LLP Annual Return
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LLPs are obligated to submit annual returns to the ROC and ITR to the tax department. It’s crucial to file mandatory Form 11 and Form 8 to avoid stringent penalties. Setindiabiz provides cost-effective and punctual LLP annual compliance filing services.
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Introduction
What are Annual Filings? (Overview)
LLP or the Limited Partnership is a hybrid combination of a limited and partnership company. Minimum two partners are required to incorporate an LLP there is no such upper limit.
Limited Liability Partnerships are required to file the annual returns within 60 days from the end of the close of the financial year and account statement and solvency within 30 days from the end of six months of the closure of the financial year.
The financial year for the LLPs starts from the 1st of April to the 31st of March. The annual return for the LLPs is due on May 30th while the statement of accounts and solvency is due on the 30th of October of each financial year.
Besides the MCA annual return filing, the limited liability partnerships must also mandatorily file the income tax return every year.
India Filings provides a comprehensive LLP compliance service that includes annual filing and LLP income tax return filing at a very affordable price point.
Benefits
Benefits of LLP Annual Filing Compliances
Better Credibility
Annual compliance provides for higher credibility to the organization for loan approvals or any other similar requirements.
Record of Financial Worth
Annual compliance filings by LLP’s provide records to other companies regarding their financial worth, which may result in new and interested investors.
Stays Active and No Penalties
With regular filings, LLPs are not declared as defunct, and stays active. Also, annual compliance filings are mandatory and hence involve penalties (additional fees) to LLPs, when they default on filings.
Conversion or Closure
Regular annual compliance filings facilitate easier conversion of Limited Liability Partnerships into other types of companies, as well as quicker resolutions in case of dissolution of partnerships.
Process
LLP Annual Filing Compliances In Easy Steps
Document Checklist
Documents Required for LLP Annual Filing Compliance
Form 8 LLP
You must file the Form 8 inside 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 in a Form 8 - Part A - The solvency statement Part B - Statement of expenditure & income, statement of accounts. For not filing the Form 8 on time, a penalty of Rs 100 per day will be imposed.
Form 11 LLP
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 summary of all partners. All LLPs must file the 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 not be allowed to close or wind up till it files all its annual returns. Therefore, all LLPs must file their annual returns on time, to avoid penalties.
