Annual Compliances For LLP

Every LLP registered in India needs to comply with the annual return filing requirement each year. A business registered as a Limited Liability Partnership in India must file its annual return within 60 days from the end of financial year. The Statement of Account and Solvency must be filed within 30 days within 6 months from the end of a financial year.

An LLP is also required to file the ITR or Income Tax Return each year. The due date to file the annual return is May 30 and the due date to file the Statement of Account and Solvency is October 30. Non-compliance with annual return filing can lead to heavy penalties for the Limited Liability Partnership.

Annual Compliances For Limited Liability Partnership

Documents required for LLP Annual Filing

  1. Bank account statements of the LLP
  2. Identity proof of the designated partners
  3. Address proof of the designated partners
  4. Memos of expenses and purchase
  5. Statement of accounts
  6. Balance Sheet
  7. Other relevant information, if required

Process of ROC Filing of an LLP

After the relevant documents are submitted and reviewed, the annual return is prepared by Legistify’s legal experts. The annual return and Income Tax Return of the Limited Liability Partnership are filed with the government. The statement of account and solvency is prepared on the basis of documents provided by the LLP. The ROC filing of the LLP is done by filing the Form 8 and Form 11 with the authority.

FAQs

What is a Limited Liability Partnership(LLP)?
A Limited Liability Partnership (LLP) is a business structure in lines with a Partnership firm, but the partners in an LLP have limited liabilities. The partners are not personally liable for the debts and losses of the LLP or affected by the misconduct of one partner.
Which forms are filed for an LLP’s annual Return?
The two forms needed to be filed by an LLP for its annual returns are Form 11 for the annual return and Form 8 for the Statement of Accounts.
What is the due date for LLP annual filing?
The due date for filing Form 11 is the May 30 of each financial year and due date for filing of Form 8 is the October 30.
Who is liable to file LLP annual return?
The designated partners of the LLP are responsible to file LLP annual returns.
Is it mandatory to file the LLP annual return?
Yes, it is compulsory for every registered LLP to file the annual return. Non-compliance attracts penalty.
Is filing LLP Agreement compulsory?
Yes, it is compulsory to file LLP agreement. There is a heavy penalty on defaulting,
What is the penalty for late filing of LLP return?
The penalty fees of Rs. 100 per day is charged from the date of delay till the Form is filed with the ROC.
Is there a fee for filing LLP annual returns?
Yes, there is a small government fee to be paid for ROC filing for an LLP.
How to calculate Penalty for late filing of LLP Annual filing?
The penalty for delay in filing Form 11 is Rs. 100 multiplied by the number of days of delay. The penalty for delay in filing Form 8 is Rs. 100 multiplied by the number of days of delay.
How to send a reply to ROC notice?
You can send a reply to a notice received for non-compliance of LLP’s annual return filing with the help of Legistify’s legal experts.