Annual Compliance Filings for LLPs
Limited Liability Partnership Online In India
LLPs need to file their returns and statement of accounts annually. Failing to comply with this can attract a penalty of up to Rs 5 lakh. Annual Compliance comprises.
How it Works
Your Limited Liability Partnership With Bluedex
Step 1 - Fill Form
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Step 2 - Fill Form
Provide all the documents.Our team will initiate the paperwork on your behalf
Step 3 - Get certificate
We draft and file the documents required for your company registration (MoA and AoA).
An Overview
Limited Liability Partnership Registration in India
Setting up a Limited Liability Partnership is one of the highly recommended ways to start a business in India.
1
Higher Credibility: Annual compliance provides for higher credibility to the organization for loan approvals or any other similar requirements.
2
Stays Active and No Penalties: With regular filings, LLPs are not declared as defunct, and stays active. Also, annual compliance filings are mandatory and hence involve penalties (additional fees) to LLPs, when they default on filings.
3
Conversion or Closure:Regular annual compliance filings facilitate easier conversion of Limited Liability Partnerships into other types of companies, as well as quicker resolutions in case of dissolution of partnerships.
Company Compliances
What Are The Important Requirements of LLP Annual Filing Compliance?
Maintain Discipline: For businesses to meet their annual compliance requirements, all it requires is for them to remain disciplined and vigilant. However, being callous can result in hefty fines and penalties.
Regular Updates From The RoC (Registrar Of Companies): With an on-call company secretary throughout the year, you can ensure that your business is run in accordance with the laws in force. Our team would keep you up-to-date on all the changes made by the RoC, throughout the year.A.
What are the Documents Required for LLP Annual Filing Compliance?
Form 8 lip
You must file the Form 8 inside 30 days from the completion of 6 months after a financial year ends. Two designated partners can sign this form digitally. Also, a company secretary/chartered accountant/cost accountant must certify the same. There are 2 parts in a Form 8 -
Part A - The solvency statement
Part B - Statement of expenditure & income, statement of accounts. For not filing the Form 8 on time, a penalty of Rs 100 per day will be imposed.
Part A - The solvency statement
Part B - Statement of expenditure & income, statement of accounts. For not filing the Form 8 on time, a penalty of Rs 100 per day will be imposed.
Form 11 lip
This form contains details such as the total number of designated partners, details of partners along with details of body corporates as partners, contributions received by the partners and summary of all partners. All LLPs must file the Form 11 within 60 days after the end of the financial year, along with the fee prescribed. Therefore, the LLPs should file their Form 11 by 30th May every year.
An LLP will not be allowed to close or wind up till it files all its annual returns. Therefore, all LLPs must file their annual returns on time, to avoid penalties.
An LLP will not be allowed to close or wind up till it files all its annual returns. Therefore, all LLPs must file their annual returns on time, to avoid penalties.
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Our experience with Bluedex has been awesome and their execution method is Superb and just awesome. Would like to continue my association with VS for a longer tenure.
Our experience with Bluedex has been awesome and their execution method is Superb and just awesome. Would like to continue my association with VS for a longer tenure.
Our experience with Bluedex has been awesome and their execution method is Superb and just awesome. Would like to continue my association with VS for a longer tenure.
FAQs
Let’s clear all the doubts!
Regarding the relationship between the various partners in the LLP, an LLP agreement is made between the partners and the LLP. An LLP agreement typically includes management guidelines, provisions for adding new partners, methods for formulating policy, etc.
An LLP must be established with at least two designated partners, as per the LLP Act. The designated partners are in charge of completing all requirements necessary to establish and maintain an LLP.
You can reach out to Vakilsearch to complete the process, we can register your LLP within just a few minutes. Make sure to resolve all your queries with our expert team.
Yes, running an LLP is significantly less expensive than running a private limited company, especially in the beginning. This is so because many compliances, like an audit, only apply to LLPs once they have a sizable turnover. In their first year, LLPs typically spend half as much on registrations and compliance tasks as a private limited company does.
Typically, only start-ups that will not be looking for venture capital funding register LLPs. This is because venture capitalists only invest in private and public limited companies.
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