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
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.
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.
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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