Limited Liability partnership(LLP) company Annual Compliances

Compliances for Limited Liability partnership company:

• LLP Form 3: The Partners of an LLP are required to execute an LLP Agreement and a copy has to be filed with the Registrar or Companies in LLP Form 3 within 30 days of incorporation of LLP.
• Opening Bank Account: It is necessary to open a Current Account in the name of the LLP with any Bank in India. All the transactions in the name of the LLP should be transacted through the LLP Bank Account only.
• PAN & TAN number: Every LLP has to obtain a Permanent Account Number (PAN) & Tax Deduction and Collection Account Number (TAN) from Income tax department. (With the LLP 2nd Amendment Rules, 2022, the same shall now be allotted with the Incorporation Certificate itself.)
• GST registration: Every business with annual turnover exceeds Rs. 40 lakhs (Service providers 20 lakhs) is required to GST Registration under Goods and Services Tax (GST) Act and Rules. It is not mandatory to obtain GST immediately after incorporation of the LLP. The LLP can obtain this registration as and when required.
• Statement of Accounts and Solvency in LLP Form 8: Every LLP is required to prepare and close its accounts until the 31st March every year. From 8 is to be filed by at least two Designated Partners with the Registrar within 30 days after completion of six months of Financial Year. The Statement of Account and Solvency can now be signed on behalf of the LLP by its an interim resolution professional. (LLP (2nd Amendment) Rules, 2022.
• Annual return in LLP Form 11: Annual Return or Form 11 is a Summary of all the Designated Partners like whether there are any changes in the management of the LLP or not. It is required to be in Form 11 to the Registrar within 60 days from the closure of financial year.
• Income Tax Return: Every LLP has to file Income Tax Returns every year. The last date of filing of return for LLP is 31st July every year. However, any LLP under tax audit is required to file its Income tax return by 30th September.
• DIR 3 KYC: Each designated partner for an LLP is required to file form DIR 3 KYC on for before 30th September of each Financial year.
• Audit: It may be noted that only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited.

Simple and Transparent Services after Annual Compliances

• Basic: Annual return filing and income tax returns filing and compliance management for an LLP with a turnover of less than 10L per annum.
• Standard: Annual Return filing and income tax returns filing and compliance management for an LLP with a turnover of less than 40L per annum.
• Premium: Annual Return Filing and income Tax returns filing and compliance management for an LLP with a turnover of less than 100L per annum.