LLP Partnership Annual Compliance

A Limited Liability Partnership (LLP) is a kind of partnership in which all or some partners have limited liabilities. It can so demonstrate elements of both the entity type that includes partnerships and corporations. LLP is seen as a good alternative form of corporate business known to provide individuals with the advantage of the flexibility of a partnership and the limited liability of a company. Thus, an LLP Partnership Annual Compliance is an independent legal entity.

All the Limited Liability Partnership owners have to go for the filing with MCA regularly. For an LLP, Annual Compliance is mandatory and cannot be avoided at any cost. Filing LLP MCA compliance does require you to have knowledge and understanding of the essential forms and documentation.

The Annual Compliance needs you to file the following two LLP forms: 

• Annual Returns

• Statement of Accounts or financial statements 

About LLP ROC Compliance

Unlike other compliances, you are required to take care of the LLP ROC compliance to abide by the law. Failing to do so can result in negative consequences, also penalties and other actions.

Mandatory Compliance for an LLP

There are a few mandatory compliances that a registered LLP need to file with the Ministry of Corporate Affairs (MCA).

The following are the mandatory Mandatory Compliance for an LLP:

1. Filing of Annual Return – LLP Form Number 11

Form 11 or the LLP Annual Return filing is the summarized information related to the amendment of partners and management. The Annual Return in Form 11 is to be filed within 60 days of the financial year closing. It is to be filed on or prior to May 30th of every year.     

1. Filing Statement of Account & Solvency – LLP Form Number 8

It also refers to the filing of Annual Accounts/ / Financial Statements/ Statement of Accounts/ P & L & Balance Sheet. Every LLP is required to ensure proper maintenance of books of accounts. By the end of 31st March every year, there is a need to prepare a Statement of Solvency (Accounts). Also, before the 30th of October every year, there is a need to file LLP Form – 8 with the Registrar of Companies.

Filing mandatory compliance for LLP is a complex task. You can hire Valcus for the same. We are experts in doing the work of filing compliance and assure satisfactory services always. 

LLP compliances after incorporation

Soon after the incorporation of a limited liability partnership, you are liable to abide by the LLP compliances after incorporation in India.

Some of the necessary and common LLP compliances after incorporation are:

• PAN application is to be submitted immediately because it is a mandatory document useful to open a bank account and obtain other documents.

• Bank account opening – for the registered LLP a current bank account needs to be opened on high priority for the business transactions

• Form 8 (Statement of Account and Solvency)

• Form 11 (Annual Return of LLP)

• Filing of Income Tax Return

• Mandatory Audit of Accounts

• KYC of appointed partners

You may require assistance with the LLP statutory compliance along with other documentation. For the same, you can avail of our Limited Liability Partnership (LLP) compliance services. Contact us today!