Limited Liability partnership
Annual Compliance Filings

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Limited Liability Partnership

ANNUAL FILINGS

 

Limited liability partnerships (LLPs) are obliged to meet fewer criteria for agreement on filing annual returns, compared to a private or public limited company. LLPs are expected to present information associated with the statement of accounts, and returns, on an annual basis. Though, penalties are huge for failure to comply. Items that don’t provide the necessary information are fined heavily, with penalties which can end up to Rs. 5 lakhs.

ADVANTAGES OF FILING ANNUAL COMPLIANCES FOR Limited Liabilities Partnership.

    • Great Credibility: Yearly compliance grants greater credibility to the company for loan consents or any other related requirements.
    • Record of Financial Worth: Year-end agreement filings by LLP’s present accounts to other organisations concerning their financial worth, which may result in new and interested investors.
    • Stays Active Without Penalties: With proper filings, LLPs are not listed as deceased and stays active. Also, yearly compliance filings are necessary and hence include penalties (additional fees) to LLPs, when they default on filings.
    • Conversion or Dissolution: Regular annual compliance filings promote the easier conversion of LLP into other types of companies, also faster resolutions in case of dissolution of partnerships.
 

ESSENTIAL REQUIREMENTS OF FILING ANNUAL COMPLIANCE

Maintain Discipline
For companies to reach their annual compliance requirements, all they have to do is stay disciplined and alert. Although, being stiff can result in massive fines and penalties. Limited Liability Partnership’s that match annual compliance requirements are usually sanctioned loans faster or easily funded by investors, as these companies are obedient with the requirements of the Registrar of Companies (RoC).

Regular Updates From The RoC (Registrar Of Companies)
Including an on-call company secretary during the year, you can assure that your company is following the laws in force. Our team would keep you updated on all the changes made by the RoC, throughout the year.

REQUIRED DOCUMENTS IN FILING OF ANNUAL COMPLIANCE

Form 8

To file annual compliance you need to file Form 8 within 30 days from the end of 6 months of the financial year. Which will be then digitally signed by the two authorized partners and certified by a chartered accountant/company secretary/cost accountant. 

Form 8 contains two parts:

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

For not filing this form the penalty charged will be Rs. 100 per day until it is submitted.

 

Form 11

Form 11 includes information about the total number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners. All Limited Liability Partnership need to file this form within 60 days from the closure of the financial year along with the prescribed fee. Therefore, the due date for filing LLP Form 11 is 30th of May.

A Limited Liability Partnership cannot be winded up or closed unless and until all the annual returns are filed. Therefore, LLP needs to file an Annual Return on or before the due date to avoid penalties.

 

PROCEDURE To file Annual Compliance for Public Limited Company

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Note: After completing the process, you have to make the whole payment of the amount.

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FAQs on Online Company Registration

No, new company registration is a fully online procedure. As all files are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.

If you have all the files proper and in hand, it will take no longer than 15 days. But this is dependent on the workload of the registrar.
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