Annual Compliance of Limited Liability Partnership (LLP)


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Annual Compliance of Limited Liability Partnership (LLP)

Annual Compliance for LLP Company

A Limited Liability Partnership or LLP is a legal entity that incorporates the goodness of a partnership firm and a corporation. In this type of partnership, the partners have limited liabilities which mean that the partners are not required to pay off the debts of the company using their personal assets and at the same time, the individual partners are not responsible for another partner’s misconduct or negligence.

An LLP is required to be registered under the Limited Liability Partnership Act, 2008.

Requirements for LLP Annual Compliance

It is mandatory that LLP’s follow their financial year from 1st April to 31st March. The LLP annual compliance has to be met by each and every registered LLP even if there is no business activity.  In fact, it has to be met even if the LLP has been closed down and whether or not a business bank account exists. LLP annual compliance has to be met on a mandatory basis, irrespective of these conditions.

LLP Annual Compliance

A. Filing of the Statement of Account & Solvency:

B. Annual Return Filing

C. Filing of Income Tax Return

Penalty Provisions

For MCA Filings:

As per the Limited Liability Partnership Act, 2008 filing of Form 8 and Form 11 is a mandatory requirement for every registered LLP. Non-compliance with the LLP annual compliance leads to a penalty. The penalty amount is. 100 per day for every form not filed. No upper ceiling is specified for such penalty amount.

For Income Tax Filings:

The penalty for defaulting on the filing of Income Tax returns on time is two-fold – Rs. 5000 is to be paid by defaulters who miss the filing due date but do so before 31st December of each year. Rs. 10000 is payable by LLPs that fail to stick to the extended deadline.

After Incorporation Compliances

Apart from the LLP annual compliance, there are certain one-time compliances. Once an LLP has been registered it is required to comply with certain requirements, as follows:-

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