Annual Compliances of LLP

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    $1 Million

    Raised to provide quality service to startups

    6000+

    Total Filling Every year

    2000+

    Filling Every year

    500+

    Tax Audit Done Every year

    About Annual Compliance

    When registering a company in India, you must follow a few rules pertaining to the type of company incorporation you choose. The main rule of a Limited Liability Partnership or an LLP is to conduct annual compliance. According to the LLP Act, 2008, companies that do not conduct annual compliance can be subject to legal action. Within 60 days of the end of a financial year, LLPs must file their Annual Returns in Form 11. In addition, each LLP must also maintain double-entry accounts and file them with the Registrar of Companies in Form 8 within 30 days after the first six months of the financial year-end. Additionally, if an LLP receives a contribution between 25 and 30 lakhs and its annual turnover exceeds 40 lakhs.

    Advantages of Annual Compliance for LLP

    Higher Credibility

    Compliance with the law is a primary requirement for every business. A person may access the Master Data of the LLP on the MCA portal to see the status of the LLP's annual filing. In the case of loan approvals or any similar requirements, compliance is a major criterion.

    Record of Financial Worth

    Companies can access the forms filed by the LLP. Therefore, the concerned party can also inspect the financial worth when entering into contracts or major projects. LLP annual filings provide information about the financial capacity and worth of the company.

    Maintain Active Status and avoid penalties

    If an LLP fails to file its annual report consecutively, it is often declared defunct or receives default status. The partners may also be disqualified from the further appointment in LLPs or companies if they are declared defaulters. In order to maintain its active status, the LLP must file a return. The LLP can also avoid heavy additional fees and penalties by filing regularly.

    Easy conversion and closure

    Annual filing is extremely important for converting the LLP into another entity. It is easier to convert when compliance records are kept regularly. In the case of the closure of an LLP, the same applies. whether or not the LLP was non-operational, the Registrar may ask to fulfill annual compliance, with a further LLP filing fee, if applicable.

    Registration Process Flow

    1-2 HOURS

    Select Package
    Fill Out The Appropriate Forms Or Speak To Our Experts Online For Assistance.

    2 WORKING DAYS

    Obtain Information and Documents
    We Will Gather The Information And Needed Documents From The Taxpayer Manually.

    2 WORKING DAYS

    Preparation
    We Will Draft The Essential Documents Needed For The Process.

    2-3 WORKING DAYS

    Submission Of Return
    We will fill out the Annual Return (Form 11) and Statement of Accounts & Solvency (Form 8) online and will share their .

    2-3 WORKING DAYS

    Check Application Status
    Throughout The Process, We Will Keep You Informed About The Status Of Your Application.

    Documents Required For Annual Compliance Of LLP​

    pricing packages

    Basic Package

    ₹ 10,000

    Growth Package

    ₹ 19,999

    Premium

    ₹ 24,999

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    FAQs

    Yes, it is mandatory for an LLP to carry out its annual compliance.

    Yes, even if no business or revenue was developed, an LLP still has to carry out the annual compliance.

    The Income Tax Department or ROC can endure strict legal action against companies and their members if the annual compliance.

    • LLP Annual Filing is essential for every LLP since its incorporation. From the closure of its first financial year, the LLP must file both forms within the specified time limit.

      Annual compliance is required for every LLP, irrespective of the number of transactions, turnover, or commercial activity launched.

    In case of delay in filing, the LLP is charged an extra Government fee of Rs 100 for each day of delay. Also, there is no top limit to an additional fee. For continuous loss to annual LLP compliance, the RoC can remove the name of the LLP from its register. Also apart from additional fees, the penalty may also be charged to LLP and its partners.

    • The audited books of accounts are required for the LLP falling under any of the below-mentioned measures:

      1) If the turnover of the LLP exceeds ₹ 40 Lakh; or

      2) Total contribution of Partners exceeds ₹ 25 Lakh.

      If LLP does not fall below any of the above criteria, statements with the signature of partners are adequate.

    • Due dates of LLP compliance are established at the closure of each financial year. The Financial Year of every LLP must be closed on 31st March. However, the period of the financial year relies on the month of its incorporation:

      1. a) LLPs registered between 1st April and 30th September: The LLP must complete its financial year on 31st March of the next calendar year. Suppose LLP is registered on 1st May 2018, the same should close its financial year on 31st March 2019.
      2. b) LLPs registered between 1st October and 31st March: The LLP has the choice to choose the end of its financial year. For example, if the LLP is registered on 30th October 2018 the same can complete its financial year either on 31st March 2019 or 31st March 2020.

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