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Annual Compliance Filings for LLPs
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Here’s How It Works
Ready to get started? Zolvit has your back.
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Connect with a Zolvit expert
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Get all your LLP queries answered
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We will double check the documentation
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We will submit the e-forms and necessary paperwork
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Will support with post compliances
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Zolvit has been our legal service provider for quite a long time! Our experience with them has been great, especially the speed and proficiency with which they deliver their services. We recommend them!
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Zolvit is exactly what it does. Legal is simple. We went to Zolvit to register our Trademark during the lockdown and everything was done online with ease. We never even had to step out of the house. It was truly a digital experience.
Adarsh Agarwal
CEO & Developer of Golghar.com
Here’s What You’ll Need
Once you have the below documents ready, submit them digitally to commence annual compliance formalities for your LLP. Zolvit uses the best-in-industry security protocols to ensure your documents are always secure.
LLP book of accounts including Statement of Accounts and Solvency.
Balance Sheet
Income statement
Statement of Profit & Loss
Statement of cash flows
Details such as the total number of designated partners and contributions received by the partners
Summary of all partners including corporate bodies
Why Should I Use Zolvit for LLP Annual Compliance?
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No hidden fees. Affordable pricing and timely completion. These benefits just scratch the surface of what Zolvit has to offer while engaging in the facilitation of your annual LLP compliance formalities.
Did you know?
LLPs are required to submit annual reports and information pertaining to the statement of accounts to the RoC. However, failure to comply carries severe penalties. Organisations that fail to provide the required information face severe fines that can reach upto ₹ 5 lakhs.
LLPs that meet annual compliance requirements are frequently given loans more quickly or readily funded by investors.
FAQ's
How many mandatory compliances are required to be furnished by an LLP every year?
Who is responsible for the annual compliance of an LLP?
Is audit mandatory for LLP?
Do all LLPs have to undergo a mandatory tax audit?
What is the LLP form 8 Due date
Overview - An Overview of Annual Compliance for LLPs
An LLPs' fiscal year runs from April 1 through March 31. The statement of accounts and solvency is due on the last day of October of each fiscal year, while the annual return for LLPs is due on the last day of May. Limited liability partnerships are required to file an income tax return each year in addition to the MCA annual return.
Each year, LLP Form 8 must be submitted to ROC as an annual filing. Within 30 days of the end of the first six months of the financial year to which the statement relates, a statement of account and proof of solvency must be filed with the registrar. If the contribution exceeds ₹ 25 lakh or the annual turnover in any financial year exceeds ₹ 40 lakh, LLPs must also have their accounts audited by a licenced chartered accountant.
Benefits - Benefits of LLP Annual Compliance
Greater Credibility
Attract Investors
Stay Active and Avoid Penalties
Easy Conversion or Closure
Checklist - Checklist for LLP Annual Compliance
- Annual returns need to be filed with the Registrar of Companies.
- Annual reports must be submitted in the LLP Form 11 format.
- Returns need to be filed within 60 days from the close of the financial year, or the 30th of May of each year.
- Even if there is no business activity, every registered LLP must comply with the LLP annual compliance.
Process - How to Use Zolvit for Annual Compliance for LLP
To commence annual compliance formalities for your LLP, follow the steps below
Step 1: Form 8 via LLP Filing and Services
Every year, Form 8 must be filled out and submitted by all enrolled LLPs. Form 8 requests information about the profit made and other financial information related to the business. Form 8 needs to be certified by a practising chartered accountant, practising company secretary, or practising chartered accountant and be attested by the designated partners.
Step 2: Form 11 via LLP Filing and Services
The prescribed Form-11 is to be used for filing annual returns. This form is regarded as a summary of the LLP's management activities, including the number of partners and their names. Additionally, Form 11 must be submitted annually by May 30.
Step 3: Tax Filing and Audit
An LLP which is required to have its book audited must file their tax return by September 30th. The deadline for filing taxes is July 31st for LLPs where a tax audit is not necessary. You will not have to worry about whether or not your LLP requires an audit as the experts at Zolvit will conduct that investigation on your behalf and file the annual compliance on your behalf without any delay.
