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Annual Compliance for Limited Liability Partnership

Online Legal India LogoBy Online Legal India Published On 21 Dec 2020 Updated On 06 Jan 2023 Category Limited Liability Partnership

Limited Liability Partnership Compliance doesn't end with venturing into startups certain procedural matters need to be completed to ensure the smooth functioning of the LLP. As the overall Compliance requirement for an LLP is less cumbersome when compared to the post-incorporation so compliances are required for a company. Where there are some other registrations like shops and establishment, professional tax, GST registration, activity-based licenses etc. is required. However, since LLP is a separate artificial judicial entity, care must be taken to ensure LLP compliances are being completed on time to avoid heavy penalty. This article focuses chiefly on various LLP compliances, and how to ensure you meet all of them.

Annual Compliance for Limited Liability Partnership

  • Books of Account: All LLPs must ensure they maintain the right documentation by having proper account books that contain accurate information regarding all financial transactions.
  • LLP Annual Filing: Annual Compliance measures for LLPs require them to file two annual returns every year, in the name of Form 8 and Form 11.
  • Form 8: At least two designated partners must sign Form 8 and get it certified from a working CA, Company Secretary, or cost accountant. t consists of two parts which are as follows;

                   i.Part A – Solvency Statement

                   ii. Part B – Statement of Accounts, Income, and Expenditure

  • Form 11: Form 11 for LLPs contains details regarding the number of partners, their contribution, details of corporate bodies that are partners, and an overall summary.

What are the forms required to be filed for Annual Compliances?

Form 11: Form 11 is a statement of annual return. Which is required to file Annual Return in Form 11 and also should Register within 60 days from the closure of the financial year i.e. Annual Returns have to be filed on or before 30th May every year.

Form 8: Form 8 is a statement of accounts. Which is required to prepare and close its accounts until the 31st of March every year. From 8 is to be filed by at least two Designated Partners with the Registrar within 30 days after completion of six months of Financial Year.

What is the Due date to file forms?

Limited Liability Partnerships should mandatorily file their Statement of Account & Solvency within thirty (30) days from the end of six (6) months of the financial year and Annual Return within sixty (60) days from the end of the financial year.

How can we help you?

These compliances can be made online you can file your application online on the official website of Online Legal India™. Our expert team of highly qualified CA/CS and 10+ years of experienced lawyers would assist you to comply with the legal filings of Limited Liability Partnerships. We have budgeted services for those who are willing to venture into a company, business or any other kind of organization. 

 Apart from getting registered with MCA, any business personnel must also register with GST, TAX and Compliances, Accounting, Trademark Registration, or creative assistance in Logo Designing and Import Export Code registration to step a foot forward in the Foreign market. To deliver your digital assistance we have the best minds in the industry for your business incorporation, our concierge work round the clock to give you hassle-free Limited Liability Partnerships (LLP) Registration online.

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