Annual Compliances for
Limited Liability Partnership
@ Rs. 2999 *
- No longer worry about annual compliances
- Avail accounting and bookkeeping services at discounted prices
- Experts handling documenting and filing requirements
- Get your balance sheet, audit and director's report prepared
Google Reviews
★★★★ 4.3/510.5k+ Happy Reviews
Register annual compliance services
Your Trusted Partner for LLP Annual Compliance
After LLP incorporation, the next step is to ensure annual Limited Liability Partnership (LLP) compliance. Whether your Limited Liability Partnership company is newly formed or existing, fulfilling various statutory obligations and filing necessary documents with the relevant authorities within prescribed deadlines is mandatory. Failure to fulfil the LLP annual compliance requirements can lead to penalties, legal complications, and damage to your LLP’s reputation.
At Finocircle, we understand the importance of annual compliance for LLP. Our team of experienced compliance professionals is dedicated to providing comprehensive and timely solutions tailored to your LLP’s needs. With our expertise and personalized support, you can ensure that your LLP remains compliant and avoids legal issues.
Fill the form & request callback
Talk to a complaince expert
Provide the requested documents
Complete the overboarding
Ensure annual compliance
Introduction
Understanding LLP Annual Compliance Requirements
LLP Annual compliance refers to the set of statutory obligations and filing requirements that must be fulfilled yearly to maintain the LLP’s legal status and compliance with various laws and regulations. Your LLP company must fulfil key statutory requirements, including filing annual returns, preparing a statement of accounts and solvency, filing income tax returns, maintaining proper books of accounts, and complying with other relevant regulations.
Non-compliance with these annual requirements can result in severe consequences for LLPs, such as hefty penalties, legal proceedings, and reputational damage. While the penalty for non-compliance for private limited companies is limited to INR 1 Lakh, for LLPs, the fine can be up to INR 5 Lakh. Furthermore, compliance issues can greatly hinder the LLP’s ability to conduct business smoothly and attract potential investors or partners.
MANDATORY COMPLIANCES
Essential Annual Compliance Obligations for LLPs in India
As LLPs are separate legal entities, the partners must maintain an accurate book of records and file annual returns with the Ministry of Corporate Affairs (MCA). At Finocircle, we provide comprehensive support for all the essential annual compliance obligations that LLPs must fulfill. Here are the essential annual compliance obligations that LLPs must meet:
Annual Return Filing (Form 11)
• Preparation and filing of the annual return with the Registrar of Companies (RoC)
• The annual return must be filed by May 30th each year
• It contains details of the LLP's registered office, partners, capital contribution, and other relevant information
Accounting and Bookkeeping
• Maintenance of accurate financial records and books of accounts
• Ensure that all financial transactions are transparent
• Our team can assist with the maintenance of books of accounts and ensure compliance with accounting standards
Compliance Advisory
• Ongoing advisory services on compliance matters
• Guidance on LLP Agreement amendments and changes
• Our experts stay updated with the latest regulatory changes and provide timely advice to ensure your LLP remains compliant
Statement of Accounts and Solvency (Form 8)
• Preparation and filing of the statement of accounts and solvency
• The statement must be filed by October 30th each year.
• It includes the LLP's financial statements, such as the balance sheet and profit and loss account, along with a solvency declaration by the partners.
Audit Support
• Assistance with statutory audits if applicable (mandatory if turnover exceeds specified limits)
• Finocircle can help prepare the LLP for audits and provide necessary support during the audit process
• We ensure that the audit requirements are met and the audit report is filed within the prescribed timelines
Event-Based Compliances
• Filing of necessary forms for changes in LLP structure, partners, or capital
• Handling other compliance requirements per specific events, such as the appointment or resignation of partners, change in registered office address, etc.
• We provide end-to-end support for event-based compliances, ensuring that all necessary filings and procedures are completed accurately and on time
Income Tax Return Filing
• Preparation and filing of the LLP's income tax return by filling ITR-5
• The due date for filing the return is July 31st each year if an audit is not required or September 30th if an audit is required.
• Accurate and timely filing of income tax returns is crucial to avoid penalties and legal issues.
Partner KYC (DIR-3 KYC)
• Ensuring compliance with KYC requirements for all designated partners
• Partners must submit their KYC details and documents to the Ministry of Corporate Affairs (MCA)
• We assist partners in completing their KYC formalities and ensure timely compliance
Why Finocircle for Your LLP Annual Compliance
You don’t have to think about LLP’s annual compliance with our complete suite of services. Outsourcing your LLP’s annual compliance to Finocircle offers several benefits:
Timely and Accurate Compliance
Our LLP company compliance experts ensure that all compliance requirements are met accurately and within the prescribed deadlines, minimizing the risk of penalties and legal issues.
Reduced Risk
Non-compliance can result in penalties of up to INR 5 lakhs for LLPs. Our professionals help mitigate non-compliance risk and protect your LLP from legal and reputational damage.
Cost-Effective Solution
Outsourcing compliance to Finocircle is a cost-effective solution compared to hiring in-house compliance staff or managing it yourself, as it eliminates the need for additional salaries, training, and infrastructure.
Time and Resource Savings
By entrusting your LLP compliance needs to us, you can save valuable time and resources to be redirected toward growing your business in Delhi NCR.
Focus on Core Business
With Finocircle handling your annual compliance, you can focus on your core business activities and strategic decision-making without the burden of compliance.
COMPLIANCE SERVICE CHECKLIST
Finocircle Offers Complete LLP Annual Compliance Services
Annual compliance of LLP with Finocircle is seamless and fast. We offer a comprehensive range of LLP annual compliance services to take the burden of compliance off your shoulders. Our services include:
- Compliance Checklist and Timeline: We provide a detailed checklist of all the mandatory compliance for llp and a timeline of due dates to ensure nothing is missed.
- Expert Guidance: With our experienced professionals handling your LLP compliance needs, you stay up-to-date with the latest regulatory changes. We provide expert guidance to navigate the complexities of LLP compliance.
- Form Preparation and Filing: From LLP registration to annual return filing, we prepare and file all necessary forms and documents to ensure you don’t have to struggle with filing documents.
- Bookkeeping Assistance: Our accounting and bookkeeping services assist with the maintenance of accurate books of accounts and ensure that your LLP’s financial records are up-to-date and compliant with accounting standards.
- Timely Reminders: We keep you in the loop with timely reminders and updates on upcoming compliance deadlines so you can focus on your core business activities without worrying about missing any crucial filings.
BENEFITS
Benefits of Timely Annual Compliance for Private Limited Companies
Ensuring timely annual compliance offers several benefits for your Limited Liability Partnership. This includes:
⭷ Mitigation of Statutory Penalties and Legal Ramifications
Adherence to annual statutory obligations, including the timely filing of Form 8 (Statement of Accounts and Solvency) and Form 11 (Annual Return), shields LLPs from punitive measures under Section 69 of the LLP Act, 2008. This proactive compliance approach prevents financial setbacks and legal entanglements that could impede the LLP’s operational efficiency and growth trajectory.
⭷ Enhanced Corporate Governance and Stakeholder Trust
Regular submission of financial statements (as per Schedule III of the LLP Act) and annual returns demonstrates robust corporate governance. This transparency augments the LLP’s credibility among key stakeholders, including potential investors, financial institutions, and clientele. Improved financial standing can facilitate easier access to credit facilities and bolster the LLP’s market position.
⭷ Optimized Operational Efficiency and Strategic Management
Timely compliance, including maintenance of Books of Accounts as per Section 34 of the LLP Act, ensures accurate financial reporting. This precision in record-keeping facilitates seamless internal audits, enhances operational efficiency, and enables data-driven strategic decision-making by the designated partners.
⭷ Elevated Investor Confidence and Regulatory Compliance
Strict adherence to statutory requirements, such as maintaining the Register of Partners (Form 4) and reporting changes in partners or their details (Form 4 and Form 3), instills confidence in investors and regulatory bodies. It showcases the LLP’s commitment to regulatory compliance and adoption of best practices in corporate governance, potentially attracting more sophisticated investors and business partners.
⭷ Streamlined Tax Compliance and Audit Readiness
Regular filing of Income Tax Returns (ITR-5 for LLPs) and Service Tax Returns (where applicable) ensures tax compliance. This proactive approach simplifies the audit process, whether it’s a statutory audit for LLPs with turnover exceeding ₹40 lakhs or contributions exceeding ₹25 lakhs, or a tax audit under Section 44AB of the Income Tax Act, 1961.
Frequently Asked Questions
What is LLP annual compliance?
LLP annual compliance refers to the set of statutory obligations and filing requirements that an LLP must fulfill every year to maintain its legal status and comply with relevant laws and regulations.
What are the consequences of non-compliance for LLPs?
Non-compliance with annual compliance requirements can result in penalties of up to INR 5 lakhs. Also, it can result in legal proceedings, reputational damage, and difficulty conducting business smoothly.
How can Finocircle help with LLP annual compliance?
Finocircle provides comprehensive support for LLP annual compliance, including filing annual returns, preparing the statement of accounts and solvency, filing income tax returns, maintaining books of accounts, providing audit support, ensuring partner KYC compliance, offering compliance advisory, and handling event-based compliances.
What are the benefits of outsourcing LLP annual compliance to Finocircle?
Outsourcing LLP annual compliance to Finocircle ensures timely and accurate compliance, saves time and resources, reduces the risk of non-compliance, allows focus on core business activities, and provides a cost-effective solution compared to managing compliance in-house.
We're Trusted By Our 5k+ Clients
Don’t just take our word for it. Here’s what our satisfied clients have to say about our LLP annual compliance services:
Karthik Krishnan
We reached out to Finocircle for our LLP registration requirements and ended up outsourcing our annual compliance requirements to them. Their expertise and proactive approach have helped us stay compliant and avoid any legal issues.
Vishwas Kaushik
They have helped us focus on our business with peace of mind, knowing that our compliance needs are in good hands. I strongly recommend Finocircle for LLP annual compliance requirements.
Rajiv Kapoor
The team at Finocircle has been exceptional in managing our LLP's annual compliance. Their attention to detail, timely reminders, and expert guidance have made the compliance process seamless and stress-free.
Happy Customer
Total Employees
Years in Service
Industries Served