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Annual Compliances of Limited Liability Partnership (LLP)

Limited Liability Partnership as the name suggests it provides limited liability for the partners who are part of the incorporation. In Limited Liability Partnership registration the partners can enjoy the two fold benefits of liability isolation and as well as to reap the benefits of the business agreement that was proposed during incorporation between the partners. Which provides the best of two worlds for the people who are looking for the above benefits. The main reason why people choose to go with Limited Liability Partnership is that it is a flexible incorporation where the actual partners doesn’t need to face the consequences or mistakes made by any other partners involved. This separate legal entity scenario provides partners with advantage of partnership deed along with the company benefits into one set form.

The following filings make sure that the company is sticking to the rules and everything inside the company is happening by law and is recorded as proof. Failing to do so would lead to the licensing for the LLP company to be cancelled.

It is an serious offense in terms of legal actions if the company does not stay updated with the current law licensing, they would end up paying fine to the government as they failed to keep up the LLP regulations.

At Unilex Consultants we provide you a hassle free compliance process which would be dealt by our professionals within a short time frame and is subjective to governmental processing time. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.

Documents required for Annual Compliances of Limited Liability Partnership (LLP)


LLP agreement

DSC and DIN of Partners

Incorporation Certificate

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OR


PACKAGES


Premium

6999 /-
Inclusive all taxes

Preparation of Statement of accounts
Form 8 and Form 11
DIR 3KYC of 2 DP
IT return filing

Note:

  • The above fees is for a LLP which does not require a audit.

Compliance’s Mandatory for Limited Liability Partnership



  • Filing Annual Accounts :
    • Every LLP is required to maintain the Books of Accounts as per Double Entry System.
    • It also has to prepare a Statement of Solvency (Accounts) every year ending on 31st March.
    • LLP are required to file such Accounts in Form 8 to the Registrar within 30days from the end of 6months of such financial year.
    • The accounts are to be filed on or before 30th October every year.
  • Filing of Annual Return :
    • Every LLP is required to file Annual Return in Form 11 to the Registrar of Companies (ROC) within 60 days from the closure of financial year.
    • An LLP has to close its financial year on 31st March every year.
    • the Annual Returns has to be filed on or before 30th May every year.
  • Filing of Income Tax Returns :
    • Every LLP is required to close its financial year on 31st March every year.
    • As per the Income Tax Act with the Income Tax Department.
    • The LLP whose annual turnover exceeds Rs. 60 lakhs, are required to get their accounts audited under the Income Tax Act provision.
  • Audit :
    • The LLP whose annual turnover exceeds Rs. 40 lakhs.
    • Or whose contribution exceeds Rs. 25 lakhs.
    • They are required to get their accounts audited by a qualified Chartered Accountant.
  • Need For Annual Compliance of LLP :
    • Late filing or non-filing of LLP Annual Return or Statement of Accounts and Solvency before the due date will attract a penalty of Rs. 100 for each day of default.
    • Further, the LLP cannot be wound-up or closed without filing of the return and the penalty doesn’t have a ceiling.
    • Therefore, it is best to file the Annual Return and Statement of Accounts & Solvency of a LLP in time to avoid heavy penalty.

Failing to stay complaint


  • The actual regulations are followed by the Companies Act 2013 and any company failing to stay complaint would result in the company being induced to payable fines based on the type of failure to the law the company had or at certain cases it could even lead to imprisonment.

FAQ’s About Annual Compliances of Limited Liability Partnership

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