Limited Liability Partnership Annual Filing With Ebizfiling
Introduction
Starting a business involves complying with a lot of rules and guidelines. If you've established a Limited Liability Partnership as your business structure, you must meet with many annual compliance for Limited Liability Partnership specified by authorities and laws. In this blog, we will learn about different LLP annual compliance filed by an LLP. We at Ebizfiling will help you file those within the due date.
What type of business form is known as LLP?
A Limited Liability Partnership is a combination of company structure and partnership firm. LLP also limits the liability of partners to the capital contributed and governed by LLP Agreement. The incorporation, compliance and other regulation are governed by the Companies Act, 2013 as well as LLP agreement created at the time of registration of LLP under Limited Liability Act, 2008.
Annual Compliance of a Limited Liability Partnership
A. Maintenance of books of accounts and documents
The LLPs are mandated to keep the book of accounts on either a cash-basis or an accrual-basis. Other important papers, such as the LLP's annual return, statement of account & solvency, names of partners & changes made, and evidence of fee payment, should also be preserved at the LLP's registered office. Furthermore, the books of accounts must be kept at the LLP's registered office for the specified period.
B. LLP audit requirement
A Limited Liability Partnership (LLP) is obliged to have its books audited if its annual turnover exceeds INR 40 lakh or its contribution exceeds INR 25 lakh.
C. Form 11: Filing of annual return
The LLP file form 11 to submit a statement of annual return. Every LLP needs to file an annual return to the Registrar within 60 days from the conclusion of the financial year. Annual return is a sum-up of all the designated partners like whether there are any changes in the management of LLP or not. Form 11 is a mandatory LLP compliance filed with the MCA even if they are not doing any business. It is a necessary requirement of law that even NIL returns should be filed. A penalty of Rs.100 per day is paid by the LLP if the annual return is not filed within the due date i.e 30th May.
D. Form 8: Filing of statement of accounts
Form 8 is a statement of accounts. Every LLP needs to prepare and close its accounts until the 31st March every year. The requirement for filing this form is that it should be duly signed by at least 2 designated partners. It is to be filed with the Registrar within 30 days after completion of six months of the Financial Year i.e. 30th October every year. The documents which need to be attached with Form 8 are copy of the balance sheet and profit & loss account of the LLP, disclosure under MSME, 2006 etc. A penalty of Rs.100 per day is paid by the LLP if the annual return is not filed within the due date.
E. Income tax return filing
The income tax return must be filed annually by each LLP. Form ITR-5 is filed by all the LLP within the due date specified by the tax authority.
Process of annual filing of LLP by EBizfiling
The partners or LLP who wants to file their annual compliance and want to be completed by some experts. Then connect with Ebizfiling, we have experts such as CA, CS and advocates to look after your annual filing. There are only 5 simple steps performed by our experts to file annual compliance for LLP. The steps are as follows:
- The first step is that our experts will ask the partners or LLP for some details such as name of the LLP, PAN of LLP, financial year for which return is to be filed, DIN of the partners, whether the LLP is subsidiary of the other LLP or not, balance sheet and profit and loss account etc.
- The next step after receiving the documents and details, our experts will prepare the Forms to be filed and also the documents that need to be attached with Forms. It should be noted that the documents should be duly signed by partners and certified by CA, CA or advocates.
- One we prepare the Forms such as Form 8 and Form 11. We submit the forms on the online portal of the Ministry of Corporate Affairs with the prescribed fees. The fees of each form depends on the contribution of the partners in the LLP.
- After filing the Form 8 and Form 11 we experts will receive and acknowledgement from MCA. We inform the LLP or partners about the acknowledgement.
- Simultaneously, our experts will also prepare the ITR_5 Form and file the Income Tax Return of the LLP as per the due date by the tax authorities.
Bottom line
Starting and running a partnership firm is hectic and time-consuming for an individual. The partners have to comply with some mandatory compliance every financial year after incorporation. But don't worry we got you covered, connect with Ebizfiling for filing annual compliance for LLP each year. There is one major benefit of delegating the work of annual filing to our experts is that you will be able to run or operate your LLP with more concentration and it saves time.
