Annual compliance filings are vital to LLPs, as entities that don't comply can be fined up to Rs. 5 lakh.
Limited liability partnerships (LLPs) are required to meet fewer criteria for compliance on filing annual returns, in comparison to private limited companies. LLPs are required to provide information related to the statement of accounts, and returns, on an annual basis. Penalties, however, are huge for failure to comply. Entities that don't provide the requisite information are fined heavily, with penalties that can go up to Rs. 5 lakhs.
For businesses to meet their annual compliance requirements, all it requires is for them to remain disciplined and vigilant. However, being callous can result in hefty fines and penalties. No to mention, LLPs that meet annual compliance requirements are often granted loans quicker or readily funded by investors, as these businesses are compliant with the requirements of the Registrar of Companies (RoC).
With an on-call company secretary throughout the year, you can ensure that your business is run in accordance with the laws in force. Our team would keep you up-to-date on all the changes made by the RoC, throughout the year.
Form 8 must be filed within 30 days from the end of 6 months of the financial year. It is then digitally signed by two designated partners and it must be certified by a chartered accountant/company secretary/cost accountant. Form 8 has two parts:
The penalty for not filing this form would be Rs. 100 per day until it is compiled.
Form 11 contains details of the number of partners, total number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners. All LLPs should file this form within 60 days from the closure of the financial year with the prescribed fee. Hence, the due date for filing LLP Form 11 is 30th of May each year.
An LLP cannot be wound up or closed until all the annual returns are filed. Hence, it is important to file LLP Annual Return on or before the due date to avoid penalties.
We complete all the compliance requirements of an LLP, for a fraction of the price charged by offline company secretaries.
By handling all the paperwork, we ensure a seamless interactive process with the government. We provide clarity on the incorporation process to set realistic expectations.
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