RandL Legal Services Pvt. Ltd.

Annual Compliance /LLP Compliance

LLP Compliance refers to the set of legal and regulatory obligations that Limited Liability Partnerships (LLPs) in India need to fulfill on an annual basis. These compliance requirements ensure transparency, accountability, and adherence to the rules governing LLPs, maintaining their legal and operational validity.

Annual Compliance

LLP Compliance

Annual Filing of LLP

LLPs are required to file annual returns and financial statements with the Ministry of Corporate Affairs (MCA) within specified timelines. These documents provide an overview of the LLP's financial performance and compliance status.

Partners' Contribution and Capital Accounts

LLPs must maintain accurate records of partners' contributions and capital accounts. It includes recording capital contributions, changes in capital, and the allocation of profits and losses among partners as per the LLP agreement.

LLP Agreement Review

LLPs should review their LLP agreement periodically to ensure it reflects the current understanding and responsibilities of partners. Any necessary amendments or updates to the agreement should be made and filed with the MCA, if required.

Compliance with Tax Obligations

LLPs need to comply with tax obligations, including filing income tax returns and paying applicable taxes. They must obtain a Permanent Account Number (PAN) and comply with the Goods and Services Tax (GST) regulations, if applicable.

Maintenance of Statutory Registers and Books

LLPs are required to maintain various statutory registers and books, such as the Register of Partners, Register of Charges, and Register of Meetings. These records should be kept up to date and made available for inspection as per legal requirements.

Faq

The designated partners of an LLP are responsible for ensuring compliance with the legal and regulatory obligations. They should oversee the annual filing of documents, tax compliance, and maintenance of necessary records.
Non-compliance with LLP obligations can result in penalties, fines, and legal consequences for the LLP and its partners. It may also lead to reputational damage, loss of limited liability protection, and restrictions on business operations.
LLPs are required to file annual returns (Form 11) and financial statements (Form 8) with the MCA. These documents provide information on the LLP's financial position, partners' details, and compliance status.
Yes, changes can be made to the LLP agreement if required. Any amendments or updates to the LLP agreement should be documented, signed by the partners, and filed with the MCA within the prescribed timelines.
Yes, LLPs are subject to income tax regulations in India. They are required to file income tax returns and pay taxes on their taxable income. LLPs should also comply with GST regulations if their annual turnover exceeds the prescribed threshold.
LLPs must file their annual returns (Form 11) within 60 days from the closure of the financial year. The financial statements (Form 8) should be filed within 30 days from the end of six months of the financial year-end.

Our simplified process

01Annual LLP Filings

We assist in preparing and filing the annual LLP returns and financial statements with the Registrar of Companies (RoC) within the prescribed timelines.

02Compliance Review

We conduct a comprehensive review of the LLP's compliance requirements, including maintaining registers, minutes, and statutory records, to ensure adherence to applicable laws and regulations.

03Tax Compliance

We help the LLP comply with tax obligations, including filing income tax returns, obtaining tax audits, and ensuring timely payment of taxes such as Goods and Services Tax (GST).

04Changes and Amendments

We assist in managing changes in LLP details, such as partner additions or removals, alteration of LLP agreement, or changes in registered office address, by facilitating the necessary filings with the RoC.

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