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.