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Are you running an LLP business and looking for an expert to do the annual filing for LLP in India? Contact Canjain for support in filing your returns on time.
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Is your business structured as a Limited Liability Partnership (LLP)? Struggling with meeting the LLP annual compliance? Leave your worry to professionals at Canjain as we ensure timely annual filing for LLP.
LLP is a distinct legal entity registered under the Ministry of Corporate Affairs (MCA) in India. To stay compliant, LLPs must complete their Annual Filing for LLP, which involves submitting income tax returns and annual returns to the MCA. These filings are mandatory to maintain the LLP’s legal status and avoid penalties.
Every LLP requires at least two partners, with one being an Indian resident. It is their responsibility to ensure accurate bookkeeping and adherence to compliance requirements, securing the LLP’s credibility and smooth operations.
Are you worried about the complexities in return filing for LLP? Contact the Canjain team of experts for services related to the annual compliance of LLP.
LLP annual compliance is required to maintain its legal identity and ensure smooth operations. LLPs must adhere to mandatory filings such as the Statement of Account and Solvency and the Annual Return with the Ministry of Corporate Affairs (MCA), even if no business activity has taken place. These compliances safeguard the LLP’s limited liability status, protect partners from financial risks, and demonstrate accountability to stakeholders.
Non-compliance can attract significant penalties, with fines reaching up to ₹5 lakhs. Additionally, LLPs enjoy simplified compliance processes, such as audit exemptions if their turnover is below ₹40 lakhs or contributions are under ₹25 lakhs. By meeting these requirements for LLP annual compliance, LLPs maintain transparency, build credibility, and ensure alignment with regulatory standards, contributing to their long-term success. Annual filing for LLPs ensures compliance maintenance and penalty avoidance.
The benefits of annual return filing for LLP are as follows:
Annual return filing for LLP enhances an LLP’s credibility, building a strong reputation in the market. This can lead to benefits such as easier access to loan approvals and better relationships with stakeholders.
Financial Worth RecordAnnual compliance of LLP creates a reliable financial track record for LLPs, making them more attractive to potential investors and partners.
Active Status and Penalty-Free OperationsRegular annual filing for LLP ensures that the LLP remains active and avoids being declared defunct, helping it stay penalty-free and reducing the risk of additional fees.
Simplified Conversion and ClosureConsistent annual filing of LLP with ROC streamlines the process of converting LLPs into other business structures or dissolving partnerships, saving time and effort.
Legal ProtectionThe only way to protect yourself from liabilities and other disputes is to maintain compliance. However, the annual compliance of LLP offers legal protection to the partners present in the company and eliminates any risks that can complicate the process
The list of requirements for annual compliance of LLP is as follows:
Checklist to Annual Compliance of LLP:
The list of documents required for annual return filing for LLP is as follows:
The step-by-step process of annual filing for LLP is as follows:
Gather and compile the LLP’s financial statements for the relevant financial year, such as balance sheet and profit and loss account.
The LLP entities need to submit Form 8 within 30 days from the end of six months of the financial year, typically by October 30th. Meanwhile, this form includes financial figures and the state of solvency.
A Form 11 needs to be submitted before the concerned authority within 60 days from the end of the financial year, usually by May 30th. This provides details about the LLP, such as information about partners and contributions.
The designated partners of LLP must hold a valid DSC for signing and submitting forms electronically.
This is the stage where the applicant needs to make the necessary payments along with the forms for the annual filing return.
Lastly, the applicant shall file all the necessary forms through the Ministry of Corporate Affairs (MCA) portal, ensuring timely submission to avoid potential penalties.
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