Know Your Compliance for Limited Liability Partnership
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At BizSetupGlobal, we provide comprehensive accounting and compliance services designed to empower Limited Liability Partnership firms like yours to thrive and succeed.
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Basic Facts on Limited Liability Partnership Compliance
- LLP or the Limited Partnership is a combination of a limited and partnership company. A minimum of two partners are required to incorporate an LLP. There is no such upper limit.
- Limited Liability Partnerships must file annual returns within 60 days of the end of the financial year and account statements and solvency within 30 days of six months.
- LLP financial years run from April 1 to March 31. LLPs must submit their annual returns on May 30 and their statements of accounts and solvency on October 30.
- Limited liability partnerships must file income tax returns and MCA annual returns.
- Our affordable LLP compliance service includes annual filing and LLP income tax return filing.
Mandatory Annual Compliances
| Form Name | Details | Due Date | Documents required | Penalty for late filing |
|---|---|---|---|---|
| Form 11 | Declaring that LLP is not insolvent | 30th May every year | Declaration from partners | ₹ 50/day after the due date |
| Form 8 | The audited/unaudited financials of the LLP are to be submitted to the government | 30th October every year | Declaration from partners | ₹ 50/day after the due date |
| DIN KYC | Director KYC | Within 30 Sep of every year | Financials | ₹ 5000 per DIN |
| ITR Filing | Income tax filing | Within 31st July of every year | Financials | As per Income Tax Rules |
LLP Tax Audit
LLPs must get the accounts audited by a practising chartered accountant if the annual turnover in any financial year exceeds ₹ 40 lakhs or the contribution exceeds ₹ 25 lakhs.
The LLP financials must include a statement from the partners acknowledging their responsibility to comply with accounting and financial statement requirements to be exempt from auditing.
Online Registration Process
Select the package that suits you.
a. list of services purchased
b. documents to be submitted or next action.
Once documentation is complete, you will be informed about the next steps through email and sms, and you can also check the current status of your request in your personalised dashboard.
Make a payment, and you will receive your personalised dashboard login and password.
If you have any questions during the process, you can contact us via the Helpdesk system in your dashboard, and we would be pleased to assist. We can even call you if necessary.
At each step, our team will share all the required information needed by you and ensure that you have a smooth experience with us.
Once you submit the required documents, our Compliance Manager will review the documents and contact you in case of any discrepancies.
Here's What You Need To Do : Simple and Convenient
Fill out the form to initiate the process.
Make a secure payment to begin our expert assistance.
Our dedicated professional will connect with you, provide guidance, and advise you on the necessary documentation.
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Flexible Payment Options
We offer flexible packages to cater to your specific requirements:
Condition: Fees will be subject to change based on turnover and Income tax requirements