LLP Compliance

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LLP COMPLIANCE

LLP or the Limited Partnership is a hybrid combination of a limited and partnership company. Minimum two partners are required to incorporate an LLP there is no such upper limit.Limited Liability Partnerships are required to file the annual returns within 60 days from the end of the close of the financial year and account statement and solvency within 30 days from the end of six months of the closure of the financial year.

The financial year for the LLPs starts from the 1st of April to the 31st of March. The annual return for the LLPs is due on May 30th while the statement of accounts and solvency is due on the 30th of October of each financial year.Besides the MCA annual return filing, the limited liability partnerships must also mandatorily file the income tax return every year.IndiaFilings provides a comprehensive LLP compliance service that includes annual filing and LLP income tax return filing at a very affordable price point.

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FREQUENTLY ASKED QUESTIONS (FAQS)

What are the annual compliances for the LLPs?

An LLP is supposed to file the LLP annual return in Form 11, the financial statement of the accounts and solvency, and the income tax return.

Is Form 8 mandatory for the LLPs?

The LLP Form 8 or the statement of account and the solvency is to be filed every year by all the LLPs that are registered in India. It is filed with the MCA irrespective of the turnover.

What are the compliances for the partners in an LLP?

The Partners need to comply with the annual return filing with the MCA, filing the statement of accounts.

What is the compliance exemption for the LLPs?

There are many privileges for the LLPs as compared to other companies there are exemptions from maintaining the minutes’ books, statutory register, annual general meeting as well as flexible rates.

Is a board meeting held for the LLPs?

The Board meeting is conducted by the Board of Directors, here no BOD is involved in the LLPs instead the designated partners run the whole business and are also responsible for the compliances.

Why is it necessary for LLPs to comply with the ROC compliance?

The LLPs are corporate entities and are operated by the legal rules and the procedures that are the stated in LLP Act 2008. Irrespective of the turnover the LLPs have to file the annual returns giving details on the management on the financial performance. Any delay in the same attracts a heavy penalty.