What are the Annual Compliances for LLP?

Annual compliances for LLP refer to the set of legal obligations and requirements that an LLP must fulfill on an annual basis. These compliances are mandated by the Ministry of Corporate Affairs (MCA) and are necessary to maintain the LLP's legal and operational status. By adhering to these compliances, LLPs demonstrate their commitment to transparency, accountability, and regulatory compliance.

Proper adherence to annual compliances is crucial for LLPs due to several reasons:

• Legal Compliance: LLPs are bound by the LLP Act and other applicable laws. Annual compliances ensure that the LLP operates within the legal framework, reducing the risk of penalties, fines, or legal complications.
• Good Governance: Annual compliances promote good governance within the LLP, establishing clear processes and systems to safeguard the interests of all stakeholders involved.
• Transparency and Credibility: Fulfilling annual compliances enhances the transparency and credibility of the LLP, instilling trust in clients, investors, partners, and other stakeholders.
• Avoidance of Regulatory Issues: Non-compliance with annual obligations can lead to regulatory issues, such as the LLP being struck off the register or losing certain privileges and benefits.

Given below is the detailed checklist for Annual Compliances of LLP company:

Filing of Annual Return (Form 11)

LLPs must file their Annual Return within 60 days of the closure of the financial year. The Annual Return, submitted in Form 11, provides details about the LLP's partners, capital contribution, and financial position.

Filing of Financial Statements (Form 8)

LLPs are required to file their Financial Statements in Form 8 within 30 days from the end of the financial year. These statements include the LLP's balance sheet, profit and loss account, and statement of changes in equity.

Appointment of Auditor

LLPs must appoint an auditor within 30 days of incorporation. The auditor is responsible for conducting an annual audit of the LLP's financial statements and reporting any discrepancies or issues.

Maintenance of Statutory Registers

LLPs are required to maintain various statutory registers, including registers of partners, register of charges, and register of investments. These registers should be updated regularly and made available for inspection when required.

Income Tax Compliance

LLPs are subject to income tax regulations. It is essential to file income tax returns and fulfill other tax-related obligations within the stipulated timelines.

GST Compliance

If the LLP is registered under the Goods and Services Tax (GST), it must comply with GST regulations, including filing GST returns, maintaining records, and paying taxes as applicable.

The total fees for Annual compliance for LLP Registration starts from ₹12,000 and it varies according to the size of the LLP company. Contact Professional Utilities to know more about the actual Fees for Annual Compliance of the LLP company.