LLP Compliances

Q: What is the LLP Annual Filing?

LLP is a partnership with limited liability. Every ministry which is registered with the Ministry of Corporate Affairs requires filing the Annual Returns and Statements of Accounts every year and that is annual filing for LLP.

Q: What are the mandatory compliances of LLP?

There are mainly three mandatory compliances associated with every LLP at any financial year: Annual Return of LLP (Form 11) Financial Statements of the LLP (Form 8) Income Tax Returns Filing

Q: What is the Audit Requirement for LLP?

As per the audit under LLP Act, only those LLPs whose annual turnover exceeds Rs. 40 lakhs or if their contribution exceeds Rs. 25 lakhs are required to get their accounts audited.

Q: What are the due dates for filing Statement of Accounts and LLP Return Filing?

Annual Returns is required to be filed in Form 11 to the Registrar within 60 days from the Financial Year closure, i.e., before 30th May every year by every LLP. Form 8 is to be prepared and closed until 31st March, every year.

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About

Limited Liability Partnershipss

Limited Liability Partnerships (LLP) is a type of business entity sharing features of a partnership firm and a company. LLPs are regulated by the Registrar of Companies, the Ministry of Corporate Affairs. An absolute legal entity separate from its partners and perpetual succession, some major benefits and powers enjoyed by LLPs are:

LLPs must maintain compliance and file certain statutory filing with the government (annually).

Book of Accounts

All LLPs are required to maintain proper books of account relating to its affairs each year on a cash or accrual basis. A double entry system of accounting must be maintained for the book of accounts at the registered office. The accounts of LLPs with a turnover of more than Rs. 40 lakhs or with a capital over Rs. 25 lakhs, must be audited by a Chartered Accountant.

Any LLP that does not comply with the provision of the Act is punishable with a hefty fine between Rs. 25,000 – Rs. 50,000. The designated partners can be punished with a Rs. 10,000 – Rs. 1,00,000 non-compliance penalty.

Statements to Furnish for LLP Annual Fillings

Form 11 is a statement of Annual Returns and is due within 60 days of the close of any financial year with a prescribed fee. This form contains details of the number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners. Due date for filing LLP form - 30th of May each year.
Form 8 is the statement of account and every LLP is required to prepare and close its accounts until 31st March every year. This form is to be filed by at least two designated partners with the Registrar within 30 days post completion of the financial year, i.e., 30th of October every year. Late filing for any form attracts a Rs. 100/day penalty.

LLP Compliances

LLP Compliances

LLP Compliances

About

Limited Liability Partnershipss

Book of Accounts

Statements to Furnish for LLP Annual Fillings

Frequently Asked Question

What is the LLP Annual Filing?

What are the mandatory compliances of LLP?

What is the Audit Requirement for LLP?

What are the due dates for filing Statement of Accounts and LLP Return Filing?

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