LLP Annual Compliance
LLP Annual Filing is the essential submission of documents and forms to the Registrar of Companies (RoC) by a Limited Liability Partnership (LLP), by the Limited Liability Partnership Act, 2008 and LLP Rules, 2009. Each LLP in India must file its Annual Return (Form 11) within 60 days after the end of the financial year, and its Statement of Account and Solvency (Form 8) within 30 days from the conclusion of 6 months from the financial year’s end. shloktaxwala ensures compliance with these requirements efficiently. Trust shloktaxwala for timely and accurate LLP Annual Filing.
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Overview of LLP Annual Filing
For all Limited Liability Partnerships (LLPs) registered with the Ministry of Corporate Affairs, filing Annual Returns and Statement of Accounts for every Financial Year is mandatory, regardless of whether any business activity has been conducted.
Filing Annual Return: LLPs must submit an Annual Return in Form 11 to the Registrar within 60 days from the closure of each financial year, i.e., by 30th May annually. Form 11 applies to LLPs registered until 30th September 2015. For LLPs registered after 1st October 2015, the return should be filed in 2017.
Filing Annual Accounts: LLPs are required to file their Statement of Accounts in Form 8 with the Registrar of Companies by 30th October each year. Form 8 is applicable to LLPs registered until 30th September 2015. For LLPs registered after 1st October 2015, the Annual Statements should be filed in 2017.
As separate legal entities, LLPs must maintain proper books of accounts, and it is the responsibility of the Designated Partners to ensure compliance by filing an annual return with the MCA each financial year. Notably, LLPs with an annual turnover exceeding Rs. 40 lakh or a contribution exceeding Rs. 25 lakh must undergo mandatory audit by a qualified Chartered Accountant. shloktaxwala emphasizes the importance of adhering to these compliance requirements to avoid legal repercussions and maintain good standing with regulatory authorities.
For all Limited Liability Partnerships (LLPs) registered with the Ministry of Corporate Affairs, filing Annual Returns and Statement of Accounts for every Financial Year is mandatory, regardless of whether any business activity has been conducted. shloktaxwala provides comprehensive services to assist LLPs in meeting these obligations efficiently and accurately.
Advantages of LLP Annual Filing
| Reduce Penalty | Late filing or non-filing of LLP Annual Return or Statement of Accounts and Solvency before the due date will attract a penalty. Therefore the Annual Filing of LLP shall be done timely. |
| Proper Compliance | Proper filling on time can help in proper compliances of the LLP. |
| Better Decision Making | It is the responsibility of the Designated Partners to maintain proper book of accounts and file annual return with the MCA each financial year. |
Registration Process
#1: Annual E-Filing Preparation: Our Compliance Expert at Legal Suvidha Providers will meticulously prepare the necessary documentation in the required forms for your company. This process is based on the financials and performance during the previous financial year, utilizing the documents and information provided by you.
#2: Annual Forms Verification: After the documentation is prepared, our Finance Team at Legal Suvidha Providers will verify the annual e-filing forms, ensuring accuracy and completeness. Digital signatures will be affixed at this stage to authenticate the forms.
#3: File Annual Filing E-Forms: Once the annual e-filing forms are prepared, verified, and digitally signed, we will proceed to file them with the Ministry of Corporate Affairs along with all necessary attachments. Upon successful filing of your company’s annual return, we will promptly inform you of the completion of this process.
Required Documents
#1. Bank Statements: Provide bank statements from 1st April to 31st March of the financial year for all bank accounts opened in the name of the LLP.
#2. Credit Card Statements: Include credit card statements if partners incur expenses on behalf of the LLP.
#3. Purchase and Sale Invoices: Submit invoices for purchases and sales made during the financial year.
#4. Expense Invoices: Include invoices for expenses incurred throughout the financial year.
#5. Tax Returns: Provide copies of GST, VAT, and other applicable tax returns, if any.
#6. TDS Challan: Include a copy of the TDS challan deposited, if applicable.
Frequently Asked Questions
The annual return is a compulsory filing for all LLPs in India, requiring submission to the Ministry of Corporate Affairs along with the necessary documents.
The Statement of Accounts and Solvency is a compulsory filing for all LLPs in India. It includes a declaration on the solvency state by the designated partners and details regarding the assets, liabilities, income, and expenditure of the LLP.
The LLP is required to file two eForms annually: Form 11 for the LLP’s Annual Return and Form 8 for the Statement of Accounts.
The Designated Partners of the LLP are responsible to file LLP ROC Return.
The Annual return of an LLP is due within 60 days of the close of the financial year. The annual return of an LLP is due on or before May 30th of each financial year.
Late filing or non-filing of LLP Annual Return or Statement of Accounts and Solvency before the due date will attract a penalty of Rs.100 for each day of default.