Annual Compliances For Limited Liability Partnership

A Limited Liability Partnership enjoys a separate status. Thus, an organization needs to maintain its active status by regularly filing with the Ministry of Corporate Affairs (MCA). Annual compliance filing is mandatory for any LLP, whether having a business or not. Annual compliance for LLP requires filing two separate forms. One of which is for Annual Return, whereas another one is for Statement of Accounts and Solvency.

The forms are filed for reporting the activities and financial data for each financial year in the upcoming year. The failure to fulfill LLP Annual Compliance requirements levies an additional fee of ₹ 100 each day of a delay till the actual date of filing. Hence, apart from the mandate, the heavy penalty compels the Designated Partners to fulfill the requirements.

Pursuant to the provisions of the Limited Liability Partnership Act, 2008 (known as LLP Act, 2008) and the rules made thereunder, every LLP is required to file its Annual Return with the jurisdictional Registrar of Companies within 60 days from the date of financial year in LLP Form-11 and to file the Its Accounts and solvency within on or before 30th October for the previous preceding financial year.