LLP Compliance services
Our professionals can help you fulfill all the legal formalities of LLP annual compliance. Focus on your business growth & leave the company compliances burden on us. We help you to stay updated & comply with all the required legal formalities of LLP while you sit back at your place & relax. What are the key components of LLP annual compliance? the requirements of annual compliance of an LLP are specified under the limited liability partnership act 2008. Given below are the important annual compliances in case of an LLP: preparation of financial accounts preparation of financial accounts all LLPs registered under LLP act 2008 are required to prepare a statement of account and solvency, through the filling of form 8.
LLPs are separate legal entities; therefore, it is the responsibility of the Designated Partners to maintain a proper book of accounts and file an annual return with the MCA each financial year. LLP form 11, Form 8 & Income tax return are main compliances
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Frequently asked questions.
There are three mandatory compliance requirements to be followed by LLPs.
- Filing of Annual Return.
- Filing of Statement of the Accounts or Financial Statements.
- Filing of Income Tax Returns.
Every LLP has to file Income Tax Returns every year. LLP being a separate legal entity, apart from the partner's income tax return, you have to always file the LLP Income tax return.
Designated partners Designated partners are Responsible for the acts The designated partner would be responsible for the doing of all acts, matters and things as are required to be done by the LLP in respect of compliance of the said Act; and liable to all penalties imposed on the LLP for any contravention of those provisions.
Every LLP whose turnover exceeds INR 1 Cr. in case of a business or INR 50 Lakh in case of a profession, is required to get its books of accounts tax audited under section 44AB of the Income-tax Act.