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Annual Compliances For LLP Registration
| LLP Form 2 Submission | Annual Return Filing |
| Income Tax Return Filing | Other Secretarial Compliance |
* Stamp duty Extra for States: Punjab, Kerala, Madhya Pradesh, Sikkim
* Package includes one time application of Name approval.
No Additional Government Fees
No Govt. Fees
Annual Compliances for LLP in India
Need of LLP
When we invest our money we always think that it gives more benefits with less risk in the same way when we plan to start our business we always chooses that medium which gives more benefits in less investment and compliances. An LLP is one of the medium it gives the benefits of two entities at one time i.e. company as well as partnership. As a company it gives the corporate entity to the business and as a partnership it imposes less compliance.
Structure of LLP
Minimum two individual required to form a limited liability partnership in which one must be resident of India, they are known as designated partner and holding a DPIN (Designated partner identification number) and there is no limit on the maximum numbers of partners. Under LLP one partner is not responsible for the misconduct of other partner and their liability is limited up to the amount contributed in LLP and written as per LLP agreement. Every limited liability partnership shall use the word LLP at the end of its name.
Checklist details for Filing of Annual Compliance
- Annual returns require to be filed with the Registrar of Companies (ROC).
- Annual returns to be accompanied and filled up as per the prescribed format of LLP Form 11
- This is needed to be filed within 60 days from the close of the financial year. This could be done on the 30th of May of each year.
- The LLP annual compliance ought to be met by every registered LLP, even if there is no marketing activity. It has to be also obtained if the LLP has been closed down and whether or not a business bank account exists.
Timeline:
- LLP Annual Filing: We require filing a necessary annual return for LLP with MCA and maintaining yearly compliance.
- Annual Return Preparation: Need to make Annual return based on the financials and production during the previous financial year.
- Annual Return Verification: Needed to prepare Annual Return based on specifications submitted and send for confirmation and approval.
- Finalization: After endorsement, file Annual Return with the Ministry of Corporate Affairs adjacent to the necessary appendages.
What are the necessary compliances of LLP?
There are 3 compliances that are necessarily needed for every LLP to comply for any financial year.
- Annual Return
- Financial Statements of the LLP
- Income Tax Returns Filings.
Do I still need to file returns even if I do not take up any business in a particular year?
Yes, every LLP has to mandatorily file Annual Returns and financial statements with the Ministry even if they are not doing any business.
What is the Audit Requirement for LLP?
Only those LLP whose annual turnover exceeds Rs. Forty lakhs or whose capital contribution exceeds Rs. 25 lakhs
When it gets end of the first Financial Year of the LLP?
Due dates of LLP compliance are based on the closure of each financial year. Financial Year of every LLP must be closed on 31st March.
a) LLPs registered between 1st April and 30th September: The LLP must close its financial year on 31st March of next calendar year.
b) LLPs registered between 1st October and 31st March: The LLP has an option to choose the end of its financial year.
What should I do if it is seen as status of SRN is 'Sent for Resubmission?
You are required to re-submit your E-Form to rectify the incompleteness pointed out by the concerned MCA office.
How long does it need to register an LLP?
With Impulse Advisor, you can get your Company registered quickly within 15-35 working days after you have uploaded all your documents.