Annual ROC Compliance for LLP
LLP Company
The registration of a Limited Liability Partnership (LLP) offers an alternative business structure that combines the advantages of limited liability with the flexibility of a partnership firm. As a legal entity, it is fully accountable for its assets. This distinctive business formation was introduced into the Indian corporate landscape in 2009 under the Limited Liability Partnership Act of 2009. It is particularly well-suited for small and medium-sized enterprises. Incorporating an LLP is one of the simplest forms of business formation, requiring a minimum of two partners with no upper limit on the number of partners. In an LLP, one partner is not liable for the misconduct or negligence of another partner. The rights and duties of the partners are governed by an agreement between them. An LLP is not authorized to issue equity shares, making it unsuitable for raising equity funds from various categories of investors.
BRIEF ON LLP COMPLIANCE :
The partners in a Limited Liability Partnership (LLP) must account the responsibility for maintaining accurate books of accounts, filing Income Tax returns, and submitting an annual return to the Ministry of Corporate Affairs each financial year.
To ensure the smooth continuity of the LLP business, returns must be filed periodically to maintain compliance and avoid substantial penalties for non-compliance under the law. Although LLPs have fewer compliance requirements compared to private limited companies, the penalty rates for LLPs are significantly higher.
LLPs are not required to audit their books of accounts unless their annual turnover exceeds INR 40 lakh or if the capital contributions exceed INR 25 lakh. Therefore, an audit is not mandatory for LLPs that fall below these threshold parameters.
The Given below are the parameters :-
- Preparation of Books of Accounts
- Preparation of Financial Statements
- Audit by Independent Auditor
- Annual ROC Return Filings
- Filing of Income Tax Return
- Maintenance of Statutory Registers
Our Process
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