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Limited Liability Partnership is a globally recognized business entity. It has been introduced in India through the procedure of Limited liability partnership Act. Moreover, comprises of the advantages of both companies as well as the partnership into a single name LLP. The regulations of LLP have been set by the Registrar of the companies i.e Ministry of Corporate Affairs. This kind of legal entity has a perpetual succession separate from its partners. In this article, we will discuss the LLP Compliances. You can get the following benefits from the registration of LLP:
There are certain LLP Compliances set by the Ministry of Corporate Affairs (MCA) which regulates LLP after incorporation. These are given below:
4. Appointment of Auditor: there is no requirement of the auditor in LLP. If turnover of the LLP exceeds Rs. 40,00,000/ capital contribution exceeds Rs. 2500000, then it is mandatory to appoint an auditor.
5. Filing LLP Annual return: the table given below will describe the duration for Filing LLP Annual Return:
Form | Documents | Days and Dates |
---|---|---|
FORM 11 | Annual return | within 60 days from the end financial year (30th May) |
FORM 8 | Statement of Account and Solvency | within 30 days from the end of 6 months from the end of a financial year (30 October) |
6. Other event based form: the date for filing these forms is 30 days from the date of the event.
7. Non-compliance results in a penalty: make sure that the form of LLP Annual Return must be filed on time otherwise penalty of Rs. 100 per day shall be imposed for the non- compliance.
8. Income tax return filing: It is important to file an income tax return for all LLP Registered in India irrespective of profits or revenue. Therefore, even a dormant LLP without undertaken any transaction shall file ITR.
At the time of incorporation of LLP, all the documents shall be maintained such as
For the inspection purpose of the concerned authorities, these documents should be kept handy as records.
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