LLP Annual Compliance

Compliance of your LLP Make sure your LLP is statutory compliant

Never miss filing annual compliance for your LLP—keep it up to date and functioning with our LLP annual compliance services

Annual Compliances for LLP

Need of LLP

When we put money in, we think it has more benefits and less risk. Similarly when we think about starting a business, we always tackle that medium which benefits us more in less investment and Compliance. LLP is such a one of the medium which provides benefits of two in one unit i.e., company and partnership. I love it! When the Partnership needs to be the corporate and vice versa when one business owner forces the the other at less Compliance.

Structure of LLP

A minimum of 2 people are required to establish an LLP where at least one is resident in India. They are called designated partners. They are having DPIN (Designated partner identification number) and unlike LLP, there is no restriction of minimum or maximum numbers of partners. In LLP one partner is not held liable for the misconduct of the other and their liability shall be limited to that contributed in LLP and written in the LLP agreement. The name of every limited liability partnership must end with the words “LLP”.

Eligibility of Annual Compliance for LLP

You need to meet the annual Compliance filing if are an LLP. So you will have to complete all the mandatory annual compliances of your Limited Liability partnership, in schedule as fixed by it under its rules.

Documents for LLP Annual Compliance filing

One year Compliance require the following documents:

1. The Pan card of the LLP designated partners.
2. Identity Proof of the nominated partners of the LLP
3. LLP agreement
4. Required financial statements.
5. Minutes of meetings.

Process on Filing of Annual Compliances for LLP

Now that we have covered some of the important LLP Returns Filing requirements, let’s take the step ahead i.e returns filing process. Following are the LLP Annual Compliances to be filed as per MCA Rules.

Compliance of LLP

When we hear the word ‘Compliance’ the first thing that strikes our mind is a burden but it is not like this in LLP. The most attractive feature the LLP lures people there lower Compliance than any company. Following parts comprise the filing of LLP Compliance:

1. Statutory Compliances
2. Annual Compliances

Statutory LLP Compliances filing

These are those compliances to which an entity is subjected as per the law and the policies to which it obliges, such as:

Conduct Meetings

1. First General Meeting to be held within 30 days from the date of LLP Incorporation / registration
2. Also an Executive committee meeting shall be held minimum two times a year
3. Summarize the meeting for submission at a later date.

Maintaining Minute Book

From the perspective of a registered LLP, records of the meetings with the Board of Directors are prescriptive.

Maintaining Books of Accounts

A Book of Accounts shall be kept by the Board of Directors with each incorporated LLP.

Audit of Accounts

It needs to be filed compulsorily when the turnover exceeds 40 Lakhs or the contribution of LLP is 25,00,000.

LLP Annual Compliances filing

In the case of Annual Compliance filing, there are three Compliance in all. The other word for this is Mandatory Compliance. It is irrespective of whether any business is carried on there, no activity whatsoever done or noted as such in the financial year, and in case od default will attract a penality of 100 rs per day. The three Annual Compliance for LLP are:.

LLP Annual Returns

For LLP annual return filing, a list of partners and changes therein have to be filed with the Registrar in form 11 within 60 days of closure of financial year.

LLP Statements of Accounts

The statements of Accounts and Solvency shall be filed by the LLP with the Registrar within 30 days from the end of 6 months of its financial year.

LLP Income Tax Returns filing

It will be subjected to the audit position of LLP. That is, the date for filing income tax return is 30-09 if audit applies. Otherwise, it’s “until and unless” the other month 31st.

Once prepared and the required compliances are fulfilled, such documents shall be submitted to the Authority by LLP. Each LLP registered with an LLP must adhere to this as part of the compliance filing on a yearly basis and also before due date. Failure to file the return may attract a disciplinary action by the Authority against The LLP.

How We Help in filing the Annual Compliance for LLP

We are Garudamudra that offer complete solution for filing annual LLP Company compliance. Our services include:

1. Information gathering and the beginning stages
2. Creating the first compliance draft
3. Draft Review and, if necessary, Amendments
4. Filing the Compliance

Garudamudra is one of the best Legal consultancy firm which offers all types of services for LLP Annual Compliance filing.

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