LLP Partnership Annual Compliance

A Limited Liability Partnership (LLP) is a kind of partnership in which all or some partners have limited liabilities. It can so demonstrate elements of both the entity type that includes partnerships and corporations. LLP is seen as a good alternative form of corporate business known to provide individuals with the advantage of the flexibility of a partnership and the limited liability of a company. Thus, an LLP is an independent legal entity. 

All the Limited Liability Partnership owners have to go for the filing with MCA regularly. For an LLP, Annual Compliance is mandatory and cannot be avoided at any cost. Filing LLP MCA compliance does require you to have knowledge and understanding of the essential forms and documentation. 

The Annual Compliance needs you to file the following two LLP forms:  

  • Annual Returns
  • Statement of Accounts or financial statements        

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About LLP ROC Compliance

Unlike other compliances, you are required to take care of the LLP ROC compliance to abide by the law. Failing to do so can result in negative consequences, also penalties and other actions.

Mandatory Compliance for an LLP

There are a few mandatory compliances that a registered LLP need to file with the Ministry of Corporate Affairs (MCA). 

The following are the mandatory Mandatory Compliance for an LLP:

  1. Filing of Annual Return – LLP Form Number 11

Form 11 or the LLP Annual Return filing is the summarized information related to the amendment of partners and management. The Annual Return in Form 11 is to be filed within 60 days of the financial year closing. It is to be filed on or prior to May 30th of every year.     

  1. Filing Statement of Account & Solvency – LLP Form Number 8

It also refers to the filing of Annual Accounts/ / Financial Statements/ Statement of Accounts/ P & L & Balance Sheet. Every LLP is required to ensure proper maintenance of books of accounts. By the end of 31st March every year, there is a need to prepare a Statement of Solvency (Accounts). Also, before the 30th of October every year, there is a need to file LLP Form – 8 with the Registrar of Companies.

Filing mandatory compliance for LLP is a complex task. You can hire Valcus for the same. We are experts in doing the work of filing compliance and assure satisfactory services always.  

LLP compliances after incorporation

Soon after the incorporation of a limited liability partnership, you are liable to abide by the LLP compliances after incorporation  in India. 

Some of the necessary and common LLP compliances after incorporation are:

  • PAN application is to be submitted immediately because it is a mandatory document useful to open a bank account and obtain other documents. 
  • Bank account opening – for the registered LLP a current bank account needs to be opened on high priority for the business transactions
  • Form 8 (Statement of Account and Solvency)
  • Form 11 (Annual Return of LLP)
  • Filing of Income Tax Return
  • Mandatory Audit of Accounts
  • KYC of appointed partners
LLP Partnership Annual Compliance

You may require assistance with the LLP statutory compliance along with other documentation. For the same, you can avail of our Limited Liability Partnership (LLP) compliance services. Contact us today!

Frequently Asked Questions

Post closure of the financial year, the Form 11 Annual Return of LLP needs to be filed within 60 days.

Form 8 (Statement of Account and Solvency) filing needs to be done within 30 days. This duration is counted from the end of 6 months of the related financial year.

The most common advantages of timely Annual Compliance include – avoiding legal penalties, maintains reliability, increases trust, and run business without restrictions.

The documents like Bank Statements of all LLP bank accounts (1st April to 31st March), Purchases & sales invoices, TDS challan copy if applicable, & Credit card Statements if expenses are incurred by partners on behalf of LLP, GST copy, VAT & other applicable Tax returns, and expenses invoices occurring during the complete year are essential to file Annual Compliances of LLP.

In case of non-filing a penalty of Rs. 100 per day is applied separately for both the Form 8 & Form 11. A penalty amount from Rs. 10,000 to 1, 00,000 can be levied on the designated partners. Also, a notice or legal proceedings can be initiated by the ROC.

LLP statutory compliance unlike other compliances includes the submission of a few documents forms, reports, and more which demands knowledge. At Valcus in Delhi, we have professionals having experience in LLP statutory compliance. We help you file compliances on time and avoid any kind of penalties.