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Annual Compliances – Limited Liability Partnership

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About This Plan

LLP or Limited Liability Partnership firms are governed by Limited Liability Partnership Act 2008. Liability of partners in the LLPs are limited to the partner’s capital contribution. In a Limited Liability Partnership firm partners can decide how they will individually contribute to the business operations. Now, the LLPs can get access to foreign equity funds under the automatic route, for this they do not require RBI approval. If you want to form a LLP this plan is all you need.

The plan shall take complete holding of your annual requirements and shall provide you with full assistance in how to draft a contract, appoint an auditor, legal agreements and other secretarial services.

Prices may differ according to your bank entries and turnover. The applicable price shall be informed to you by out tax expert during consultancy.

Services covered under this plan
  • Auditor appointment
  • Director disclosure
  • Issuance of share certificate
  • Drafting legal agreement
  • Drafting founder’s agreement
  • Drafting consultant’s agreements
  • Form 11 and Form 8 yearly
  • Other Secretarial services
Who can buy this plan?

Every Limited Liability Partnership.

How the Plan works?

  • Buy the Plan
  • Upload the required documents
  • A Tax expert shall be assigned for the procedure of submission of the application.
  • All the work shall be handled and completed by the tax expert with on-call assistance during business hours

Documents Required

  • Purchase/sale Invoices
  • Expense invoices
  • Copy of TDS challans deposited (If Any)
  • Copy of TDS Returns (If Any)
  • Copy of VAT or Service Tax returns filed (If Any)
  • Bank Statement from 1 April to 31 March for all bank accounts in the name of LLP
  • Credit Card Statements if Expenses are incurred by partner on behalf of LLP

FAQs

Who can incorporate a LLP?

Any two persons who consent to become partners can incorporate Limited Liability Partnership Firm.

What is the obligation of a partner if he changes his name or address?

In cases where a partner changes his name or address, it is mandatory for him to inform the LLP within a period of fifteen days of such change. The LLP shall then be under the obligation to file such details of the change with the Registrar within 30 days of such change.

Whether every LLP has to maintain and file accounts?

Every LLP is under the obligation to maintain annual accounts reflecting true and fair view of its state of affairs. Every LLP has to file a “Statement of Accounts and Solvency” in the prescribed form with the Registrar every year.

Filing of Annual Accounts

Every LLP has to maintain books of accounts as per double entry system of accounting and prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March. LLP has to file such Accounts to the Registrar of LLP (Form 8) within 30 days from the end of 6 months of such financial year. So, the filing of Accounts is to be filed on or before 30th October every year.

In case of an LLP whose annual turnover exceeds Rs.40 lakhs or whose contribution exceeds Rs.25 lakhs, shall be required to get its accounts audited by a Chartered Accountant.

What is Form 8?

All enrolled LLPs are required to have their books of accounts in place and fill in the data with respect to the profits made, and other financial data with regards to the business, and submit it in Form 8, every year. Form 8 must be attested by the signatures of the designated partners and should also be certified by a practicing Chartered Accountant or a practicing Company Secretary or a practicing Cost Accountant. Failing to file the statement of accounts & solvency report within the specified due date will lead to a fine of INR 100 per day. The due date to file form 8 is October 30, 2018, for this financial year.

What is Form 11?

An LLP is required to file the Annual Return with the Registrar of LLP (Form 11) within 60 days of closure of its financial year. An LLP has to close its financial year on every 31st March. So, the Annual Return is to be filed on or before 30th May every year.

For enquiries, call us on

:1800 419 9661