Skip to main content

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. 

Comments

Post a Comment

Popular posts from this blog

Private Limited Company Registration by ACSPL

Image
  Private Limited Company Registration  by ACSPL What Do You Get After Incorporation Are you planning to register a company? Read about a few ways through which you can  Save Taxes in a Private Limited Company. Private Limited Company Registration At Affordable Rates Aavana Corporate Solutions will also help in online private company registration. We specialize in company registration with a wide range of business entities like Private limited,  One-Person Company (OPC) ,  Limited Liability Partnership (LLP) , and  Public Limited Company.  What’s impressive is that we offer all these services are provided at cheaper rates without compromising on the quality. Contact Us Trust our dedicated professionals to get your  Pvt ltd registration  done on time.  Get in touch  with us today and get a  FREE  consultation! Count on us to handle all your  Accounting  and  Taxation  services as well
Read more

Advantages of One Person Company Registration

Image
  Advantages of One Person Company Registration Advantages of One Person Company Registration One person company   was a recent introduction made by the Companies Act, 2013. An OPC company is defined as a company that has only one person as to its a member. Such companies usually have only one founder/promoter of the business. Take a look at the advantages of the various benefits that await you when you get your OPC registration done in INDIA: OPC being a separate legal entity gives the entrepreneur the freedom to work along with his ideas. Raising funds for an OPC is easy. A one-person company can  raise funds  through venture capital, financial institutions, angel investors, etc Setting up an OPC requires very few ROC filings Conducting Annual General Meeting and other compliances do not apply to One Person Companies OPC registration will give your business social recognition and a legal structure. Person Companies are easily manageable An individual can run his OPC without suffering
Read more

Compliance under Provident Fund

Image
  EPF is generally a scheme that is introduced to provide wider benefits for the employees on the completion of their employment. Every company that employs 20 or more employees falls under the EPF scheme. Here is the compliance checklist under EPF Act Eligibility Any person employed for work at an establishment or by a contractor in or in connection with an establishment and drawing a salary of Rs 15,000 per month is eligible under the EPF Act. The salary is calculated as basic salary and dearness allowance. Rate of contribution Employer – 12% Employee – 12% 1.6% to the central government Pension Fund All employees who fall under the Provident Fund become a member of the Pension Scheme. If a person earns Rs 15000 per month, 8.33% of the basic salary is contributed towards the pension scheme from the employers share of contribution. A minimum contribution of ten years is required to receive monthly pension. Compliance Checklist Employers PF dues – 15th of the following month Employees
Read more