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Annual Filing Requirements for LLPs

Annual Filing Requirements for LLPs

A limited liability partnership (LLP) is a form of business entity in which all of the partners have limited liability. Each partner is solely responsible for himself and is not accountable for the fault of the other partners. Corporations choose a Limited Liability Partnership (LLP).

An LLP must keep its active status by filing all obligatory compliances with the Ministry of Corporate Affairs on a regular basis. This is required of all LLPs, whether or not they are operating a company.

LLP Form 11

All LLPs must file Form 11 within 60 days from the closure of the financial year. There is a prescribed fee that needs to be paid. This form has the following details mentioned

  • Total number of partners
  • Total number of contributions received from all partners
  • Details of body corporate as partners
  • Summary of partners

LLP Form 8

It is mandatory to file Form 8 within 30 days from the end of six months of the financial year. This form needs to be signed by 2 designated partners and certified by a chartered accountant/company secretary/cost accountant. This form has the following details mentioned

  • Statement of Solvency
  • Statement of Accounts
  • Statement of Income and Expenditure

LLP Tax Audits

The accounts of a Limited Liability Partnership do not require auditing unless the annual turnover exceeds Rs 40 lakhs and the contribution exceeds Rs 25 lakhs.

Income Tax Return Filing

Form ITR 5 is used by the LLP to file income tax returns. This form can be filed on the income tax website using the Digital Signature of the designated partner.

Maintaining Documents

All LLPs must maintain a few documents for the purpose of inspection. Some of the documents that need to be maintained include incorporation document, names of all the partners and changes made, fee payment proof, statement of account & solvency & annual return filed with the Registrar at its registered office.

Delay in filing any of the returns will attract an additional Fee of Rs. 100 per day till the date of filing the return.

CONCLUSION

Filing of the above-mentioned forms needs to be done for every Limited Liability Partnership Company. You can also take the help of our professionals who will answer all your queries. 

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