Annual Compliances of Limited Liability Partnership (LLP)

Annual Compliances of Limited Liability Partnership (LLP)

Registered LLPs with the Ministry of Corporate Affairs (MCA) needs to file the following mandatory compliancSe requirements :

I. Filing of Annual Return – LLP Form-11

II. Filing Statement of Account & Solvency – LLP Form-8
(Statement of Statement of the Accounts/Financial Statements)

Brief Overview of the Mandatory LLP Compliances:

1. Filing LLP Annual Return

Annual Return or Form 11 is a summary of an LLP’s Partners and indication of change in the management.Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days of closer of financial year i.e. has to be filed on or before 30th May every year.

2. Filing of Statement of Account & Solvency

(Filing of Annual Accounts/ Statement of Accounts/ Financial Statements/ P&L & Balance Sheet)

a) LLP must maintain proper books of account. The accounts may be on cash basis or accrual basis.

b) Statement of Solvency (Accounts) needs to be prepared every year ending on 31st March.

c) LLP Form – 8 should be filed with the Registrar of Companies on or before 30th October every year.

d) It should be noted that LLPs / FLLPs whose annual turnover exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to get their accounts audited by auditor of the LLP/ FLLP mandatorily.

3. Filing of Income Tax Return

LLP can file its return of income in ITR 5. it is mandatory for LLP to file return of income electronically under digital signature if its accounts are required to be audited under section 44AB.