Q

FAQ on Annual Filing in LLP

1. Is Annual Return needed to be filed by an LLP?

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.

2. What is Annual Return Filing of LLP?

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.

3. What are the Audit requirements under LLP Act?

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.

4. Who files the Annual Return?

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.

5. How to file Annual Return for LLP?

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.

6. What is the penalty for non-filing the Annual Return for LLP?

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.

7. Who can register an 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).

8. What do you mean by “Statement of Accounts and Solvency”?

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.

9. What are the Compliances of LLP?

There are three compliance of meetings of LLP as per the LLP agreement they are;

10. How long does it takes to register an LLP?

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.

11. What are the requirements for a Partner in a LLP?

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.

  • The First General Meeting, has to be conducted within 30 days of incorporation of the LLP and its one of its kind.
  • The General Meeting, a minimum one is conducted in the duration of the complete financial year of the LLP firm.
  • The Executive Committee, in the duration of one financial year there has to be at least 2 executive meetings held in case of an LLP.

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