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Limited Liability Partnerships (LLP) in India are required to fulfill annual compliance obligations under the LLP Act, 2008. These filings are mandatory, even if the LLP has no operations during the year. The process involves submitting key financial and operational details to the Ministry of Corporate Affairs (MCA) and ensures transparency in the company’s activities.
Legal Compliance
Ensures adherence to legal requirements and avoids penalties.
Transparency
Provides transparency regarding financials and operations.
Avoiding Penalties
Non-compliance can attract hefty fines and legal consequences.
Legal Protection
Complying with LLP filing requirements ensures that the Limited Liability Partnership (LLP) remains a legal entity. Failure to file can lead to penalties, fines, or even the dissolution of the LLP.
Maintaining Good Standing
Regular annual filing maintains the LLP’s good standing with the Ministry of Corporate Affairs (MCA), ensuring that the company can carry on its operations without disruptions.
Transparency and Credibility
Filing the required documents annually boosts the LLP’s credibility with stakeholders such as investors, lenders, and customers, showcasing responsible financial management and transparency.
Avoidance of Penalties
Timely filing of annual returns and accounts ensures that the LLP avoids heavy penalties or late fees, which can accumulate significantly if deadlines are missed.
Facilitating Business Growth
Proper annual compliance ensures that the LLP can access credit, take part in government tenders, or attract new business opportunities, as good compliance history enhances business reputation.
Enabling Smooth Audits
Timely filing and maintaining financial records make it easier for LLPs to undergo audits without any legal complications or financial scrutiny from authorities.
An LLP (Limited Liability Partnership) is required to file annual returns with the Ministry of Corporate Affairs (MCA) to maintain compliance with legal regulations. The LLP Annual Return must be filed within 60 days from the end of the financial year, and it includes details of the LLP’s partners and contributions, among other vital business information. There are two main forms that need to be filed as part of the LLP’s annual compliance
Form 11 (Annual Return)
This form contains the summary of the management affairs of the LLP, including details of partners and their contributions.
Due date: Within 60 days from the end of the financial year, typically by 30th May.
Form 8 (Statement of Accounts & Solvency)
This form includes the LLP’s financial statements, including its solvency position.
Due date: 30th October each year.
The due date for filing the LLP Annual Return (Form 11) is within 60 days from the end of the financial year, which is typically 30th May each year.
For Form 8 (Statement of Accounts & Solvency), the due date is 30th October annually.
Timely filing is crucial to avoid penalties and maintain legal compliance for the LLP.
Rs. 100 per day of delay after the due date.
There is no maximum cap on the late fee, so the penalty will keep accumulating until the filing is completed.
LLP Agreement – The original LLP Agreement along with any amendments made during the financial year.
Financial Statements – Profit and Loss account, Balance Sheet, and other financial statements prepared for the year.
Bank Statements – Bank statements of the LLP for the financial year to reconcile financial data.
Details of Contributions – Records showing contributions made by partners during the financial year.
Income Tax Return Acknowledgement – Copy of filed income tax returns for the financial year.
Audit Report (if applicable) – In case the LLP’s turnover exceeds Rs. 40 lakhs or the contribution exceeds Rs. 25 lakhs, an audited financial report is mandatory.
Details of Partners – Updated information of all partners, including changes in partner positions during the year.
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Certain individuals are legally disqualified from being appointed as designated partners in a Limited Liability Partnership (LLP) under the LLP Act, 2008. These disqualifications ensure that only eligible and compliant individuals take on the role.
LLP Annual Filing
LLP annual filing is the process of submitting necessary compliance documents like Form 8 (Statement of Accounts & Solvency) and Form 11 (Annual Return) to the Registrar of Companies (ROC) to maintain the legal status of an LLP.
The two primary forms required for LLP annual filing are:
Form 8 must be filed by 30th October of each financial year, after the end of the financial year.
Form 11 must be filed by 30th May of each financial year.
A late fee of Rs. 100 per day is levied for each form until compliance is met. Continuous non-compliance can lead to heavy penalties and eventual legal action.
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