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LIMITED LIABILITY PARTNERSHIP

Limited Liability Partnerships needs to get the books of accounts audited by practicing Chartered Accountants- CA, especially those LLP's whose turnover is more than 40 lakh Rs or whose contribution is more than 25 lakh Rs. LLP Annual returns are to be filed in the prescribed Form-11. The form 11 has to be filed by 30th May every year. It is overview of the management affairs of LLP, such as the number of partners along with their names.

Every LLP who is already registered with the Ministry of Corporate Affairs must file Annual Returns and Statement of accounts. The deadline to file the LLP Annual return filing is 30th September.

Every LLP has to file Statement of Accounts with the Registrar of Companies on Form 8 before 30th October every year. Form 8 and Annual Statements are only applicable to LLPs that are registered until 30th September 2015. For LLPs that are registered on or after 1st October 2015, the Annual Statements should be filed on 2017. Since LLP is a separate legal entity, it is the responsibility of Partners to maintain proper book of accounts and file annual returns with MCA each financial year.

Compliance of LLP

All Limited Liability Partnerships must file its Annual Return within 60 days from the end-of close of financial year and statement of Account and Solvency 30 days prior to the end of 6 months of the close of the financial year. It is mandatory for LLPs to maintain their financial year as on 1st April to 31st March. Hence, LLP's annual return is due on 30th May and the statement of account is due on 30th October of every financial year. Non-compliance with Annual Return filing would give you a penalty of Rs. 100 per day.


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Pricings

STARTUP

8989

  • Turnover Less than Rs.40 Lakhs
  • Prepared Books of Accounts
  • Taxcellent Accountant Support
  • Financial Statement Preparation
  • Income Tax Return Filing
  • MCA Annual Return Filing
  • Annual Report
  • Director's Report
  • Form 11 Filing
  • Form 8 Filing


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Executive

12989

  • Turnover Less than Rs.1 Crores
  • Prepared Books of Accounts
  • Taxcellent Accountant Support
  • Financial Statement Preparation
  • Income Tax Return Filing
  • MCA Annual Return Filing
  • Annual Report
  • Director's Report
  • Form 11 Filing
  • Form 8 Filing

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PREMIUM

16989

  • Turnover More than Rs.1 Crores *
  • Prepared Books of Accounts
  • Taxcellent Accountant Support
  • Financial Statement Preparation
  • Income Tax Return Filing
  • MCA Annual Return Filing
  • Annual Report
  • Director's Report
  • Form 11 Filing
  • Form 8 Filing
  • TDS Compliance


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Advantages

    One of the major roles of partners is to maintain a proper book of accounts and file annual returns with the MCA each financial year, this helps them to have a clear understanding of money-flow and accounts.
    Proper filing on time can help to keep up with compliance with the LLP.
    If you file the annual return before the due date obviously you would get saved from the heavy penalty.

Disadvantages

Non-compliance with Annual Return filing would give you a penalty of Rs. 100 per day.
If investors check for financial compliance records, and if they find that the compliance are not followed properly then it demotivates the investors to invest in your firm.

FAQs Section

    The annual return is a mandatory filing to be made by all LLPs in India. The Annual return along with the required documents must be filed with the Ministry of Corporate Affairs.
    Within 60 days of the close of the financial year, you have to file the annual return of LLP. The annual return of an LLP is due on May 30th of each financial year.
    Late filing of the LLP Annual Return before the due date will give you a penalty of Rs.100 for each day of default.
    The Partners of LLP are responsible to file LLP annual Return.
    LLP needs to file i.e. Form 11 for the Annual Return of the LLP and Form 8 for the Statement of Accounts.
    Yes, an existing company or partnership firm can be converted into LLP.
    Once LLP registration completes, the partner should open a bank account in the name of LLP for all business transactions. Also, the annual compliance filing must be fulfilled every year upon LLP registration.
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Stay in Touch at

Taxcellent Legal Consultant Private Limited, Bareilly,UP,India.

Address: 204,Above Central Bank Of India 64, Near Office Outpost,Shyamganj, Bareilly, Uttar Pradesh 243005

+917302218229

contact@taxlc.in

Mon-Sat: 9am-6pm