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.
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
₹ 100/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
₹ 100/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
Step 1
Select the package that suits you.
a. list of services purchased
b. documents to be submitted or next action.
Step 2
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.
Step 3
Make a payment, and you will receive your personalised dashboard login and password.
Step 4
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.
Step 5
At each step, our team will share all the required information needed by you and ensure that you have a smooth experience with us.
Step 6
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 the Form
Start your journey by filling out a simple form on our website. Provide the necessary information to initiate the process.
Call to Discuss
Our Legal expert will connect with you & prepare documents.
ROC Compliance
We help you with timely reminders & documentation.
Pay as You Grow
Flexible Payment Options
We offer flexible packages to cater to your specific requirements:
Basic Plans
₹
14,999
- Turnover upto ₹10 lakhs
- Financial Statement Preparation
- Annual Report
- Orm 11 Filing
- Form 8 Filing
- Income Tax Return Filing
- GST filing
STANDARD
₹
25,999
- Turnover upto ₹40 lakhs
- Financial Statement Preparation
- Annual Report
- Form 11 Filing
- Form 8 Filing
- Income Tax Return Filing
- DIN e-KYC for 2 Partners
- GST filing
PREMIUM
₹
39,999
- Turnover upto ₹100 lakhs
- Financial Statement Preparation
- Annual Report
- Form 11 Filing
- Form 8 Filing
- Income Tax Return Filing
- DIN e-KYC for 2 Partners
- ITR-2 for 2 Partners
- GST filing
Condition: Fees will be subject to change based on turnover and Income tax requirements
Frequently Asked Questions
Your Queries, Our Answers
An LLP is supposed to file the LLP annual return in Form 11, the financial statement of the accounts and solvency, and the income tax return.
The LLP Form 8, or the statement of account and the solvency, is to be filed annually by all the LLPs registered in India. It is filed with the MCA irrespective of the turnover.
The Partners must comply with the annual return filing with the MCA, filing the statement of accounts.
There are many privileges for the LLPs as compared to other companies. There are exemptions from maintaining the minutes' books, statutory register, annual general meeting, and flexible rates.
The Board of Directors conducts the Board meeting. No BOD is involved in the LLPs; the designated partners run the whole business and are also responsible for compliance.
The LLPs are corporate entities operated by the legal rules and procedures stated in the LLP Act 2008. Irrespective of the turnover, the LLPs have to file annual returns giving details on the management on the financial performance. Any delay in the same attracts a heavy penalty.
You must file Form 8 within 30 days from the completion of 6 months after a financial year ends.
Two designated partners can sign this form digitally. Also, a company secretary/chartered accountant/cost accountant must certify the same. There are 2 parts:
Form 8
Part A - The solvency statement.
Part B - Statement of expenditure & income, and statement of accounts.
For not filing Form 8 on time, a penalty of Rs 100 per day will be imposed.
Form 11
- This form contains details such as the total number of designated partners, details of partners along with details of body corporates as partners, contributions received by the partners and a summary of all partners.
- All LLPs must file Form 11 within 60 days after the end of the financial year, along with the fee prescribed. Therefore, the LLPs should file their Form 11 by 30th May every year.
- An LLP will be allowed to close or wind up once it files all its annual returns. Therefore, all LLPs must file their annual returns on time to avoid penalties.