Mandatory Compliances that are required for an LLP (Limited Liability Partnership) Registered Persons in Bangalore from Vignesh's blog

In LLP Company Registration in Bangaloreall the Limited Liability Partnerships who are registered with the Ministry of Corporate Affairs will have to complete the file of Annual Returns and Statement for the Accounts for each and every Financial Year. It is compulsory for an LLP to file a return no matter what whether it has done on any business. There are three mandatory compliance requirements to has to be obeyed by LLPs.

• Filing of Annual Return
• Filing of Financial Statements or Statement of the Accounts
• Filing of Income Tax Returns

Filing LLP Annual Return

Annual Return or Form 11 is on the spot of each LLP’s Partners. It is also evidence of whether there are any major changes in the management. Every LLP is essential to file Annual Return in Form 11 to the Registrar within the time period of 60 days from the conclusion of a financial year. That means the Annual Return has to be completely filed on or before 30th May of each and every year financial year.

Consultant for limited Liability company in Bangalorehas a Form 11 or Annual Return which is relevant for those LLP’s who were registered till 30th September of every year. For LLPs who are registered after the 1st October of every year, the return can be filed in the upcoming year.

Filing Statement of Accounts or Annual Accounts or P&L and Balance Sheet

All LLPs who are registered must be essential to maintain their Books of Accounts and records in the Double Entry System. They also need to produce a Statement or a Record of Solvency (Accounts) every year ending on 31st March. For this reason, LLP Form 8 should be filed with the Registrar of that particular Companies on or before 30th October in each and every year Financial Year.

Form 8 or Annual Statements is relevant to the LLPs registered till 30th September of every year. For LLPs registered after 1st October every year, the Annual Statements can be filed in the upcoming year.

Services for limited Liability company registrationmakes a note that LLPs whose yearly turnover exceeds more than Rs. 40 lakh or whose contribution exceeds more than Rs. 25 lakhs are essential to get their accounts audited by a qualified Chartered Accountant compulsorily.

• An Audit of accounts is compulsory under the Income Tax Act when the annual turnover of LLP exceeds more than one hundred lakh rupees.

If you are running a business, let it be in the form of a Private Limited Company, Person Company, LLPs, which is not a simple task. It is an investment of money, effort and time also require to the know-how of many regulatory, financials and formalities are there. Filing of all the forms and returns timely is much required. Huge penalties and fines urge you if the Forms are not filed timely with the Registrar.

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