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With every financial year, all LLPs registered under the MCA (the Ministry of Corporate Affairs) should send annual reports and account statements. It is to be expected with An LLP to maintain a report irrespective of whether it has done any business.
It is compulsory to prepare financial statements and it doesn’t matter if any commercial activity is conducted or not. This is because the information will be shared with the ministry via forms. According to the double entry system, the records are prepared on cash or accumulated basis at owner’s request. Such accounts and statement shall be held at LLP's registered office address. Even if no business transaction is carried out throughout the whole financial year it is still necessary for LLP annual compliances to be filed to record the initial expenditure and assets incurred for its first financial year.
Financial statement includes preparing of general purpose financial statements which further includes its balance sheet and the profit and loss (P&L) statement, statement of cash flow and income tax statement.
For all LLPs, auditing is not compulsory; however, this depends on the specified requirements. For the turnover exceeding rupees fourty lakhs of LLP annual compliances and Partner's Capital Contribution exceeding 25 lakh, the compulsory audit requirement will be imposed.
Every company is required to file the Audited financial statement and annual return as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of the Annual General Meeting date. Filing of Audited financial statement is governed under Section 129 and 137 of The Companies Act, 2013 read with Rule 12 of the Company (Accounts) Rules, 2014 and annual return is governed under Section 92 of the Companies Act,2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014.
It is to be required for those LLP who are supposed to submit the tax audit which is to be file the return of income tax before 30th September each year and others will have to file till 31st July.
Every Company shall maintain registers of Members in Form No. MGT-1. Company shall maintain separate register of debenture holders or security holders in Form No. MGT-2 for each type. These entries should be made in 7 days from the date of approval of allotment, Transfer of share, debentures or any other securities. And in case of Buy-Back, Forfeiture, reduction, sub-division, consolidation etc. such entries shall be made within 7 days after approval for the same in register of members or in respective register.
Higher Credibility
For any corporation, compliance with the law is a primary requirement. The record of annual LLP filing is shown on the LLP's Master Data website on MCA and any individual may access the same. Compliance is a primary criterion to assessing the organization's credibility for loan approvals or any other relevant criteria.
Record of Financial Worth
Net worth can be described as either positive or negative, with the former meaning that assets exceed liabilities and the latter that liabilities exceed assets. Positive and increasing net worth indicates good financial health. Decreasing net worth, on the other hand, is cause for concern as it might signal a decrease in assets relative to liabilities.
Maintain Active Status and Avoid Penalties
In some cases a consecutive failure in annual filing, the LLP may be considered extinct or may be awarded default status. It may also consider defaulters by the Members and may also be excluded from further appointment to the LLP or business. Thus, LLP needs to file a return to retain active status. Annual reporting also protects the LLP from heavy extra fees and penalties. Easy Conversion and Closure Annual filing is very important for the conversion of the LLP to any other organization. Regular compliance records make the conversion task easier. The same applies to the closure of the LLP. Even if it has not been operational by the LLP, the Registrar may ask for an additional LLP filing fee to be complied on the basis of yearly, if applicable.
Easy Conversion and Closure
Annual filing is very important for the conversion of the LLP to any other organization. Regular compliance records make the conversion task easier. The same applies to the closure of the LLP. Even if the LLP has not been operational, the Registrar may ask for an additional LLP filing fee to be complied with on an annual basis, if applicable.
A certificate of incorporation of company
Pan Card of company
Agreement of LLP with any agreement of supplementary
Financial statements
Digital signature of all partners
Step 1 - Go to the LLP MCA :
The application holder first needs to go to on the LLP MCA official website. And select the category to download an e-form from the portal. Download the form with the given instruction. Read-out the instruction and fill out the form according to the given instruction and clear your all doubts if any with the instruction.
Step 2 - Upload the required Documents :
After downloading and filing up the form the application holder needs to proceed by attaching the necessary/desired documents, that will be needed for the filing of the annual compliance. After that the applicant needs to sign the documents via the digital signature. If the application holder has the documents hard copy then they will need to scan the documents and save as softcopy of documents in the PDF format. Attach the all documents with the form in the section of e-form by clicking on the button available of “Attach".
Step 3 - Check the Form :
After full fill the second step the application-holder is require to check the form that is available in the section/filed of eform. Click on the option of “check-Form". The will be available to check the necessary fields of required attachments and digital signature.
Step 4 - Verify the all documents :
This field is available in the form that has to be uploaded to pre-scrutiny. The service of pre-scrutiny is available on the service option or under the tab of e-form. By clicking on the upload e-form option. The documents will be verified by the system. If there has any mistake the application holder will asked to rectify the mistakes before the documents getting to ready for signature.
Step 5 - Calculate the fee :
At the last of the filing the form a fee will be calculated by the system. If there has any delay to file the compliance then it has also calculate the late fee according to the delay of payment and the due date of filing. The application holder can make the payment with the cards and the internet banking. After making the payment the filing is successful.
₹5,999/-
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