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LLP Compliances

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LLP Compliances

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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:

Buying, selling and holding of a movable, immovable, tangible or intangible assets
Separate legal entity
Power to open bank accounts

Power to sue and be sued
Power to employ persons
Power to enter into every type of legal contract

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.

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