LLP Company Compliance

An LLP (Limited Liability Partnership) company in India has to file the annual return within 60 days from the end of close of financial year to maintain compliance and to avoid the heavy penalty for non-compliance. It’s also compulsory to file Statement of Account & Solvency within 30 days from end of six months of the end of financial year. LLPs in India must keep their financial year from April 1st to March 31st. 

Decision: Is annual compliance must for an LLP or good to have activity?

It is mandatory for an LLP to file annual compliance and other tax-related returns. Failing which will lead to heavy penalties or your LLP in Defaulter list of ROC.

The advantages of annual compliance for LLP are:

• Free from any kind of MCA penalty
• Have a complete eye on your expenses & earnings
• Transparency in doing business
• More credibility in the market
• Avoid being in the defaulter list of ROC

LLP Annual compliance consists of below activities:

• LLP annual return must get filed before May 30th of each financial year
• LLP Account & Solvency must get filed before October 30th of each financial year.
• LLP must file Income tax return each year irrespective of income, profit or loss.

In addition to above mandatory compliance, LLP must also file income tax return, GST return as per MCA guidelines.

• Step 1: - Corpseed received your request for LLP compliance
• Step 2: - We will assign a dedicated resource who is professionally skilled in company compliance. The allotted resource will help you to maintain the compliance for your LLP. You can get in touch with the assigned resource at any point of time for consultation and assistance regarding compliance throughout your journey with Corpseed.
• Step 3: - Our resource will help your LLP to maintain accounts and prepare the financial statement for each year.
• Step 4: - Our resource will collect all the required documents/information and file form 11 for your LLP before 30thMay each financial year.
• Step 5: - Our resource will collect all information and file form 8 for your LLP before 30thOctober each financial year.
• Step 6: - Our resource will file your LLP income tax return with MCA along with the mandatory documents after getting final confirmation from your finance team if required.
• Step 7: - Our resource will help your LLP in accounts audit.
• Step 8: - Our resource will draft minutes of meetings, notices and will also maintain the statutory register.
• Step 9: - Above 8 steps complete your LLP compliance under Companies Act 2013.