Annual Filing for LLP

Annual Filing for LLP - Overview

Limited Liability Partnerships gets a separate legal institution; therefore, it is the duties of the elected partners for simultaneously maintain a proper book of accounts and filing an annual return in consonance with the Ministry of Corporate Affairs (MCA)
The forms are submitted for reporting the business activities and financial data for every upcoming financial year. If the LLP fails to file the Annual Compliance requirements leads to an additional or penalty fee of Rs. 100 every day for the delay till the actual date of registering. Thus, apart from the authorization, the heavy penalty obliges the Designated Partners to fulfil the needs and requirements.

Checklist details for Filing of Annual Compliance of LLP

Annual returns require to be filed with the Registrar of Companies (ROC).
Annual returns to be accompanied and filled up as per the prescribed format of LLP Form 11
Annual returns have to be filed within 2 months or 60 days from the close of the year. This could be filled on the 30th of May of every year.
The LLP annual compliance ought to be met by every registered LLP, even if there is no marketing activity. It has to be also obtained if the LLP has been closed down and whether or not a business bank account exists.

Benefits of Annual Compliance of LLP

Record of Financial Worth
Higher Credibility
Easy conversion and closure
Maintain active status and avoid penalties