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LLP Compliance
Maintaining Compliance and Avoiding Penalties for Limited Liability Partnerships
A brief on LLP Compliance
The partners in an LLP must take the responsibility for maintaining a proper book of accounts, filing of Income Tax return, and submitting an annual return with the Ministry of Corporate Affairs on every financial year.
To continue the LLP business, the returns should be filed periodically for maintaining compliance and avoid substantial penalties under the law for non-compliance. Less compliance to be succeeded every year by an LLP as compared to a private limited company, but penalty rates are much higher for an LLP than a private limited company.
LLPs are not needed to audit their books of accounts except where their yearly turnover is more than INR 40 Lakh or if the investments or contribution to the company is more than 25 Lakh. Therefore, it is not compulsory for an LLP to audit its books of accounts if they are under the threshold parameters.
List of Compliances
LLP has a number of compliance, but some of the annual filings are mandatory whether the LLP has begun any business or not.
Click on the folders to read details
Books of Accounts
Books of accounts to be prepared that includes statements of accounts and solvency. The statement of accounts and solvency to be filed in Form 8 attested by the digital signatures of designated partners.
Financial Statements
This includes preparation of general purpose financial statements like balance sheet, income statement, statement of profit and loss and statement of cash flows.
Independent Audit
Statutory audits performed by qualified auditors are conducted in order to report the state of finances and accounts of an LLP to the MCA.
ROC Return Filings
Limited Liability Partnerships incorporated under LLP Act 2008 need to file the LLP Form 8 and LLP Form 11 to report financial statements with the Registrar of Companies.
Income Tax Return
LLPs those are applicable for tax audit are required to file their income tax return each year on or before 30th September. Others have to file till 31st July.
Statutory Registers
All Limited Liability Partnerships are required to maintain certain records about the company in the form of statutory registers.
Timeline and Applicable Penalties
Adhering to correct deadlines is vital to run your LLP smoothly without any interruptions.
Accounts & Solvency
Filed within 30 days from the end of six months of the financial year. Statements are due on or before 30th October each fiscal year.
Annual Return (Form 11)
Filed within 60 days from the end of the financial year. The annual return is due on 30th May every year.
Income Tax Return
If no tax audit is required, the due date is July 31st. For LLPs where tax audit is applicable, the due date is September 30th.
Applicable Penalties
For any noticeable delay in filing of Form-8 and Form-11, a penalty of Rs 100 per day per form will be applicable from the due date of filing.
Documents Required
To prepare the complete compliance of an LLP, the following documents are required by our team:
- PAN card, Certificate of Incorporation and LLP Agreement
- LLP Identification Number
- Digital Signatures of Designated Partners
- Details of Penalties imposed on the LLP, if any
- Contribution of Designated Partners
- Registered office address of the LLP
- Details of Designated Partners
- Bank Statements of LLP current account(s)
- Financial statements duly signed by Designated Partners
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