𝘼𝙣𝙣𝙪𝙖𝙡 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝘾𝙖𝙡𝙚𝙣𝙙𝙖𝙧 𝙛𝙤𝙧 𝙇𝙇𝙋

 

The Limited Liability Partnership (LLP) is a business structure that merges the characteristics of a conventional partnership with limited liability. The LLP is regulated by the Limited Liability Partnership Act of 2008.

Let's have a look at the compliances:

𝗙𝗼𝗿𝗺-𝟯: The Partners of an LLP are required to execute an LLP Agreement and file a copy with ROC per Section 23 of the Act within 30 days of incorporation. Also, file a supplementary LLP Agreement within 30 days of the change.

𝗙𝗼𝗿𝗺-𝟴: Statement Of Account & Solvency shall be filed every year under Section 34(3) within 30 days from the end of six months of the financial year i.e. 30th October.

𝗙𝗼𝗿𝗺-𝟭𝟭: Annual Return shall be filed within 60 days of closer of financial year i.e. 30th May

𝗔𝘂𝗱𝗶𝘁 𝗼𝗳 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝘀: Applicable when the annual turnover exceeds ₹40 lakhs or contribution exceeds ₹25 lakhs.

𝗔𝘂𝗱𝗶𝘁 𝗼𝗳 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝘀 𝗻𝗼𝘁 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗱: If the annual turnover is less than ₹40 lakhs or contribution is less than ₹25 lakhs.

𝗜𝗻𝗰𝗼𝗺𝗲 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻: Every LLP has to file Income Tax Returns every year per Section 44AB by 31st July.

𝗜𝗻𝗰𝗼𝗺𝗲 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻 (𝗧𝗮𝘅 𝗔𝘂𝗱𝗶𝘁 𝗮𝗽𝗽𝗹𝗶𝗰𝗮𝗯𝗹𝗲): LLP under tax audit shall file an Income tax return every year by 30th September.

Tax audit implies where LLP is carrying any business (sales exceeds ₹1crore) or LLP carrying profession (gross receipt exceeds ₹50 lakhs)

𝗗𝗜𝗥 𝟯 𝗞𝗬𝗖: Each designated partner for an LLP is required to file form DIR 3 KYC on/before 30th September of each FY.

𝗙𝗼𝗿𝗺-𝟰: Notifying change in details of Partners (admission, resignation, cessation, death, expulsion) within 30 days of the change.

𝗙𝗼𝗿𝗺-𝟱: Notice of change within 30 days of receiving MCA name approval and confirming the availability of the name with ROC.

𝗙𝗼𝗿𝗺-𝟲: Intimation of particulars of name & address of a partner/change to such particulars by a Partner to the LLP.

𝗙𝗼𝗿𝗺-𝟵: Consent by Designated Partners, pursuant to Section 7(3) of the Act.

𝗙𝗼𝗿𝗺-𝟭𝟮: Intimating change in communication address for service of documents.

𝗙𝗼𝗿𝗺-𝟭𝟱: Change in the Registered Office within 30 days of the change.

𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝗟𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽 (𝗦𝗲𝗰𝗼𝗻𝗱 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁) 𝗥𝘂𝗹𝗲𝘀, 𝟮𝟬𝟮𝟮:
💠There can be 5 Designated Partners (without having DPIN) (earlier it was 2)
💠FiLLiP form is now web-based like SPICe+
💠PAN, and TAN are allotted along with the Certificate of Incorporation
💠All LLP forms are now web-based (Form 9 filing Consent of Partners)
💠Form-8 will also include disclosures concerning Contingent Liability.
💠Statement of Account and Solvency shall be signed on behalf of the LLP by an Interim Resolution Professional (IRP). This applies when Corporate Insolvency Resolution Process (CIRP) has been initiated against LLP under IBC Act, 2016 or LLP Act, 2008.

The list is nonexhaustive.