Annual Compliances of LLP

Annual Compliances of LLP

Annual Compliances of LLP leads to provisions and compliances which must be fulfilled by law.It’s important to note that non-compliance with the annual compliances may result in penalties, fines, and even dissolution of the LLP.

ANNUAL COMPLIANCES OF LIMITED LIABILITY PARTNERSHIP

Limited liability partnership is a form of entity which entails features of a partnership firm and a company. The LLP is managed by its partners and it is a separate legal entity from its partners. The concept of Limited Liability Partnership has been brought by way of enforcing Limited Liability Act, 2008.All LLPs are required to maintain its books of accounts on cash basis or accrual basis.  The books of accounts shall also be preserved in the registered office of the LLP for the specified period.

Benefits of LLP:

  • LLP can raise funds from its partners, Banks and NBFCs
  • The process of incorporation of LLP is simple and easy
  • LLP can easily Transfer its ownership
  • LLP is separate legal entity form its partners

FILING OF ANNUAL RETURN:

a.   FORM-8

  • Form-8 consists of the statement of Account and Solvency. It consists of information related to the statement of assets of the LLP and liabilities and statement of income and expenditure of the LLP.
  • Form 8 should be filed within 30 days from the end of 6 months of the end financial year. i.e. by 30th October of each financial year.
  • Designated partners must sign the form digitally. Further, it must be certified by a chartered accountant, auditor or the accountant of the LLP.

There are two parts in Form 8. They are:

  • Part A – Statement of Solvency
  • Part B – Statement of Accounts, Statement of Income & Expenditure

b. FORM 11

  • Form -11 consist of annual return. It contains the details of all the partners, their contributions towards the LLP, etc.
  • Form-11 should be filed within 60 days of the end of financial year. i.e. on or before 30thMay every year.
  • It must be Digitally signed by one of the Designated Partners of the LLP. In case total obligation of contribution of partners of the LLP exceeds Rs. 50 lakhs or turnover of LLP exceeds Rs. 5 crores, then LLP Form 11 needs to be certified by a Company Secretary in whole time practice.
  • Basic details like Total obligation of contribution, total contribution received by partners of the LLP, Summary of Designated Partners and Partners etc.
  • Further, details of LLP and/ or company in which partner/ designated partner is a director/ partner is attached to the form.

What are the filing fees for Form 8 and Form 11?

The filing fees is Rs. 50 for Form-8 and for Form-11.

Don't forget to share this article :-

Stay Updated With Our Blogs!

Explore more of our blogs to have better clarity and understanding
of the latest corporate & business updates.

Why People Choose Our Services ?

Free Legal Advice

We provide free of cost consultation and legal advice to our clients.

Tech Driven Platform

All our services are online no need you to travel from your place to get our services.

Grow your business

Experts Team

We are a team of more than 15+ professionals with 11 years of experience.

Transparent pricing

There are no hidden & extra charges* other than the quote/invoice we provide.

100 % Client Satisfaction

We aim that all our customers are fully satisfied with our services.

On-Time Delivery

We value your time and we promise all our services are delivered on time.

Why Trust legal Suvidha?

People Who loved our services and what they feel.

In this Journey of the past 10+ years, we had gained the trust of many startups, businesses, and professionals in India and stand with a 4.9/5 rating in google reviews.We register business online and save time & paperwork.

Reno K Subramaniam
Reno K Subramaniam
22/03/2023
I have recently registered a Private Limited firm and was looking for a CA to take care of the filings, Startup India Certificate, and other formalities. I have received emails from legal Suvidha and a few others. I tried talking to them all. But, Mr. Mayank from Legal Suvidha was very impressive and was patient enough, prompt to answer all the queries. He has a very professional team and after the initial formalities, I started interacting with the team. It's not even 2 weeks but I really feel overwhelmed by their service and professionalism. I received my startup India certificate yesterday and my filings have been done promptly. The team at legal suvidha Ms. Nidhi, Ms. Priyanka, Ms. Koshika, and Ms. Saloni all show the same professionalism and are readily available to take care of the official filings and stuff. Overall a great experience till now and looking forward to a great journey!
pankaj tiwari
pankaj tiwari
22/03/2023
Legal suvidha is a team of genuine and experienced professionals who give you best services according to your profile
Raman Krishnan
Raman Krishnan
21/03/2023
Saloni from legalsuvidha has done a excellent job for filling and geting certificate of DPIIT. Thanks to legalsuvidha.
Prakaash Hari
Prakaash Hari
15/03/2023
Team Legal Suvidha offers a brilliant service. There communication is quite clear and they execute the job meticulously. We are a startup private limited company and their advice is so critical in making my decision. Well done team. Keep it up. Prakaash Hari, Director, ipixela.
Priyanka Rudra
Priyanka Rudra
02/03/2023
Dedicated team and fast response
Dr. Vishal Ghag
Dr. Vishal Ghag
21/02/2023
Been using their services since 3 years now and I am absolutely happy with Legal Suvidha. They have been supportive, understanding and highly skilled at helping me with my business needs.

Our Partnerships & Collaborations

Contact us and grow your business

Legal Suvidha App

Now all Professional Services in a Single Click !

Now get all the services required for your business in a single app.

Subscribe to our newsletter & grow your business

Subscribe To Our Newsletter .

Sign up to receive email updates on new product announcements, special promotions, sales & more.