Categories: LLP Compliance

LLPs incorporation & Annual Compliances

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LLPs incorporation & Annual event-based compliances

It is a tactful process and it includes a step by step process. LLP is an emerging small business entity practiced in India under a certain act known as the Limited Liability Partnership Act, 2008.
The relaxation of the FDI rules which concerns Limited Liability Partnership has drastically increased the interest amongst certain NRIs and Foreign Nationals.

What are the Limited Liability Partnership Annual Compliances?

Each Limited Liability Partnership registered pursuant to the requirements of the Limited Liability Partnership Act, 2008 is required to send the following forms to the Income Tax Portal/MCA Portal:

Yearly Limited Liability Partnership return – Form 11

With reference to Section 35(1) of the Limited Liability Partnership Act, 2008, all Limited Liability Partnership is expected to file Form 11 with the Registrar of Companies within 60 days of the end of the financial year, i.e. by 30 May 2019.
No & information of the partners and the assigned partners must be entered.
Attachments: descriptions of the Companies/ Limited Liability Partnership’s where the Appointed Partner is the Partner/Director.
To be DSC signed by the Appointed Partner and approved by a licensed practitioner.
Penalties of Rs. 100/-per day for non-filing. There are also other penal regulations.

Yearly filling required for Account Statement and Solvency – Form 8

With reference to Section 34(2) of the Limited Liability Partnership Act, 2008, each LLP shall file Form 8 of the Account & Solvency Statement within 30 days from the end of the six months following the end of the FY and the same shall be filed by due date

- There is no specified format for preparing the financial returns of the Limited Liability Partnership and, therefore, the accounts are drawn up in the format given in Form 8.
- Attachments: Report under the MSME Creation Act 2006, Audited Financial Statements (if applicable), and Declaration of Contingent Liability, where applicable
- Form must be DSC signed by both the Appointed Partners, the Auditor (if any), and the practicing practitioner.
- The penalty of Rs. 100/-per day for non-filing. There are also other penal provisions.

LLP Filling:

Notes: Penalty for non-compliance:

LLP and it’s every partner shall be punishable with a fine of Rs 10000 & maybe extended to Rs 5,00,000.
In the absence of a Limited Liability Partnership Agreement, Schedule I to the Limited Liability Partnership Act, 2008 is applicable.
Every Limited Liability Partnership should mandatorily file E-Form no.3 and E-Form no.4 within 30 days of incorporation failing of which Rs.100/- per day will be charged as additional fees on each Form.

Tags: due date for Annual Return of Limited Liability PartnershipLimited Liability Partnership – Event Based CompliancesLLP annual CompliancePENALTY FOR NON COMPLIANCERegistration of Limited Liability Partnership AgreementStatement of Accounts & Solvency-in case of llp

7 years ago

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.