Annual filings for LLPs

ANNUAL FILING OF LLPS

Every Limited Liability Partnership registered under the LLP Act 2008, shall file form for annual return, and solvency of accounts at the end of every financial year. The ROC filing due date for Form-11 is 30th May of every financial year, and for Form-8 the ROC filing due date is 30th October of every financial year. Any Limited Liability Partnership needs to keep its annual compliance up to date to avoid any future disputes or disciplinary actions from any regulatory authority.

If annual turnover or contribution of any Limited Liability Partnership exceeds Rs.40 lacs or Rs.25 lacs then it has to get his financial records Audited. Apart from the MCA annual return, LLPs are required to file an income tax return every year.

Compliances

Annual Return

Annual Returns is an abstract of LLP’s Partners like whether there are any changes in the management of the LLP during the year. It is mandatory for an LLP to file an Annual Return to the Registrar of Companies within 60 days from the closure of the financial year, i.e., the Annual Returns should be filed on or before 30th May every year. An annual return of the Limited Liability is to be filed in Form 11.

Financial Statements of the LLP

Every LLP has to prepare its accounts to determine the profit-making capability of your Limited Liability Partnership. Every LLP has to close its accounts till the 31st March every year. All LLPs should maintain the Books of Accounts in Double Entry System and a Statement of Solvency (Accounts) has to be prepared every year ending on 31st March. Required Form needs to be filed with the Registrar of LLPs on or before 30th October every year. Such an annual financial statement is to be filed in Form 8.

Documents to be attached in Form 11


Details of LLP and/or company in which partner designated


Annexure I, if an object clause is described in Form FiLLP by way of an Annexure.


Statement of Solvency


SSI

Compliances based on Category

Audit Requirement under LLP Act:-


If annual turnover or contribution of any Limited Liability Partnership exceeds Rs.40 lacs or Rs.25 lacs, then it has to get his financial records Audited by a qualified Chartered Accountant. That means, all the statements are certified by the CA. Audit requirement under the Income Tax Act:

The audit of accounts is a mandatory requirement under the Income Tax Act when the annual turnover of LLP is more than Rs. 1 Crore.

Certifications from PCS:


In the case of Limited Liability Partnership with a turnover of more than Rs.5 Crores in a financial year or contribution is more than Rs. 50 Lacs, the annual return of such an LLP must be certified by a Company Secretary in Practice.

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