MANDATORY COMPLIANCE'S FOR LIMITED LIABILITY PARTNERSHIP (LLP)

MANDATORY COMPLIANCE'S FOR LIMITED LIABILITY PARTNERSHIP (LLP)

Limited Liability Partnership (LLP) registered with Ministry of Corporate Affairs has to comply with the provisions of the Limited Liability Act, 2008 and as amended from time to time. Though Limited Liability Partnership is having less compliance burden as compared to the companies still it is mandatory to file the returns, documents with the registrar of companies.

The mandatory compliances for the LLP are as follows:

1. DIR-3 KYC: Every person who has been allotted DIN i.e. Directors Identification Number as on 31st March of each financial year has to file DIR-3 KYC for the DIN activation latest by 30th April of the immediate next year.

2. STATEMENT OF ACCOUNT & SOLVENCY: LLP’s is required to maintain the book of accounts in double entry system.  The statement of account and solvency will be filed by LLPs in Form- 8 latest by 30th October every year.

For the LLPs which has been incorporated after 1st October then the relaxation will be Form 8 can be filled in next year as well. 

LLPs whose annual turnover exceeds Rs. 40 lakh or whose contribution exceeds Rs. 25 lakh are required mandatorily get their accounts audited by a qualified Chartered Accountant.

3.  ANNUAL RETURN OF LIMITED LIABILITY PARTNERSHIP (LLP): The annual return of the LLPs is the summary details of the partners or designated partners. The Annual Return will be filed in Form 11 latest by 30th May every year.

For the LLPs which has been incorporated after 1st October then it can be filled in next year also.

It is more convinient to run LLP instead of companies as the LLP compliances are comparitively less whereas if not filled within the due date then their will be penal provision which can be heavy if delay continue for long.  

04 Apr

Prem Singh
Prem

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