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LLP Compliances
Easily Compliances for a Limited Liability Partnership (LLP)
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What Is Limited Liability Partnership (LLP) Compliances?
As per the Limited Liability Partnership (LLP) Act, 2008, LLP should maintain the Books of Account on daily basic and should final on yearly. To maintain books of account it’s not important just for profit purpose, but because of it your firm get a professional structure and also build public trust. Preparing Balance Sheet is a perfect way to see your LLP exact financial position. Many more decision we can take on the basic of it to reduce the cost and for increase the profit.
After closed Financial Year require to prepare the Balance Sheet of the LLP and file ITR within due date. As compare to Private Limited Company LLP do not have that much compliances but some compliances are same and important also, like Annual return of a LLP is due within 60 days of close of financial year last Date is 30 May by Form 11, Statement of Accounts and Solvency of a LLP is due within 30 days from the end of six months of close of financial year by Form 8, etc.
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Features Of Limited Liability Partnership (LLP) Compliances
Active Status
As per the LLP Act, LLP require complying with some compliance, if LLP file all the form as per the law then company status will be active. People can judge LLP status on the basis of Active status.
Avoid Penalty
In the LLP law for the non filing have heavy penalties Like Rs. 100/- per day after due date or something different if you comply with all compliances on time then penalties can avoid.
Good Image
Government apply the laws on LLP to fulfil it so that LLP should not do any default, if LLP doing all compliances it means its clear in account and law and its safe for investment.
Document Required for Limited Liability Partnership (LLP) Compliances
- Notice of Annual General Meeting
- Board of Directors Report
- Financial Statement with schedules
- Independent Auditor Report
- Class 2 Digital Signature
- Notes to Account
Frequently Ask Questions (Faqs)
What is sole proprietorship firm?
Ans: It’s a simple single person firm. Remember it’s not a company, it’s a best way to start a business in India with the less costing and less compliance. its need only just one person for the legal registration.
What are the advantages?
Ans: The advantages are as follows:
• less costing
• less compliances
• less income tax etc
REGISTRATION PROCESS
1) Obtaining Account Statement
For the ITR filing we require to finalise accounting of the LLP after obtaining financial statements of company, all invoices and other material data.
2) Drafting Forms and Paper
Once LLP accounting are ready require to prepare all Papers for Director signature and form for ROC filing. All form should have attachment in PDF file with signature.
3) Affix DSC and Form Filing
After finalised and signed all forms require to upload on ROC website, form should be file within due date and pay ROC fees.
How we help with Limited Liability Partnership (LLP) Compliances
TruFilings can easily compliances for a Limited Liability Partnership (LLP) within 5-7 working days