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ANNUAL COMPLIANCE filling OF (LLP) Limited Liability Partnership

Annual compliances for a Limited Liability Partnership (LLP) in India involve a series of legal and regulatory obligations that the LLP must fulfill each year to remain in good standing and adhere to the provisions of the Limited Liability Partnership Act, 2008, and other relevant laws.  With “India’s BEST TAX CONSULTANT.” Connect with our Experts.

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Why Should I Use Auriga Accounting For COMPLIANCE filling OF (LLP) Limited Liability Partnership ?

Auriga Accounting has a team of registration experts who can provide complete guidance to COMPLIANCE filling OF (LLP) Limited Liability Partnership .

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for registration

Complete your COMPLIANCE FILLING

Your COMPLIANCE FILLING IS DONE .

OVERVIEW - ANNUAL COMPLIANCES OF LLP

  • Annual compliances for a Limited Liability Partnership (LLP) in India involve a series of legal and regulatory obligations that the LLP must fulfill each year to remain in good standing and adhere to the provisions of the Limited Liability Partnership Act, 2008, and other relevant laws

ELIGIBILITY for ANNUAL COMPLIANCES OF LLP

  • Limited Liability Partnership (LLP):
      • The LLP itself is obligated to comply with the annual compliances. It includes filing the Annual Return (Form 11), the Statement of Accounts (Form 8), and ensuring that the LLP maintains proper accounting records and statutory registers.
  • Designated Partners:
      • Designated Partners are the partners who are responsible for managing the affairs of the LLP. They are responsible for ensuring that the annual compliances are met. Designated Partners should also ensure that the financial records and books of accounts of the LLP are maintained accurately and that statutory registers are up to date.
  • Statutory Auditor:
      • The statutory auditor is responsible for auditing the financial statements of the LLP and preparing an audit report. The auditor should be a qualified Chartered Accountant (CA). The auditor’s role is critical in verifying the financial health and compliance of the LLP.
  • Professional Service Providers:
      • LLPs may engage professional service providers, such as Chartered Accountants or Company Secretaries, to assist in preparing and filing annual returns and statements, ensuring compliance with tax laws, and providing guidance on regulatory requirements.

ADVATNAGES OF ANNUAL COMPLIANCES OF LLP.

  • Legal Compliance: Fulfilling annual compliance requirements ensures that the LLP operates within the framework of the law. This helps prevent legal issues, fines, and penalties that can arise from non-compliance with statutory requirements.
  • Business Credibility: Maintaining proper records, filing annual returns, and adhering to financial reporting standards enhance the LLP’s credibility and reputation. This can be especially important for attracting clients, investors, lenders, and business partners.
  • Transparency: Annual compliances involve the preparation and disclosure of financial statements and other essential information. This transparency builds trust among stakeholders, including partners, clients, and creditors.
  • Partner Protection: Annual compliances protect the interests of partners by ensuring that the financial health of the LLP is accurately reflected in the financial statements. This helps prevent fraudulent activities and misappropriation of funds.
  • Access to Finance: Banks and financial institutions often require audited financial statements and compliance with legal requirements before extending loans or credit to an LLP. Meeting annual compliance obligations can facilitate access to financing.
  • Risk Mitigation: Regular audits and compliance checks help identify and address financial irregularities, operational inefficiencies, and potential risks early, reducing the likelihood of significant financial losses.
  • Board Accountability: Annual compliances, including meetings of partners and audits, provide a platform for partners and designated partners to be accountable to each other. They can discuss the LLP’s performance, strategy, and key decisions during these meetings.
  • Investor Confidence: Compliance with annual reporting and disclosure requirements instills confidence in existing and potential investors. It demonstrates that the LLP is committed to transparency and good corporate governance.
  • Statutory Benefits: Compliant LLPs enjoy statutory benefits and protections, such as limited liability for partners. Compliance helps maintain the separate legal identity of the LLP, protecting personal assets of partners.
  • Access to New Markets: Compliance with legal requirements is often a prerequisite for entering new markets, bidding for government contracts, or participating in tenders.
  • Employee Trust: Employees are likely to have more trust in an LLP that complies with legal and regulatory requirements. This can boost morale and employee retention.
  • Efficient Operations: Regular compliance checks and audits can uncover operational inefficiencies and areas for improvement. Correcting these issues can lead to cost savings and improved productivity.
  • Avoiding Penalties: Non-compliance can result in fines, penalties, and legal actions. By meeting annual compliance requirements, an LLP avoids these financial and legal repercussions.
  • Stakeholder Communication: Annual compliances provide a structured way to communicate with partners and other stakeholders. It allows the LLP to update them on its financial performance, future plans, and challenges.
  • Long-Term Sustainability: LLPs that prioritize annual compliances are more likely to achieve long-term sustainability and growth, as they operate with a focus on governance and legal adherence.

Documents for ANNUAL COMPLIANCES OF LLP.

  • Annual Return (Form 11):
      • The Annual Return in Form 11 is a comprehensive document that includes information about the LLP’s partners, changes in partners, and the financial statement of the LLP. It must be filed with the Registrar of Companies (RoC) within 60 days from the closure of the financial year.
  • Statement of Accounts (Form 8):
      • The Statement of Accounts in Form 8 contains details about the solvency of the LLP, assets, liabilities, and partners’ contributions. It must be filed with the RoC within 30 days from the closure of the financial year.
  • Income Tax Return (ITR):
      • The LLP’s income tax return (ITR) must be filed with the Income Tax Department as per the prescribed deadlines. This includes reporting details of income, deductions, and taxes paid.
  • Audit Report:
      • The audit report is prepared by the LLP’s statutory auditor, who is usually a qualified Chartered Accountant (CA). It includes findings and opinions on the accuracy of the financial statements and compliance with accounting standards.
  • Board Resolutions and Minutes:
      • Maintain copies of board resolutions and minutes of meetings held during the year, including board meetings and partners’ meetings.
  • Financial Statements:
      • Prepare financial statements, including the balance sheet, profit and loss account, cash flow statement, and notes to accounts, as per the prescribed format and accounting standards.
  • LLP Agreement:
      • The LLP agreement is the governing document of the LLP. It outlines the rights, responsibilities, and obligations of partners. Ensure that an updated copy of the agreement is maintained.
  • Statutory Registers:
      • Maintain various statutory registers, including the register of partners, register of changes, register of investments, and register of charges, as required by the Limited Liability Partnership Act, 2008.
  • GST Returns (if applicable):
      • Comply with Goods and Services Tax (GST) laws by filing GST returns and other reports as required, if the LLP is registered for GST.
  • Trademark and Intellectual Property Registrations (if applicable):
      • Details of trademark registrations and other intellectual property assets owned by the LLP, if applicable.
  • Communication with Regulatory Authorities:
      • Respond to any communication or queries from regulatory authorities promptly and provide the necessary documentation and information as required.
  • Professional Service Provider Records (if applicable):
      • Maintain records related to any professional service providers, such as Chartered Accountants, Company Secretaries, or legal advisors, engaged for compliance-related services.
  • Any Other Relevant Documents:
      • Any documents or reports required under specific industry regulations or as per the LLP’s activities.

PROCESS OF ANNUAL COMPLIANCES OF LLP.

  • Select a Financial Year: The first step is to determine the financial year for which you will be filing annual compliances. The financial year typically runs from April 1st to March 31st.
  • Appoint a Statutory Auditor:
      • Appoint a qualified Chartered Accountant (CA) as the statutory auditor of the LLP. The auditor will be responsible for auditing the LLP’s financial statements and preparing the audit report.
  • Prepare Financial Statements:
      • Prepare financial statements for the LLP, including the balance sheet, profit and loss account, cash flow statement, and notes to accounts. Ensure that the financial statements comply with accounting standards.
  • Conduct a Partners’ Meeting:
      • Hold a meeting of the partners to approve the financial statements, the audit report, and the annual return. Document the resolutions and minutes of this meeting.
  • Audit of Accounts:
      • The statutory auditor should audit the LLP’s financial statements and prepare the audit report. The audit should be conducted in accordance with auditing standards and practices.
  • Preparation of Annual Return (Form 11):
      • Prepare the LLP’s Annual Return in Form 11. This return includes information about the LLP’s partners, changes in partners, and the financial statement of the LLP.
  • Preparation of Statement of Accounts (Form 8):
      • Prepare the Statement of Accounts in Form 8, which contains details about the solvency of the LLP, assets, liabilities, and partners’ contributions.
  • Filing of Annual Return (Form 11):
      • File the Annual Return (Form 11) with the Registrar of Companies (RoC) within 60 days from the closure of the financial year. Ensure that all required details and documents are attached.
  • Filing of Statement of Accounts (Form 8):
      • File the Statement of Accounts (Form 8) with the RoC within 30 days from the closure of the financial year. Include all necessary financial information and supporting documents.
  • Filing of Audit Report:
      • File the auditor’s report, signed by the statutory auditor, with the RoC within 30 days from the date of the Annual General Meeting (AGM).
  • Income Tax Return (ITR):
      • Prepare and file the LLP’s income tax return (ITR) with the Income Tax Department as per the prescribed deadlines. This includes reporting details of income, deductions, and taxes paid.
  • Maintain Statutory Registers:
      • Ensure that all statutory registers, such as the register of partners, register of changes, and other required registers, are properly maintained and updated.
  • GST Compliance (if applicable):
      • Comply with Goods and Services Tax (GST) laws by filing GST returns and other reports as required, if the LLP is registered for GST.
  • Trademark and Intellectual Property Compliance (if applicable):
      • Ensure compliance with trademark and intellectual property registration and protection requirements if the LLP owns intellectual property assets.
  • Record-Keeping:
      • Maintain organized records of all documents and reports related to annual compliances for a minimum of eight years.
  • Communication with Regulatory Authorities:
      • Respond to any communication or queries from regulatory authorities promptly and provide the necessary documentation and information as required.
  • Professional Assistance:
      • Consider seeking the assistance of professional service providers, such as Chartered Accountants or Company Secretaries, to ensure accurate compliance with all legal and regulatory obligations.

COMPLIANCES FOR ANNUAL COMPLIANCES OF LLP.

Filing annual compliances for a Limited Liability Partnership (LLP) in India involves several compliance requirements to ensure that the LLP operates within the framework of the law. These annual compliances are essential for maintaining good legal standing and financial transparency. Here are the key compliances associated with filing annual compliances for an LLP:

  • Annual Return (Form 11):
      • File the Annual Return in Form 11 with the Registrar of Companies (RoC) within 60 days from the closure of the financial year. This return includes details about the LLP’s partners, changes in partners, and the financial statement of the LLP.
  • Statement of Accounts (Form 8):
      • File the Statement of Accounts in Form 8 with the RoC within 30 days from the closure of the financial year. This statement includes information about the solvency of the LLP, assets, liabilities, and partners’ contributions.
  • Audit of Accounts:
      • Get the financial statements of the LLP audited by a qualified Chartered Accountant (CA) if the annual turnover of the LLP exceeds the specified threshold (as per the Income Tax Act). The auditor should prepare and sign the audit report.
  • Income Tax Return (ITR):
      • Prepare and file the LLP’s income tax return (ITR) with the Income Tax Department as per the prescribed deadlines. This includes reporting details of income, deductions, and taxes paid.
  • Board Resolutions and Minutes:
      • Maintain copies of board resolutions and minutes of meetings held during the year, including board meetings and partners’ meetings, documenting key decisions and approvals.
  • Statutory Registers:
      • Maintain various statutory registers, including the register of partners, register of changes, register of investments, and register of charges, as required by the Limited Liability Partnership Act, 2008.
  • GST Compliance (if applicable):
      • Comply with Goods and Services Tax (GST) laws by filing GST returns and other reports as required, if the LLP is registered for GST.
  • Trademark and Intellectual Property Compliance (if applicable):
      • Ensure compliance with trademark and intellectual property registration and protection requirements if the LLP owns intellectual property assets.
  • Communication with Regulatory Authorities:
      • Respond to any communication or queries from regulatory authorities promptly and provide the necessary documentation and information as required.
  • Record-Keeping:
      • Maintain organized records of all documents and reports related to annual compliances, including financial statements, audit reports, LLP agreements, and annual returns, for a minimum of eight years.
  • Professional Service Provider Records (if applicable):
      • Maintain records related to any professional service providers, such as Chartered Accountants, Company Secretaries, or legal advisors, engaged for compliance-related services.
  • Annual Compliance Checklist:
      • Create an annual compliance checklist to ensure that all necessary filings and documentation are completed within the prescribed timelines.
  • Timely Filing and Payment:
      • Adhere to the specified deadlines for filing annual compliances and making any payments, such as taxes or government fees, to avoid penalties.
  • Professional Assistance:
      • Consider seeking the assistance of professional service providers, such as Chartered Accountants or Company Secretaries, to ensure accurate compliance with all legal and regulatory obligations.
  • Regular Compliance Review:
      • Conduct periodic compliance reviews to identify and address any potential issues or discrepancies and ensure continuous compliance throughout the year.

WHY AURIGA ACCOUNTING ?

  • Expertise and Knowledge:
    • Auriga Accounting has a team of experienced professionals, including Chartered Accountants (CAs) and Company Secretaries (CSs), who are well-versed in the legal and regulatory requirements for LLPs. They can provide expert guidance and advice.
  • Annual Compliance Planning:
    • Auriga Accounting can help LLPs plan their annual compliance activities, including creating a compliance calendar that outlines key filing deadlines and actions required throughout the year.
  • Document Preparation:
    • They can assist in the preparation of all necessary documents and reports required for annual compliances, such as the Annual Return (Form 11), Statement of Accounts (Form 8), and income tax returns (ITR).
  • Audit Assistance:
    • If the LLP requires a statutory audit, Auriga Accounting can help in coordinating the audit process, ensuring that all financial records are audited by a qualified CA in compliance with auditing standards.
  • Tax Compliance:
    • Auriga Accounting can assist with income tax compliance, including the preparation and filing of the LLP’s income tax return (ITR) as per the Income Tax Act, and ensuring accurate reporting of income, deductions, and taxes paid.
  • GST Compliance:
    • If the LLP is registered for Goods and Services Tax (GST), Auriga Accounting can help with GST compliance, including filing GST returns and other required reports in a timely manner.
  • Record Maintenance:
    • They can help the LLP maintain organized records of all documents and reports related to annual compliances, ensuring that records are readily accessible for future reference or regulatory audits.
  • Communication with Regulatory Authorities:
    • Auriga Accounting can facilitate communication with regulatory authorities, responding to queries, and providing the necessary documentation and information as required.
  • Professional Service Provider Coordination:
    • If the LLP engages multiple professional service providers, such as CAs, CSs, or legal advisors, Auriga Accounting can coordinate their efforts to ensure comprehensive compliance.
  • Regular Compliance Review:
    • Auriga Accounting can conduct periodic compliance reviews to identify and address potential compliance issues or discrepancies, helping the LLP maintain continuous compliance throughout the year.
  • Timely Filings:
    • Auriga Accounting is focused on meeting filing deadlines to avoid penalties and ensure that all annual compliance requirements are fulfilled on time.
  • Customized Solutions:
    • Auriga Accounting can provide tailored solutions based on the specific needs and activities of the LLP, ensuring that compliance efforts are aligned with the LLP’s business objectives.

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