Annual Compliances for LLP

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Annual Compliances for LLP

Every financial year, all LLPs documented with the Ministry of Corporate Affairs must file annual reports and statements of accounts. LLPs are required to file returns, regardless of the type of business they operate. The LLP Mandatory Annual Filing Compliance Specifications must be met in three ways.

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Why should you carry out the LLP Annual Compliance?

When you go along with company registration in India, take note of specific rules that you must follow to incorporate your chosen one. In the case of Limited Liability Partnerships or LLPs, one of the main rules that your company must follow is annual compliance. 

Annual compliance is mandatory, and companies that do not achieve the same may be subject to legal action as per the LLP Act, 2008. Every LLP has to file its annual return in Form 11 within 60 days from the end of the financial year. Additionally, every LLP should maintain accounts on a double-entry system basis and file Form 8 with the Registrar of Companies in about 30 days from completing the first six months of the financial year. Additionally, if the annual turnover crosses 40 lakhs or the LLP receives a contribution within the range of 25-30 lakhs.

Benefits of Annual Compliance

  1. High Reliability: Legal compliance is a primary necessity for any business. The LLP annual filing status is displayed in the LLP’s master data on the MCA portal and can be accessed by any individual. For loan approval or any other similar requirements, compliance is an important criterion to measure the organization’s credibility.
  2. Record of Financial Value: Forms filed by LLP are available by companies. Therefore, when entering into contracts or essential projects, the concerned party can observe the financial value. LLP Annual Filing records its monetary value and capacity to an interested person or party.
  3. Maintain Active Position and Avoid Punishment: In case of persistent default in annual filing, the LLP may be declared inoperative or attain default status. Also, the partners may be proclaimed as defaulters and may also be disqualified from their further appointment in the LLP or the company. Hence, LLP needs to file returns to maintain active status. The regular filing also saves LLPs from substantial additional charges and fines.
  4. Easy Conversion and Completion: For conversion of LLP to any other organization, annual filing is required. Regular compliance records make the conversion job easy. The same applies in the case of the closure of an LLP. Even if the LLP was non-operational, the registrar might ask for completion of annual compliance with an additional LLP filing fee, if applicable.