Annual Compliance for LLP

We have a dedicated team who will take care of all your secretarial compliances specified under the Limited Liability Partnership Act!

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What is a LLP?

Limited Liability Partnership (LLP) is governed by the Limited Liability Partnership Act, 2008, and combines the benefits of both - a partnership firm and a private limited company. LLP was put forward to provide a form of business that is easy to maintain and run. It helps the owners by limiting their liability, i.e. owner’s assets won’t be considered for settling LLP’s dues. Formation of an LLP requires a minimum of 2 partners out of which at least one should be a resident of India. Since the introduction of LLPs, they have been well accepted as a business structure in India.
Benefits
Separate Legal entity
Perpetual succession
Limited liability of partners
No minimum capital required while starting the business

Overview

LLP’s have to fulfill various statutory compliances as per the act, to maintain an “Active” status and avoid theft penalties. Ministry of corporate affairs (MCA) looks after the compliance procedures & filing of all the LLP in India.

Following are the Annual Compliances for a LLP:-
Filing of Annual return
An LLP has to file two forms with the MCA each financial year, namely.
Form 8 – Financial Statements
To be filed within thirty days from the end of 6 months of the financial year along with some prescribed fee. Form 8 has two parts –
Part A – Statement of Solvency
Part B – Statement of Accounts, Statement of Income & Expenditure
Form 11 – Annual return
Form 11 contains details such as the number of partners, the total number of partners, total contribution received by all of the partners, details of body corporate as partners, and summary of partners. All LLPs should file this form within sixty days from the closure of the financial year with the prescribed fee.

Benefits of Annual compliances

Enhanced brand Image
Improves credibility among various stakeholders
Prevents heavy penalties by the department
Ensures best corporate governance practices
Improves chances of getting loans from banks or financial institutions
No issues while converting or closing down the business

Documents Required

Process

How can we help you?

We have a dedicated team who will take care of all your secretarial compliances specified under the Limited Liability Partnership Act.

Our annual services include:-
Preparation of Partners Resolutions, Attendance Sheet & minutes book of Partners Meeting
Preparation of Disclosures under Micro, Small and Medium Enterprises Development Act, 2006 by all Designated Partners of the LLP
Filing of Form 8 & Form 11
Get in touch with our experts by clicking here.

FAQs

a. Why should I select ICI to look after my LLP’s annual compliances?

We have a dedicated ROC team with 10+ years of experience who shall keep you compliant & make sure that you don’t have to pay any extra penny from your pocket as of late fee or penalty. Our rates are very reasonable, and we solely focus on providing the best quality service to our customers.

b. What if my LLP has no transactions during the year? Am I still liable to follow all the above compliances?

Every LLP irrespective of any business activity during a year has to comply with all the above compliances still compulsorily. The compliances, however, shall be much simpler in this case.

c. Is it cheaper to run an LLP company than a private limited company?

Yes. Mainly because many compliances, such as an audit, apply to LLPs only after their turnover is sizable. Most of the LLPs spend about half as much as a private limited company in their first year on registrations and compliance work.

d. What is the penalty on failure to file Form 8 & Form 11 within the due date?

LLP is penalized for an amount of Rs 100 per day for each form until the filing is completed. At the same time, the officers in default are penalized with a minimum of Rs 10,000 & a maximum of Rs 1,00,000.

e. What are the compliances privilege that a LLP can enjoy compared to a private limited company?

Compared to a private Limited company an LLP does not have to

» Maintain statutory registers

» Conduct an AGM at the end of every year

» Conduct four board meetings in a year

» Prepare minutes of every meeting.

f. Does a CS/CA need to authorise Form 11 & Form 8?

Only when the LLP is subject to audit, i.e. business turnover more than 40 lakhs or contribution more than Rs 25 lakhs,

Form 8 needs to be authorized by a CA, i.e. digitally signed by a practising Chartered Accountant.

Form 11 needs to be authorized by a CS, i.e. digitally signed by a practising Company Secretary.

g. Still have doubts?

Speak to our experts who shall solve all your doubts.
Call us at +91 7738 066 334 or Mail us at info@indiacompanyincorporation.com

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