Explore all the details you need about Annual Compliance of Limited Liability Partnership (LLP), tailored for your needs.
LLP compliance is crucial to avoid penalties and ensure smooth operations. Regular filing of returns helps maintain good standing and prevents legal complications.
Solocorp provides comprehensive services to assist LLPs in meeting their annual compliance requirements. By staying on top of deadlines and ensuring accurate filings, we help you avoid hefty penalties that can go up to INR 5 lakh, allowing you to focus on growing your business with peace of mind.
Limited Liability Partnerships (LLPs) are separate legal entities and are bound by specific compliance obligations. These responsibilities rest with the Designated Partners of the LLP.
In LLP annual filing, one must diligently maintain accurate and up-to-date financial records. These records should encompass details of the LLP's financial transactions, profits, expenses, assets, and liabilities. Proper bookkeeping is crucial to assess the financial health and performance of the LLP.
LLPs are required to file an annual return with the Ministry of Corporate Affairs for each financial year. This annual return is submitted using Form 11, which gathers essential details about the LLP, including the total number of designated partners, comprehensive partner information, contributions received by partners, and a summary of all partners involved.
LLPs must submit a Statement of Accounts & Solvency annually, detailing the financial position of the LLP, including its assets and liabilities. This statement is filed using Form 8.
Limited Liability Partnerships (LLPs) are subject to specific audit and tax filing obligations as per the provisions of the Limited Liability Partnership Act 2008, and the Income Tax Act, 1961. Here are the key requirements:
For LLPs not required to undergo a tax audit, the due date for tax filing is July 31st.
Here is the LLP Annual Filing Compliance Calendar for your quick reference:
| Form Type | Description | Due Date | To be filed with |
|---|---|---|---|
| Form-8 | Filing of Statement of Accounts | 30th October | Registrar of Companies |
| Form-11 | Filing of Annual Returns | 30th May | Registrar of Companies |
| ITR - 5 | Income Tax Return | 31st July (or 30th September, if tax audit is mandatory) | Income Tax Department |
| ITR - 5 | Income Tax Return | 31st July (or 30th September, if tax audit is mandatory) | Income Tax Department |
| Audit | Tax Audit (only if applicable) | 30th September | Income Tax Department |
Meeting the annual compliances of LLP enhances the organization's credibility, aiding in loan approvals and helping with various requirements.
These filings create a financial track record for LLPs, attracting potential investors and partners.
Consistent compliance keeps LLPs from being declared defunct, preventing penalties and additional fees.
Regular filings simplify the process of converting LLPs into other business structures and expedite partnership dissolution.
SoloCorp simplifies the LLP annual filing process by providing expert guidance and handling essential tasks.
Our experts assist in preparing accurate documents, obtaining necessary digital signatures, and ensuring certification by qualified professionals.
We emphasize timely filings to avoid penalties and maintain LLP annual compliance with regulations.
Our streamlined approach allows you to focus on your business while we handle the paperwork, reducing the risk of non-compliance penalties.
In a nutshell, SoloCorp makes the LLP annual filing straightforward and ensures your adherence to legal requirements with ease.
Start your LLP annual filing with us to streamline the process and avoid penalties.