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LLP compliance checklist
A Limited Liability Partnership or LLP is a legal entity that incorporates the goodness of a partnership firm and a corporation. In this type of partnership, the partners have limited liabilities which means that the partners are not required to pay off the debts of the company using their personal assets and at the same time, the individual partners are not responsible for another partner’s misconduct or negligence. SLPL Associates India Private Limited is providing top-notch facilitation for LLP incorporation and timely LLP compliance at very low LLP cost. we also took care of the GST compliance for LLP. Limited Liability Partnership is governed by the LLP act 2008. Let us look at some of the pre-incorporation and post-incorporation formalities to fulfill the annual LLP compliance checklist task in an organized manner:
Pre-incorporation bullet points for LLP compliance Checklist:
- The decision to be made for the choice of designated partners cum directors.
- Obtain digital signature certificate (DSC) and Director Identification Number (DIN) for the selected partners cum directors.
- Apply for the LLP name. (LLP-1).
- Name approval from MCA portal.
- Once the name is approved, file form 2 and form 18 to the ROC.
- Once the filing is complete, an LLP agreement required to be filed in Form-3 and partner cum directors details in Form-4
Post-incorporation LLP compliance checklist to complete the LLP compliance task :
- For the annual LLP compliance, each and every LLP must maintain the minute book for the general meeting.
- For any change of partner and designated partner after incorporation, E-Form 4 needs to be filed for LLP compliance.
- E-form 3 required to be filed for supplementary LLP agreement at the time of annual LLP compliance.
- For the proper furnishing of LLP compliance, holding the general meeting is mandatory every year.
- At the time of annual filing for LLP compliance, a statement of account & solvency required to be filed in E-Form-8.
- The annual return must be filed for LLP compliance with ROC mandatorily in E-form 11 each year.
- Annual ITR filing is also mandatory for LLP compliance.
An LLP is required to be registered under the Limited Liability Partnership Act, 2008.
LLP compliance document requirement
It is mandatory that LLP’s follow their financial year from 1st April to 31st March. The LLP annual compliance has to be met by each and every registered LLP even if there is no business activity. In fact, it has to be met even if the LLP has been closed down and whether or not a business bank account exists. LLP annual compliance has to be met on a mandatory basis, irrespective of these conditions. At the pre-incorporation stage, there are some important documents required for LLP registration. These documents are important for their incorporation, but more importantly, these documents will carry their importance even after the process of LLP compliance begins. Let’s check out the documents briefly required at the pre-incorporation stage of an LLP:
Documents required for LLP Partners:
Designated Partner’s ID proof: Each and every designated partner of the LLP must have a PAN card as their primary identity proof. This identity proof is so important that it can be useful even after the start of LLP compliance.
Partner’s Address proof: Each designated partner of an LLP can use his/her Aadhar card, Voter ID card, and even driving license for the authentication and validation of their address. But one important thing to keep in mind that the spelling, date of birth, and actual address should be the same as the PAN card. If it’s mismatched a problem may arise at the time of incorporation and LLP compliance.
partner’s recent residential proof: This is another important document proof of the designated partner required for authentication and residential verification of the partners. It also plays an important role at the time of LLP compliances after incorporation. Mobile bills, gas bills, and telephone bills can be used as important residential proof for the designated partners. But the residential proofs should not be older than 2 months.
Photographs of Partners: standard size photographs of partners are required at the time of LLP incorporation. It’s important that the photographs are taken on a white background.
Documents required for LLP registered office: Proof of registered office is mandatory and required to be submitted within 30 days of incorporation. Without the registered office, LLP compliance is also not possible. If the property is owned by the owner then the tax book, tax receipt, and tax challans can be used as proof of LLP registered office address. If the office is taken on a rent basis or lease, then a copy of the rent agreement and lease agreement required to be provided with the no-objection certificate from the original owner duly signed and authenticated by the original owner of the property. LLP registered office document also plays a crucial role in the future, in case any problem arisen at the time of LLP compliance.
LLP compliance calendar 2021
Each LLP required to comply with the LLP compliance at the end of the financial year. Compliance formalities for an LLP are the same for each year, Just like the compliance calendar 2019 and compliance calendar 2020. But due to some unforeseen events in the year 2020, the government has decided to extend the dates for the annual LLP compliance for the financial year 2020-2021( Circular No 11 dated 24th March 2020).
Annual Return Filing for Limited Liability Partnership (LLP): The annual return needs to be filed with the Registrar Of Companies (ROC) for LLP compliance. As per rule 25(1) of Limited Liability Partnership Rule 2009 (Read with Limited Liability Partnership Act 2008). Annual return for LLP is required to be filed in form-11. The annual return filing due date for LLP compliance is 30th May each year. (Extended date for 2020-2021 is 30/09/2020 as per government circular).
Filing of the Statement of Account & Solvency: According to rule 24 of the Limited Liability Partnership rule 2009 (Read with Limited Liability Partnership Act 2008) the statement of accounts of designated partners and the LLP required to be filed in Form-8 for the accounting obligation of LLP compliance. Statement of account and solvency includes Profit & Loss account, Balance Sheet & income and expenditure statement. The form-8 required to be signed by a practicing chartered accountant, company secretary, or cost accountant for proper financial verification of LLP compliance. The filing of the statement of accounts & solvency due date for LLP compliance is 30th October each year. ( The date will remain the same for the financial year 2020-2021).
Filing of Income Tax Return: All LLP’s are required to file their income tax return in Form ITR-5. Its income tax return by the LLP’s is governed by the income tax act 1969. All LLP firms are required to end their financial year on 31st March each year. In case the audit is not required for the LLP firms (Annual Turnover: >Rs 40 Lakhs & Partner’s obligation of contribution: > Rs 25 Lakhs) the due date for income tax filing is 31st July of each year. And in case of an audit is reuired for the LLP firms( Annual Turnover: < Rs 40 lakhs & Partner’s obligation of contribution: < Rs 25 lakhs) the due date for income tax filing is 30th September of each year.
In some special cases, if the LLP has entered into an international transaction with some other firms or enterprises or engaged in some special domestic transactions, the LLP firms that undertook such transactions must file Form 3CEB with the income tax department. 3CEB form must be scrutinized and duly signed by a certified practicing Chartered Accountant.
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