Annual Compliance for LLP
Avoid serious penalties by submitting your annual LLP compliance returns on time.
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What is Annual Compliances for LLP?
Limited liability partnerships are recognized differently. Consequently, the company has to keep submitting it to the Ministry of Corporate Affairs (MCA) to continue operating. All LLPs, whether professional or not, are required to file an annual compliance report. Two sets of documents must be submitted to comply with an LLP annuity. One is an annual return; The other is for liquidity and accounting issues.
Forms are issued to report each fiscal year’s activities and accounts for the coming year. If the LLP fails to meet the annual compliance rules, an additional fee of ₹ 100 will be charged for each day the filing is delayed till the actual date. Thus, in addition to the order, severe sanctions force the chosen partners to comply with the conditions.
ADVANTAGES
Advantages of Annual Compliance
Higher Credibility
Every company should prioritize compliance. All MCA sites have access to the LLP Master Data, which reflects the LLP’s annual file status. Compliance is an important measure of an organization’s credibility when approving loans or other similar requirements.
Record of Financial Worth
Companies can view the documents provided by the LLP. Thus, the party in question can sign a contract or even check the economic value before embarking on a major project. An interested party can gain economic value and potential by filing the annual LLP.
Maintain Active Status and avoid penalties
If there are years of no annual filing, the LLP may be declared insolvent or insolvent. In addition, the partners are considered insolvent and may be barred from holding any future positions in the LLP or the firm. Therefore, to keep its status current, the LLP has to file. Additionally, LLP avoids significant fees and other penalties by delivering goods on time.
Easy conversion and closure
Annual returns are required in the event that the LLP converts to another company. Change projects are facilitated through frequent compliance reporting. Same if the LLP is closed. The registrar can charge an annual compliance, and LLP renewal fee if necessary, even when the LLP was inactive.
A LIST OF DOCUMENTS
Documents required for ITR filing
PAN Card & COI
The PAN card and the LLP Certificate of Incorporation
LLP Agreement
The Partnership Agreement as well as any addenda, if necessary
Financial Statements
The Designated Partners have legally signed the LLP's financial statement.
Digital Signature
Every Designated Partner must have a DSC.
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Dates by which LLP Annual Compliance filings are due
LLP Form 11 (Annual Return of LLP)
30th May
LLP Form 8 (Statement of Account & Solvency)
30th October
LLP Annual Filing in 3 Easy Steps
1. Respond to Quick Questions
- Our questionnaires take less than 10 minutes to complete.
- Give the essential information and paperwork needed to convert a proprietorship to a partnership.
- Pay using a safe and secure payment gateway.
2. Experts are Here to Help
- Dedicated Relationship Manager
- preparing the necessary paperwork for LLP compliance filing
- Getting the Forms Ready for Submission
- Annual Return Submission
- Statement of Accounts and Solvency Filing
3. Annual Compliance is done!
- All it takes is 4 working days*
Process of LLP Compliances
Day 1 - Collection
- Talking about and gathering fundamental data
- Deliver the Necessary Documents
- Determine the filing deadlines.
Day 2-3 - Preparation
- Preparing the required paperwork
Day 4 onwards - Filing
- Annual Return Submission (Form 11)
- Statement of Accounts and Solvency (Form 8) filing
Explore LLP Annual Compliance Filing
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- All LLPs must file an annual report since their inception. The LLP has to file both forms by the deadline starting at the end of its first fiscal year.
- Every LLP must comply with the yearly requirements, regardless of the volume of transactions, sales, or business activity carried out.If the LLP files beyond the deadline, the government will assess an extra cost of ₹ 100 for each day the delay persists. Furthermore, the amount of an extra fee has no upper limit. The RoC has the authority to strike an LLP from its registration if it consistently fails to comply with yearly LLP regulations. In addition to further charges, LLP and its partners may also be subject to the penalty.
- If the LLP files beyond the deadline, the government will assess an extra cost of ₹ 100 for each day the delay persists. Furthermore, the amount of an extra fee has no upper limit. The RoC has the authority to strike an LLP from its registration if it consistently fails to comply with yearly LLP regulations. In addition to further charges, LLP and its partners may also be subject to the penalty.
If an LLP meets any of the following conditions, its books of accounts must be audited: 1) If the LLP’s turnover surpasses ₹ 40 Lakh; or
2) If the partners’ combined contribution surpasses ₹ 25 Lakh.
Statements bearing the signatures of the partners are adequate if LLP does not meet any of the aforementioned requirements.
The end of each fiscal year determines the LLP compliance deadlines. Every LLP’s fiscal year must end on March 31st. Nonetheless, the month of incorporation determines the length of the fiscal year:
a) LLPs formed between April 1 and September 30: The LLP must complete its fiscal year on March 31 of the following year. Assuming an LLP is incorporated on May 1st, 2018, it is expected to conclude its fiscal year on March 31st, 2019.
b) LLPs that were registered between October 1 and March 31: The LLP may elect to use the end of its fiscal year. For example, if the Limited Liability Partnership (LLP) was established on October 30, 2018, it may conclude its fiscal year on March 31, 2019 or March 31, 2020.
