What is

LLP Compliances

Generally there are not much compliances under Limited Liability Partnership Act 2008 and rules made thereunder, but to maintain transparency as to financial affairs of a LLP certain basic compliances are provided for ROC fillings. If an LLP fails to comply with these requirements, it may have to pay hefty penalties.

Mandatory

ROC Compliances for LLP

Compliance Requirement Due Date/Periodicity Penalty for Non-Compliance
Statement of Accounts and Solvency in LLP Form 8 Every LLP shall file Form-8 within 30 days after completion of six months from end of financial year. Late fee of Rs.100 per day of delay
Annual return in LLP Form 11 Ø Form 11 is to be filed with the Registrar within 60 days from the end of financial year Ø Late fee of Rs.100 per day of delay

Ø Designated partners shall be liable for a fine which shall be not less Rs.25000 but which may extend upto Rs.500000
Income Tax Return Ø due date for filing Income Tax Returns for LLPs that does not require Tax Audit is 31st July 2023.

For LLPs requiring Tax Audit, the due date for filing Income Tax Returns for FY 2022-23 is 30th September 2023.		 Ø Interest will be payable in case income tax liability not paid along with late fee of Rs.10000
DIR 3 for Designated Partners KYC Ø Each designated partner for an LLP is required to file form DIR 3 KYC on for before 30th September of each Financial year. DIN will get deactivated unless it is activated after paying a late fee of Rs.5000
Preparation of Books of Accounts and Statutory Audit Ø LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited by or before 30th September Ø LLP shall be leviable with a fine of minimum Rs.25000 which may extend to Rs.500000.

Ø Designated partner can be leviable with a fine of minimum Rs.10000 which may extend to Rs.100000.

Event Based

ROC Compliances for LLP

Compliance Requirement Due Date/Periodicity Penalty for Non-Compliance
Changes in Designated Partners Ø Form-4 within 30 days of such change The LLP and every designated
partner of the LLP shall be
punishable with fine which shall not
be less than Rs 2000 & may extend
to Rs 25,000.
Creation, modification and satisfaction of charge on secured borrowings Ø Form-8 to be filed for creation or modification of charge within 30 days from end of 6 months of the financial year i.e. 30th October Late fee of Rs.100 per day of delay
Changes in Registered office Ø Form -15 to be filed within 30 days of change The LLP and its every partner shall
be punishable with fine which shall
not be less than Rs. 10,000 & may
extend to Rs. 1,00,000
Change of Name of the LLP Ø Form-5 to be filed within 30 days of change Person guilty of offence shall be punishable with fine which may extend to Rs 5,00,000 but which shall

not be less than Rs 5000 and with a further fine which may extend to Rs
50 for everyday after the first day after which the default continues
Change in LLP Agreement Ø Form-3 to be filed within 30 days of such change 12 Person guilty of offence shall be punishable with fine which may extend to Rs 5,00,000 but which shall

not be less than Rs 5000 and with a further fine which may extend to Rs.50 for everyday after the first day after which the default continues
Consent and Particulars of
Partner/Designated Partner		 Ø Form-4 within 30 days of appointment of designated partner The LLP and its every partner shall
be punishable with fine which shall
not be less than Rs. 10,000 & may
extend to Rs. 1,00,000

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LLP Compliances AMC

  • Basic

  • per annum
  • Mandatory ROC Compliances
  • Preparation of Financial Statement
  • FIling of Income Tax Returns
  • (Turnover upto 40 lakh per annum)
  • Standard

  • per annum
  • Mandatory ROC Compliances
  • Preparation of Financial Statement
  • FIling of Income Tax Returns
  • Bookkeeping
  • Statutory Audit
  • (Turnover upto 40-80 lakh per annum)
  • Premium

  • per annum
  • Mandatory ROC Compliances
  • Preparation of Financial Statement
  • FIling of Income Tax Returns
  • Bookkeeping
  • Statutory Audit
  • GST Returns
  • (Turnover upto 2 cr per annum)

Have A Question?

FREQUENTLY ASKED QUESTIONS (FAQs)

To maintain transparency LLP in India are required to comply with annual compliances like Form11 Annual Return, Form-8 statement of the accounts and solvency and Income Tax Return in Form-5.

ROC Compliances for LLPs are in place to ensure transparency, accountability, and legal adherence and these are exist for below reasons:

  1. Legal and Regulatory Requirements
  2. Protection of Stakeholders
  3. Financial Reporting and Transparency
  4. Corporate Governance
  5. Investors confidence
  6. Avoiding Penalties and Legal liabilities

The LLP Form 8 or the statement of account and the solvency is to be filed every year by all the LLPs that are registered in India. It is filed with the MCA irrespective of the turnover.

There are many privileges for the LLPs as compared to Pvt. Ltd. companies like exemptions from maintaining the minutes’ books, statutory register, annual general meeting, Statutory Audit (if turnover is less than 40 lakh).

The Board meeting is conducted by the Board of Directors which is applicable to companies only though in case of LLPs instead the designated partners run the whole business and are also responsible for the compliance.

An LLP can appoint an auditor by passing a resolution signed by the designated partners. Such appointments do not need any e-form. Prior consent of the auditor is a must for his appointment in an LLP. The designated partners have powers for such appointments. Otherwise, the partners have the right to appoint the auditor. An auditor appointment can be at any time in the financial year. But it should be 30 days before the end of the financial year.

LLPs are taxed at a flat rate of 30%. Further if total income exceeds Rs.1 crore than an addition surcharge if payable @12%. Health and Education Cess @4% is payable on the amount of income tax and surcharge.

Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of clause 58 and Schedule III and IV of the LLP Act. Form 18 needs to be filed with the registrar along with Form 2 for such conversion.

The change in partner’s details can be intimated by filing eform 4 within thirty days of such change without additional fee and with additional fee thereafter.

You are required to file eForm 15 at LLP portal only once. Existing registrar shall process the eForm and forward the same to the new Registrar for registration. Please note that approval of such eForm 15 shall not be allowed in case there is any other eForm(s) pending for payment of fee or is under processing in respect of the LLP. Upon approval, Certificate for change of registered address from the Registrar office shall be provided.

Yes, every LLP has to mandatorily file Annual Returns and financial statements with the Ministry even if they are not doing any business. It is a compulsory requirement of law that even NIL returns should be filed.

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