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LLP gives the benefit of both Company and of a Partnership. As a company it gives the corporate entity of a business and As a partnership it imposes less compliance on the partners. To form LLP minimum two individuals are required to start a LLP and out of which one individual must be Indian Resident, they are known as designated partner, and holding a DPIN ( Designated Partner Identification Number). Under LLP one partner is not responsible for the misconduct of another Partner.
LLP Annual Compliance : Why Needed
Compliances of LLP
The Compliances under LLP is divided into two parts i.e. statutory compliances and annual compliances.
1. Statutory Compliances-
-To conduct meeting- First general meeting should be conducted within 30 days from the date of its incorporation and 2 Executive meeting should be held within one financial year.
-Maintaining of minute book
-Books of accounts of LLP should be maintained.
-Audit of the accounts is mandatory for those companies whose turnover exceeds 40 lakhs or contribution of LLP is 25,00,000/-
2. Annual Compliances-
-Filing of Annual return is mandatory and ROC should be filed within 60 days from the closure of financial year.
-Statement of accounts shall be filed within 30 days after the expiry of 6 months from the closure of financial year.
-Income Tax of LLP should be filed by every LLP either on 30th September if audit status of LLP is required or otherwise it will be filed on 31st.
1. Statutory Compliances-
-To conduct meeting- First general meeting should be conducted within 30 days from the date of its incorporation and 2 Executive meeting should be held within one financial year.
-Maintaining of minute book
-Books of accounts of LLP should be maintained.
-Audit of the accounts is mandatory for those companies whose turnover exceeds 40 lakhs or contribution of LLP is 25,00,000/-
2. Annual Compliances-
-Filing of Annual return is mandatory and ROC should be filed within 60 days from the closure of financial year.
-Statement of accounts shall be filed within 30 days after the expiry of 6 months from the closure of financial year.
-Income Tax of LLP should be filed by every LLP either on 30th September if audit status of LLP is required or otherwise it will be filed on 31st.
