Annual Compliance Filings for LLPs

Here’s What You’ll Need

Once you have the below documents ready, submit them digitally to commence annual compliance formalities for your LLP. Zolvit uses the best-in-industry security protocols to ensure your documents are always secure.

• LLP book of accounts including Statement of Accounts and Solvency.
• Balance Sheet
• Income statement
• Statement of Profit & Loss
• Statement of cash flows
• Details such as the total number of designated partners and contributions received by the partners
• Summary of all partners including corporate bodies

Did you know?

LLPs are required to submit annual reports and information pertaining to the statement of accounts to the RoC. However, failure to comply carries severe penalties. Organisations that fail to provide the required information face severe fines that can reach upto ₹ 5 lakhs.

LLPs that meet annual compliance requirements are frequently given loans more quickly or readily funded by investors.

Overview - An Overview of Annual Compliance for LLPs

An LLPs' fiscal year runs from April 1 through March 31. The statement of accounts and solvency is due on the last day of October of each fiscal year, while the annual return for LLPs is due on the last day of May. Limited liability partnerships are required to file an income tax return each year in addition to the MCA annual return.

Each year, LLP Form 8 must be submitted to ROC as an annual filing. Within 30 days of the end of the first six months of the financial year to which the statement relates, a statement of account and proof of solvency must be filed with the registrar. If the contribution exceeds ₹ 25 lakh or the annual turnover in any financial year exceeds ₹ 40 lakh, LLPs must also have their accounts audited by a licenced chartered accountant.

Benefits - Benefits of LLP Annual Compliance

• Greater Credibility

  Annual compliance gives the organisation greater credibility when it comes to loan approvals or other funding requirements.

• Attract Investors

  Annual compliance filings by LLPs give the public access to information about their financial worth, which may help them attract new and interested investors.

• Stay Active and Avoid Penalties

  LLPs that regularly file their returns will not have their status changed to ‘inactive’ and may continue to operate. Additionally, on diligently submitting annual compliance filings LLPs will not incur any penalties.

• Easy Conversion or Closure

  Regular annual compliance filings allow Limited Liability Partnerships to be converted into other types of companies more easily and hasten partnership dissolution resolutions.

Checklist - Checklist for LLP Annual Compliance

• Annual returns need to be filed with the Registrar of Companies.
• Annual reports must be submitted in the LLP Form 11 format.
• Returns need to be filed within 60 days from the close of the financial year, or the 30th of May of each year.
• Even if there is no business activity, every registered LLP must comply with the LLP annual compliance.