Limited Liability Partnership

Limited Liability Partnership

    About Service
Limited liability partnerships(LLP) registered with the Ministry of Corporate Affairs are required to fulfill certain compliances such as filing of annual returns and statement of accounts for every financial year. They do not have as many compliances as private limited companies but a failure to follow the compliances attracts penalties as huge as Rs. 5 lakhs for them.
 Timeline: 10-15 Working days
 Package Inclusions
  • Accounts & bookkeeping
  • Statements of accounts & solvency
  • Income Tax Returns filing(ITR)
  • Secretarial services
  • TDS calculations
  • Employee payrolls
 Documents Required
  • Company documents
  • Company bank account statements
  • KYC of designated partners
  • Memos of expenses, purchase etc
  • Balance Sheet/PL Statement
  • Other relevant information(if required)
 Process Details
  • Maintainence of accounts
  • ITR return
  • Filings for compliances
 Key Advantages
  • Avoid Criminal Charges- Partners of LLP should keep all the compliances in check to avoid likely criminal charges for its negligence
  • No Penalty- Remove chances of heavy penalty for non compliance
  • Positive Reputation- Maintain a highly reputed name for your organisation by avoiding getting into any sort of legal troubles and cases
  • Higher Productivity- Compliances like employee benefits helps in maintaining loyalty and promote a good working environment in the organisation
 FAQs
  1. What is Limited Liability Partnership(LLP)?
    A Limited Liability Partnership (LLP) is a partnership in which the partners have limited liabilities. It therefore exhibits elements of partnerships and corporations. In a LLP, one partner is not responsible or liable for another partner's misconduct or negligence.
  2. What is LLP Agreement?
    A limited liability partnership agreement is a contract made between the members of a LLP to establish a fair relationship between them and to protect their investment. The LLP itself is typically also a party to the agreement.
  3. What is statement of accounts and solvency?
    The Statement of Accounts and Solvency is a mandatory filing that is required for all LLPs in India. The Statement of Accounts and Solvency contains a declaration on the state of solvency of the LLP by the designated partners and also information related to the statement of assets and liabilities and statement of income and expenditure of the LLP.
  4. What is the due date for filing LLP return?
    The Annual return of an LLP is due within 60 days of close of financial year. Annual return of an LLP is due on or before May 30th of each financial year.
  5. What is the penalty for not filing returns?
    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.

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