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What is Limited Liability Partnership (LLP)? 

A Limited Liability Partnership (LLP) is a legal entity having its rights. It is officially recognized by the Ministry of Corporate Affairs (MCA). To guarantee compliance, accurate accounting records must be kept and an annual return must be filed. To stay in compliance, an LLP can use e-filing.

• The Registrar of Companies requires annual returns to be filed (ROC).

• Annual returns must be accompanied with and filled out in the prescribed LLP Form 11 format.

• LLP Form 11 must be submitted within 60 days of the end of the fiscal year. This might be done every year on the 31st of May.

• Also, it is important to file Form 8 for LLP along with the Form 11. Due date for filling Form 8 is 30th October.

• Even if there is no business activity, every registered LLP must comply with the LLP annual compliance.

• If the LLP has been closed down, or even a bank account in the name of the business does not exist the relevant documents regarding the annual compliances must be maintained.

• From the MCA (Ministry of Corporate Affairs) Portal, go to the LLP page and choose a category to get an eForm (with or without the instruction kit)

• You can study the accompanying instruction kit at any moment to become aware of the procedures (you can download the instruction kit with e form or view it under the Help menu).

• Complete the eForm that you have downloaded.

• You must attach all of the required documentation as attachments.

• By connecting to the Internet, you can use the Prefill button in eForm to populate the blanked-out part.

• The applicant or a representative of the applicant must use a digital signature to sign the document.

• To check the form, go to the eForm and click the Check Form button. The mandatory fields, mandatory attachment(s), and digital signature will be checked by the system.

• For pre-scrutiny, you must upload the eForm. The pre-scrutiny service is available under the Services tab or by clicking the Upload eForm button under the eForms tab. The documents will be verified (pre-scrutinized) by the system. If there are any flaws, the user will be requested to correct them before the document is ready for execution.

• Based on the due date of filing, the system will determine the charge, including late payment fees, if required.

• Payments must be made using the appropriate procedures, whether they are electronic (credit card, Internet banking, NEFT, Pay Later) or traditional (at the bank counter through challan).

If the annual turnover of an LLP reaches INR 40 lakhs in any financial year, or if the contribution exceeds INR 25 lakh, the accounts must be audited by a licensed chartered accountant.

To be excluded from audits, the LLP  accounts must include a declaration from the partners stating that the partners recognize their duties for adhering to the accounting and financial statement preparation requirements.