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Annual Compliances For LLP

LLP For Annual Compliance

Introduction

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.

Components Of LLP Annual Compliance

  • BookKeeping
  • 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
  • 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.

  • Audit
  • 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.

  • ROC Return Filing
  • 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.

  • Income Tax Returns
  • 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.

  • Maintenance of Statutory Registers
  • 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.

Benefits Of LLP Annual Compliance

    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.

Documents required for LLP annual compliance filing:

    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

Documents required for LLP annual compliance filing

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Steps to follow for LLP annual compliance filing

    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.

Steps to follow for LLP annual compliance filing

PACKAGES

Basic

₹5,999/-

/
  • For LLP for those whose turnover of upto Rs10 lakhs
  • BookKeeping
  • Financial Statement Preparation
  • Annual Report
  • Form 11 Filing
  • Filing the Form 8
  • Filing the Income Tax Return
  • LLP
  • Having less than 100 transactions in the financial year

Premium

₹24,899/-

/
  • BookKeeping
  • Financial Statement Preparation
  • Annual Report
  • Filing of Form 11
  • Filing of Income Tax Return Filing
  • Company
  • Having transactions more than 200 and a turnover above
  • fourty (40)lakhs rupees in the financial year

FAQ's

LLP Form 8 is an annual filing is to be filed with ROC every year. Statement of account and solvency shall be filed with the registrar within 30 days from the end of 6 months of the financial year to which the statement relates. The due date for LLP annual filing is 30th October 2020
Mainly there are three types of LLP annual compliances which are mandatory for every MCA registered LLP for any financial year.

  • They should have to file annual Compliance.
  • Financial statement of LLP.
  • And an Income tax return filing.
Yes, every registered LLP whether it is working or not is required to mandate annual compliances on time and, the statement of finance with the Ministry, even if they are not doing any business. This requirement is mandatory of the law that NIL returns should also be filed.
The accounts of every LLP shall be audited in accordance with Rule 24 of LLP, Rules 2009. Such rules, inter-alia, provides that any LLP, whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty five lakh rupees, is not required to get its accounts audited.

  • Filing of Annual compliance (Form 11): LLP Annual compliance or Form 11 in this company will show its summary of all named partners, such as if there is any change happened during the year in the management of the LLP company. Every kinds of limited liability partnership registered with ROC have to file annual compliance in Form 11 is the form that is Registrar within the 60 (sixty) days from the ending of the financial year, that is, the annual compliance must be fill and submit before May 30 of each year.
  • Filing of Statement of Accounts (Form-8): Every LLP Annual compliance is required to prepare and close their accounts by 31 March every year. It is to be filed by the FORM- 8 at least two nominated partners with the registrar within the days of thirty (30) after the completion of month 6 (six) of the financial year. The last date to file annual financial statements every year is 30th October.
  • Income Tax Return:- Every registered LLP has to required to file the return of income tax every year. The income tax return filing last date for LLP is 31 July every year. However, under the tax audit, any it is required for the LLP to file their income tax return by 30 September.
  • Audit under Income Tax Act:- Each LLP with turnover exceeding INR 2 Crore. In sitution of business or profession of INR 50 lakhs, it is necessary to get your books of accountancy tax u/s 44AB of the Income Tax Act. Such audit will have to be completed by 30 September and filed.
If the filing is not done within the stipulated time, there is a fine of Rs 100 per day till it complies.
Name Reservation:Deciding partners and designated partners. Obtaining the Digital Signature Certificates (DSCs) and the Digital Partner Identification Numbers (DPINs). Checking the availability and registering a unique name of the LLP.
  • Include LLP:- After submitting a name, must be filed eForm 2 to include a new Limited Liability Partnership (LLB) to the user. E-form 2 proposes to include LLP, details of partners / designated partners and consent of partners / designated partners to act as partners / designated partners.
  • LLP agreement:- under the 23rd Section of the Act As per the execution of LLP agreement is mandatory. The agreement for LLP is being required to fill with the registrar of companies in the E-Form 3 within the 30 days of incorporating the LLP.
Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of clause 58 and Schedule III and IV of the LLP Act. Form 18 needs to be filed with the registrar along with Form 2 for such conversion.
Yes, the application Form no. 17 and form no. 18) for the conversion be rejected by the Registrar of companies if it is not found suitable with e-Form 2. The applicant must go within 90 days to appeal against the rejected application and to the Registrar There is an option to inform about the action. After it is decided for the appeal, that the status can be marked by the registrar. The E-core as 're-sent application' or 'confirmation of rejection'.
You need to Enter the Form to file LLP Form No. 1 for the (Application of Reservation For name change) by logged in on the LLP MCA portal with a fee and also it is require to attach the digital signature of the related partner proposing to include the LLP. See the guideline of availability LLP Name that has prescribed under the Section-15 you may read it with Rule-18 of 2009.
The accepted name of LLP will be valid for limited time period of 3 (three) months from the approval date . If the registered LLP is not included within the given period, the desired name will be missed and available to other applicant / LLP. Please note : there will be no provision for name renewal.
Each LLP that has registration is required to file/submit a 'Statement of Accounts and Solvency' in the prescribed LLP Form 8, which includes a declaration by the specified partners on the solvency state of the LLP. there is also provided the information related to details of balance sheet and details of LLP's income and expenditure. This form is to be filed by the LLP on yearly basis.
As per the October 15, 2015 a notification from the MCA has been issued, Form 4A (Appendix) is attached to Form no. 4. As soon as Form 4 is filed and number of partners exceeds 200, then Form 4A needs to be filed for number of partners exceeding 200
It is to be provided in the Act that the documents may be sent to the Limited Liability partnership or a a designated partner by the post or by any other determined mode under the rules) and to any other specifically address to be declared. LLP Annual Compliances may be prescribed (in rules) for such form and purpose. Every partner shall inform the LLP of any change in his name or address within a period of fifteen days of such change. The LLP, in turn, would be under obligation to file such details with the Registrar within thirty days of such change in Form 4.

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