow pertaining to the type of company incorporation you choose. In the case of a Limited Liability Partnership or an LLP, one of the main rules your company must adhere to is conducting annual compliance. The annual compliance is compulsory and companies that do not conduct the same can be subject to legal action, as per the LLP Act, 2008. Every LLP must file their Annual Returns in Form 11 within 60 days of the closure of a financial year. Additionally, each LLP must also maintain accounts based on the double-entry system and file the same with the Registrar of Companies in Form 8 within 30 days after the first six months of a financial year are completed. Additionally, if the annual turnover crosses 40 lakhs or an LLP receives a contribution within the range of 25-30 lakh.

Benefits of Annual Compliance

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Higher Credibility

Legal compliance is a primary requirement for any business. The status of LLP annual filing is displayed at the Master Data of the LLP on the MCA portal and the same can be accessed by any person. For loan approvals or any other similar requirements, compliance is a major criterion to measure the credibility of the organization. 

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Record of Financial Worth

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. 

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Maintain Active Status and avoid penalties

In the case of consecutive default in an annual filing, the LLP can be declared as defunct or receive default status. Also, the partners can be declared as defaulters and may also be disqualified from their further appointment in LLP or company. Hence, LLP needs to file the return to maintain active status. The regular filing also saves the LLP from heavy additional fees and penalties.

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Easy conversion and closure

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. 

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Easy conversion and closure

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. 

PROCESS FOLLOW

1-2 HOURS
Select Package

At PareekG, we offer a range of packages to suit your needs. Start by selecting the appropriate one, fill out the required forms, or simply speak to our experts online for assistance. 

2-3 WORKING DAYS
Obtain Information and Documents

PareekG professionals will collect the basic Information and required documents and decide the due dates of filing.

4-5 WORKING DAYS
Preparation

PareekG professionals will draft the necessary documents requiredfor the process.

4-5 WORKING DAYS
Submission of Return

PareekG professionals will fill the Annual Return (Form 11) and Statement of Accounts & Solvency (Form 8) online and will share its acknowledgment. 

DOCUMENTS REQUIRED

Minimum Requirements for Private Limited Company

  • PAN Card
  • Certificate of Incorporation of LLP
  • LLP Agreement
  • Financial Statement of LLP duly signed by the Designated Partners
  • DSC of all Designated Partners is required

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  • Issue of Incorporation certificate along with PAN & TAN
  • Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
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  • Name Search Report
  • Name approval in RUN (Reserve Your Unique Name)
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  • Filing Spice Form
  • Issue of Incorporation certificate along with PAN & TAN
  • Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
  • Msme Registration
  • Share Certificate (Soft Copy)
  • GST Registration
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FAQ's

Yes, it is compulsory for an LLP to carry out their annual compliance.
 
Yes, even if no business or revenue was produced, an LLP still has to carry out the annual compliance.
The Income Tax Department or ROC can exercise strict legal action against companies and their partners.
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.
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. For constant failure to annual LLP compliance, the RoC can exclude the name of LLP from its register. Also apart from extra fees, the fine may also be levied to LLP and its partners.
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.
Due dates of LLP compliance are based on the conclusion of every financial year. The Financial Year of each LLP must be finished on 31st March. However, the duration of the financial year depends on the month of its establishment:
a) LLPs registered between 1st April and 30th September: The LLP must finish its financial year on 31st March of the following calendar year. Suppose LLP is filed on 1st May 2018, the same should end its financial year on 31st March 2019.
b) LLPs registered between 1st October and 31st March: The LLP has an alternative to choose the conclusion of its financial year. For instance, if the LLP is registered on 30th October 2018 the same can conclude its financial year either on 31st March 2019 or 31st March 2020.
Newly incorporated LLP has been released from filing the ROC Returns. You can download the llp forms online.
The planned date for filing LLP Form 8 is 30th October of every financial year. Failure to file Form 8 LLP can incur a fine of Rs.100 per day.