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Annual Compliance of LLP

2450* Basic Package

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Overview

Annual compliance for LLPs

A limited liability partnership in India has separate compliances. It is completely different from other types of entities. It enjoys some benefits, such as:

1) They are a separate legal entity

2) LLPs can buy, sell, and the movable and immovable assets

3) They have the power to sue and to be sued

4) LLPs can open their bank account

5) They have the power to employ a person

6) LLPs can enter into any type of legal contracts

An LLP is separate from all its partners and has perpetual succession. Thus, as an LLP, a company needs to ensure its active status by regular filing with the ministry of corporate affairs. Any LLP registered in India must file annual filings with MCA. Whether you are having a business or not, if you are registered under the LLP registration, you must file all the annual filings. The LLP Annual compliances require filing two separate forms. One is the annual return form, and the other one is for the statement of account and solvency.

All these forms are filed to report the activities and transactions of an LLP in every financial year. If any LLP fails to file the annual compliances, then they will be held liable to pay a penalty of INR 100 for each day of delay. Thus, every LLP in India must file annual filings to avoid penalties.

Major compliance of LLP

Annual return filing:  

An LLP registered in India must file MCA annual return for every financial year. It includes form 8 and forms 11. 

Form 8- 

This form must be filed within 30 days at the end of six months of every financial year. While filing this form, the partners must provide their digital signatures. The chartered accountants should also certify it.

Form-11- 

It is a form that contains detailed information about the total number of partners, contribution received from them, details of the body corporate as a partner. All the LLPs registered in India should file this form within sixty days from the closing of a financial year. The due date to file this form is 30th any of every year.

Note- 

If any LLP fails to file, these compliances will be held liable to pay INR 100 for each day of delay.

Perks of Annual MCA LLP Filing

Increase in credibility:

Legal compliances are one of the essential requirements for any business. The status of LLP annual filing is accessible at the master data of a Limited liability partnership in the MCA portal. Thus, the same can also be accessed by creditors. It makes it easier for investors to analyze your status. So, if you maintain all the compliances, it will help you increase your creditworthiness.

Report on the financial worth of the LLP:

All the forms filed by the LLPs are easily accessible to anyone in the MCA portal. Hence, the companies that are about to enter into any contracts or major projects can inspect the financial worth before investing. Thus, the LLP annual filing helps other parties access the report about the financial worth.

Ensuring the active status 

If any LLP fails to file the annual compliances for consecutive years, It will be declared as inactive/defunct. In such cases, the partners also may be declared as defaulters. They would be disqualified from a further appointment in LLPs. Thus, it is crucial that all the LLPs must file their annual compliances.

Avoid penalties:

If any LLP fails to file its annual compliances, then it will be held liable to pay a penalty of INR 100 for each day of delay. Thus, it would be best if all the LLPs file their annual filing within the prescribed date.

Easy conversion and closure of LLPs:

The annual filings are essential when an LLP wants to convert into any other organization. The regular record of filing makes the conversion process easier and simpler. Similarly, in the case of winding up an LLP, the registrar will ask the entity to clear all the compliances before wrapping up. Thus, it is necessary to file the annual compliances on time.

Document Required

Pan Card- 
  • All the LLPs must provide their PAN for annual filing with MCA. The copies of the pan card must be attached to the form.
LLP agreement-
  • The LLPs will also have to provide a copy of the LLP agreement. If there are any other agreements, they should provide copies of such agreements during annual filing.
Incorporation documents-
  • It includes the certificate of incorporation of the LLP.
Financial statement- 
  • The LLPs will also have to provide the entity's financial statement with attestation from the designated partners.
Digital signature- 
  • The LLP must provide the digital signature of the partners in the entity.

Time Lines

  • (3 to 5 Days)
  • Purchase the Service
  • Upload / send the Documents
  • Discussion with expert
  • Filing of application with registrar authorities
  • Receipt of Registration Certificate
  • Confirmation to client

Service Covered

Pricing for what you want required service

Basic

2450*
  • Expert Consultation
  • Filing of Form 8
  • Filing of Form 11

Business

3950*
  • Expert Consultation
  • Filing of Form 8
  • Filing of Form 11
  • Filing of LLP ITR

Enterprise

5950*
  • Expert Consultation
  • Filing of Form 8
  • Filing of Form 11
  • Filing of LLP ITR
  • Filing of Partners ITR upto 2
  • Notes:
  • * This price is inclusive of all Govt filing fee and excluding GST amount.

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