Penalty for Post-incorporation Compliance Compliance Minimum Penalty Maximum Penalty Filing of LLP Agreement Rs.100 per day No limit Letterhead Rs.2000 Rs.25000 Regular Compliances Maintaining financial affairs and account This is a fundamental thing to be done where at first the books of accounts are to be maintained each year on cash or accrual basis.
Comparison between traditional partnership and LLP (Limited Liability Partnership) Particulars Partnership LLP Prevailing Law Partnership is prevailed by ‘The Indian Partnership Act, 1932’ LLP (Limited Liability Partnership) are prevailed by ‘The Limited Liability Partnership Act, 2008’ Registration Registration of Partnership is optional; it may or may not be registered.
Public Company According to the Companies Act 2013, a public company is a company which is not a private company and has a minimum paid up capital of Rs.500000 or higher as prescribed in the agreement; meaning, the company which is not managed by a group of private individuals.
Every LLP under the Limited Liability Partnership Act, 2008 need to file Annual Returns and Statement of Accounts for every financial year, irrespective of whether LLP has doing any business or not.