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Compliance For LLP

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Running a Limited Liability Partnership (LLP) in India involves complying with various legal and regulatory requirements to ensure smooth operations and legal adherence. Here are the key compliance obligations for an LLP:

Initial Compliances for Incorporation

  1. Incorporation:

    • Obtain Digital Signature Certificates (DSC) for Designated Partners.

    • Obtain Director Identification Number (DIN) for Designated Partners (if applicable).

    • Reserve a unique name for the LLP through the Ministry of Corporate Affairs (MCA).

    • Prepare and file the incorporation documents (LLP Agreement, Form FiLLiP) with the Registrar of Companies (RoC).

  2. LLP Agreement:

    • Draft and execute an LLP Agreement defining the roles, responsibilities, profit sharing, etc., among partners.

Ongoing Compliances

  1. Annual Filings:

    • File Annual Return (Form 11) containing details of partners, contribution, etc., within 60 days from the end of the financial year.

    • File Financial Statements (Form 8) including Balance Sheet, Profit and Loss Account, and Statement of Solvency within 30 days from the end of the financial year.

  2. Meetings and Resolutions:

    • Hold partners' meetings as required by the LLP Agreement.

    • Pass resolutions for significant decisions and maintain minutes of meetings.

  3. Change in Partners/Details:

    • Notify RoC about changes in partners, designated partners, registered office, etc., within prescribed timelines.

Compliance with Regulatory Authorities

  1. Registrar of Companies (RoC):

    • File various forms and documents with the RoC as per LLP Act and Rules.

    • Update changes in LLP agreement, partner details, registered office, etc., with the RoC.

  2. Income Tax Returns (ITR):

    • File income tax returns (ITR-5) annually by the due date.

    • Comply with tax audit requirements if applicable under the Income Tax Act.

  3. Goods and Services Tax (GST):

    • Register under GST if applicable (based on turnover).

    • File periodic GST returns and comply with GST regulations.

  4. Employees' Provident Fund (EPF) and Employees' State Insurance (ESI):

    • Comply with EPF and ESI regulations if applicable (based on employee strength).

    • File monthly/quarterly returns and make contributions as required.

Additional Compliances

  1. Compliance Certificates:

    • Obtain compliance certificates from professionals (Company Secretary, Chartered Accountant) as required by law.

  2. Corporate Governance:

    • Follow good corporate governance practices as per LLP Agreement and applicable laws.

  3. Event-Based Compliances:

    • Notify RoC about changes in LLP agreement, partner details, etc.

    • Obtain approval for significant transactions as per LLP Agreement.

Penalties for Non-Compliance

Non-compliance with LLP compliance requirements may result in penalties, fines, or legal actions against the LLP and its partners. It's essential for LLPs to maintain proper records, adhere to regulatory guidelines, and ensure timely filing of returns and reports.

By choosing Corporate Verdict, you can rest assured that your Compliance for LLP will be handled efficiently, allowing you to focus on growing your business.

For more information or to start the registration process, visit our website or contact our team today!

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