Every LLP needs to file an annual return in Form 11 with ROC, 60 days before the closure of financial year. The annual return is also available for public inspection once payment of prescribed fees is made to the Registrar.
All Limited Liability Partnerships are under obligation to maintain the annual accounts which should reflect genuine and authentic information/views of its state and affairs. If even the LLP does not do any business in the market still it has to comply with the statutory requirement of Annual Return, profit, Balance Sheet and Income Tax Return every year. The fee depends on the capital of the LLP.
An LLP whose turnover is more than Rs. 40 lakhs or the contribution passes Rs. 25 lakhs needs to get their accounts audited and it is important to be done by Chartered Accountant.
The Annual return can be submitted by any of its directors but it shall be duly signed by both the directors of the Company and by the Manager or Company Secretary. There are certain cases when there is no Manager/ CS in a Company in such situations signature of both the directors are compulsory.
Form 11 is required to be filed by every LLP with the Registrar within 60days from the conclusion of the financial year i.e. the Annual Return.
There are some situations where there is a delay in filing From 8 and 11 by the LLP then a penalty is applicable and it may sum to Rs. 100 per day. Without filing the Annual Account you cannot wind up or close your LLP.
To register a Limited Liability Partnership you need to be an Indian National with a minimum of two directors and a minimum of two shareholders . The minimum authorized capital to start an LLP is Rs. 1,00,000(US $2250 approx) and it can increase upto any limits. In case you are a Foreign National then you need to have a minimum of two directors out of which one has to be of Indian origin and a minimum of two shareholders with an authorized capital of Rs. 1,00,000(US $2250 approx).
All the LLPs registered with MCA is required to file ‘Statement of Accounts & Solvency’ in an appropriate format of LLP Form 8 which should contain declaration on the state of solvency of the LLP. This is to be done by the designated partners.
There are three compliance of meetings of LLP as per the LLP agreement they are;
Since, you already know that tIt takes about 1-5 days to get the Digital Signature Certificate(DSC), then for the Name Approval it takes about 4-10 days and finally the process of Incorporation takes about 10-20 days. With Quickcompany.in you can get your Company registered easily within 15-35 working days after you have uploaded all your documents.
The requirement for an LLP are minimum that is the designated person should be above 18years and a natural person. The LLP Act 2008 allows Foreigners including Foreign Companies & LLP's to incorporate in India, with one partner of Indian national.
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