LLP Compliance Process
Documentation2 to 3 Working Day
LLP incorporation professionals will guide you in your complete incorporation process. All the documents are to be prepared wherein every designated partner needs to have their own DSC to sign the forms for annual return. The expert will also help in maintaining the account books for the LLP.
ROC Filing3 to 4 Working Days
LLP has to complete two compliance process with ROC each financial year with Form 8 and Form 11. Form 8 involves statement of solvency along with statement of accounts. If the form is not filed within the stipulated time period it amounts to Rs. 100 per day.
Form 11 contains the summary of the body corporate activities and partners; the form has to be filed every year on 30th May.
ITR Filing2 to 3 Days
All LLP registered with MCA have to file income tax return every year, whether the LLP had undertaken any business or not. The partners have to file the form using digital signature of any designated partner.
Documents Required for Compliance
Pan card of the LLP and the partners involved
LLP expense account
Designated partner meeting information
Resolution or consent of the partners
What do you get
Maintenance of documents and book of accounts
Questions? Call us on 011-408-44560
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Frequently Asked Questions
What are the mandatory compliances for LLP?
Mandatory compliances for LLP are:
- Filing of Annual Return: Form-11
- Filing of Statement of Account and Solvency: Form 8
What is financial year for LLP?
Every LLP maintains uniform financial year that is from April to end of March. 31th March of every year is the time for filing financial return for LLP.
Is it mandatory to file charge details with the ROC?
Charge details are not necessary to be filed with ROC they can be submitted along Form -8 of LLP as an appendix.
What are the due dates for LLP Compliances?
List of LLP compliances are:
|LLP Form 11||30th May|
|LLP Form 8||30th october|
|Tax Audit||Every Quarter|
|GST Annual Return||30th June|
5. What is the penalty and prosecution for not completing the mandatory compliances?
When an LLP doesn’t complete the annual compliances a per day penalty of Rs.100 is charged until the filing is completed. For not submitting the form 8 the designated partner is charged a penalty amounting to Rs.10, 000 to 1 lakh.
Is board meeting required to complete the compliances?
Board meeting is not held in an LLP as there are no directors in an LLP hence no board meeting is required instead all the designated partners of the LLP are required to hold a meeting.
What are the compliance exemption for LLP?
An LLP is exempted from following compliances:
- Annual General Meeting
- Minutes Book
- Statutory registers
Is it necessary to hold AGM for an LLP?
No, it is not necessary to hold AGM for an LLP. AGM is held by the investors or shareholder of the company since there are no shareholders, AGM is not required.
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