An Overview of Annual Compliance for LLP

All the Limited Liability Partnership entities must file for their annual returns within sixty days of the completion of the financial year and have to file the account statement and solvency within 30 days from the end of six months of the closure of the financial year.

As a Limited Liability Partnership is a separate legal entity, it is the responsibility of the elected partners to maintain the books of account and file for the annual return as prescribed by the Ministry of Corporate Affairs.

As maintaining the books of account along with managing the business is a tedious task., it is better to partner with experts in compliance of Limited Liability Partnership, and we at Taxrepair provides comprehensive Limited Liability Partnership compliance services to our clients, thereby helping them in focusing more on their core business.

Documents Required for Annual Compliance for LLP

• Attested copy of PAN Card of the designated partner
• Attested copy of:
• Aadhar card
• Passport
• Voters ID
• Driving license
• Any photo identity issued by the Government of India of the designated partner
• Certificate of Incorporation of Limited Liability Partnership
• Limited Liability Partnership Agreement along with any supplementary agreement, if any.
• The various Financial Statement of the LLP duly signed by the designated partners
• Digital Signature Certificate of the Designated Partners
• Filed Form 8, i.e. Part A and Part B
• Filed Form 11
• The documents mentioned above are some of the standard documents required for the Annual Compliance for Limited Liability Partnership. However, based on the services required by the LLP, there might be a requirement for additional documents that our team will promptly communicate to the business entity.

Benefits of Annual Compliance for LLP

Convertibility and Closure

An LLP following all the requirements of the annual compliances facilitate easier conversion into any other type of business structure. The regular filing also simplifies the dissolution of the partnership during the closure of the business entity.

Trustworthiness

Through their official website, the Ministry of Corporate Affairs declares the name of those LLPs who have filed for their annual compliance. This aids in building trust amongst the stakeholders as well as the investors as a company complying with all the regulations are considered to be reliable.

Avoiding Penalties

Following the annual compliance consistently will not attract penalties to the LLP. However, the LLP not fulfilling the annual compliance has to give a hefty penalty and will lead to disqualification of the contract. So, in order to avoid these, it is advisable to do the annual filing regularly on or before the due date.

Creditworthiness

Following the rules and regulations of the annual compliance provides high credibility to the LLP. Thus, it helps the organisation in getting loans approval and also attract investors in funding as these LLP are compliant with the prerequisites of the Registrar of Companies (RoC).

Timelines for Annual Compliance for LLP

We at Taxrepair provide our clients with comprehensive and hassle-free Limited Liability Partnership compliance that our highly qualified professional team deals with efficiently. In addition, we adhere to all the timelines of filing the compliance and ensure that our clients need not pay the hefty penalties due to non-compliance.

Contact our experts at Taxrepair, and allow us to help you every step of the way with all the LLP compliance needs.