Limited Liability Partnership Everything That You Need To Know About Compliance Post LLP Incorporation

Everything That You Need To Know About Compliance Post LLP Incorporation

For the perfect and efficient functioning of the LLP, there are compliances and legal matters that need to be settled.

To file an LLP Agreement:

This agreement looks over the powers and entitlements of the partners and the organization itself. This must be filed to the ministry of corporate affairs in a month. It is very important and necessary for each and every LLP. If the organization fails to file an LLP within a month then they have to pay a hefty fine of 100 rupees a day with no maximum fine limit. Hence care should be taken in matters of filing the agreement.

LLP stationary:

  • LLP seal

For running the LLP, one needs to open an account in a bank. Also, there is a requirement for PAN. But these two things cannot be completed without the company/ LLP seal.

  • Letterhead

To send important information and to communicate, letterhead is an important thing. It is an A4 sized paper with the companies name, registered address and phone number written on it.

  • Book of accounts

These firms/LLPs are required to maintain proper accounts. Every rupee should be accounted for in their books. They can hire accountants for this purpose or use online software.

PAN Card for LLP:

After the LLP is incorporated there is a requirement of applying for a PAN card for the LLP. This can be done online by the submission of an application. Any one partner of the LLP needs to sign the application and send it to the NSDL office. After that, you will receive your PAN card for the LLP.

Bank Account opening for LLP:

The following documents are required for opening of an account for the LLP:

  • Photocopy of the agreement of the LLP.
  • Photocopy of the document of incorporation.
  • Photocopy the registration certificate provided by the ROC.
  • Photocopy of bank account opening resolution.
  • Signature of authorized partners of the LLP.
  • Photocopy of PAN.

For an LLP to appoint an auditor to audit the accounts that particular LLP must have more than forty lakhs of turnover. The LLPs must also file the return within two months of the closing of the fiscal year. Also, the solvency with a month after six months has passed from the previous fiscal year. As always, there will be a 100 rupees fine per day if the return is not duly filed.

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