LLP Compliance with Bizhub
A Limited Liability Partnership (LLP) is a legal entity that combines the advantages of both a partnership and a corporation
Annual Compliance for LLP Company
A Limited Liability Partnership (LLP) is a legal entity that combines the advantages of both a partnership and a corporation. The partners in this type of partnership have limited liabilities, which means that they are not obligated to pay off the company’s debts with their personal assets, and they are also not liable for the misconduct or negligence of another partner.
The Limited Liability Partnership Act of 2008 mandates that an LLP be registered.
Procedure for Udyam Registration Application
What is the procedure to obtain Udyam Registration?
To obtain Udyam registration following steps should be followed:
Documents Required for Udyam Registration
What are the documents required for Udyam Registration in India?
In case if the applicant or an authorized signatory does not have a valid Aadhar Card then the applicant must first apply for an Aadhar card at an Aadhar enrolment centre. Once the Aadhar is obtained the Udyam Registration can be initiated.
Details to be provided for obtaining Udyam Registration
- Aadhar Number (Mandatory)
- Name of the entrepreneur as mentioned in the Aadhar Card
- Mobile Number
- PAN Number (Pvt/ LLP/ Partner/ Company PAN number)
- Name of the enterprise
- Type of entity.
- Full Address of the Firm
- Account No
- Bank Name and Branch (Only the proprietor can use a savings account)
- Do you have GSTIN
- ITR details
- Physically handicapped
- Social Category
- Date of commencement of business
- Bank details of the Company or the personal (Current/ Savings)
- IFSC code
- NIC Code
- Specify the area (Urban or Rural)
- No of persons employed in the Company
- District Industry Centre
Benefits of LLP Annual Compliance
LLP Annual Compliance
Statement of Account and Solvency Filing:
- Fill out the LLP Form 8 in the prescribed format.
- All LLPs are required to keep a book of accounts using the double-entry method. Form 8 contains a declaration by the LLP’s designated partners as to the LLP’s solvency, as well as details of the LLP’s statement of assets and liabilities and statement of income and expenditure.
- A practicing-chartered accountant, company secretary, or cost accountant must certify Form 8, which must be signed by the partners.
- This must be filed within 30 days of the end of the six-month period following the end of the financial year, or by October 30th of each year.
- LLPs with a turnover of more than Rs. 40 lakh or a contribution of more than Rs. 25 lakhs must have their books audited by a chartered accountant in good standing.
Filing of Annual Returns
- You must file your return with the Registrar of Companies.
- Fill out the LLP Form 11 in the prescribed format.
- This must be filed within 60 days of the financial year’s end, or by the 30th of May each year.
Filing of Income Tax Return
- LLPs must file their income tax returns using Form ITR 5, which can be downloaded or filed online using the designated partners’ digital signatures.
- Under the Income Tax Act, all LLPs must close their fiscal year by March 31st and file their returns with the Internal Revenue Service.
- LLPs with an annual turnover of more than Rs. 60 lakhs must have their books audited and file their tax returns by September 30th of each year.
- LLPs that do not have to have their accounts audited must file their returns by July 31st each year.
- Form 3CEB must be filed by LLPs that have engaged in international transactions or specific domestic transactions. The form must be signed by a qualified chartered accountant and submitted by November 30th of each year.
MCA and ROC Compliance
- Partners must contribute equally in accordance with the LLP agreement’s requirements. The Limited Liability Partnership Act of 2008 contains such provisions. Every Partner is expected to contribute equally.
- LLPs must also keep their books of accounts up to date in accordance with the MCA and ROC’s requirements.
- Adherence to the 2008 Limited Liability Partnership Act’s requirements
FAQs On LLP Compliance
Yes, annual compliance is a mandatory requirement for all LLPs in India. If an LLP does not comply with the above requirements, then they are liable to pay penalties imposed by the government. Hence annual compliance is a requirement for all Limited liability partnerships in India.
MCA and ROC are specific compliance requirements that have to be carried out by LLPs.
MCA is an abbreviation for the Ministry of Corporate Affairs. This registry looks into the compliance requirements for LLPs in India.
ROC is an abbreviation for Registrar of Companies. This form of compliance has to be carried out either quarterly, half-yearly, or annually.
The LLP has to comply with the rules and provisions of the limited liability partnerships act, 2008. All compliance requirements have to be followed by an LLP.
Yes, there are compliance requirements related to the change in partners of an LLP.
E-Form 4 is required to be submitted to the ROC within 30 days if there is any form of change in the partnership requirements of the LLP.
E-Form 3 also must be submitted to the ROC. This form relates to any rights and duties related to the partnership concern.
When an LLP is formed or established, it is mandatory for an LLP to recruit a certified chartered accountant. Apart from this all forms related to the audit must be submitted as required.
Yes, all the documents related to incorporation must be available for inspection in the registrar’s office. The following documents must be present in the registrar:
- LLP incorporation documents
- LLP Agreement
- Annual Returns of the Partnership
- Audited Accounts
Yes, the LLP is required to submit the annual return. Such annual return must be submitted through e-form 11. Such requirements have to be carried out by the LLP within a period of 60 days to the ROC.