Note on form of organization – LLP and Company and its basic compliance requirements

LLP: Limited liability partnership is a simple combination of Company and Partnership firm limiting the liability of partners to the capital contributed and governed by LLP Agreement. It has only 2 annual compliance requirement and any other change in objects, change in partners & their capital and address of the LLP, etc are usually reported to Registrar of Companies by filing e-forms. The initial and annual forms to be filed are mentioned below for minimum capital:

LLP and its basic compliance requirements

S.No Name of the form Purpose Timelines
1. RUN – LLPFIN For the purpose of incorporation
2. Form 3 Registration of LLP Agreement Within 30 days of incorporation
3. Form 11 Annual Return of capital 30th May of next financial yr
4. Form 8 Statement of Account & Solvency 30th October of next financial yr
5. KYC Designated partners KYC/any individual holding DIN From 1st April 2021 to 30th September 2021

Companies: The companies are form of organization with limited liability and internal regulation of the funding, director’s position, business decision, related party transaction, loans & borrowings and powers of Directors and shareholders are governed by the Companies Act and rules made thereunder. Below are the annual compliance requirements of companies. The Govt fee towards incorporation of a Company ranges from Rs.4000/- to Rs.6,000/- depending on capital requirements.

Presenting on brief compliance Calendar on regular filings for financial year 2021-22 under Companies Act 2013, however, the same differs to each entity depending upon applicability of provisions and corporate actions undertaken by the company.

Company and its basic compliance requirements

S.No Form Nature of filing Compliance Timelines
April 2021 to June 2021
1. MBP-1 Mandatory A disclosure u/s 184 shall be made by every Director in form MBP-1 at the first Board Meeting of Financial Year

The company shall preserve such notice under the custody of CS/ or any person as authorized by the Board for a period of 8 years.

At the first Board Meeting (A meeting shall be held in gap of 120 days)
2. DIR-8 Mandatory A disclosure shall be made by Director in form DIR-8 specifying the details of annual filings during the last three financial years and not attracted to disqualification as Director under section 164. This declaration is obtained from Directors usually at the beginning of financial year and further reported to the Board and auditors.
3. DIR-3 KYC Mandatory Every individual holding DIN shall file form DIR 3 KYC From 1st April 2021 to 30th September 2021
4. DPT-3 Mandatory for companies exposed to debt Filing return of deposit or particulars of transaction not considered as deposit or both by every company From 1st April 2021 to 30th June 2021
5. Mandatory Conducting Board Meeting From 1st April 2021 to 30th June 2021

(A meeting shall be held in gap of 120 days)

6. PAS-6* Mandatory Every unlisted public company shall file Form PAS-6 on dematerialization of securities 60 days from the date of deployment of form.
7. MSME Event based For reporting dues to MSME exceeding 45 days, if any on half yearly basis From October to March, 2021 – Due date 30th April 2021
8. BEN-2 Event based On receipt of declaration in BEN-1 from SBO holder or any change thereto Within 30 days of such declaration
July 2021 to September 2021
9. Mandatory Conducting Board Meeting A board meeting shall be held not exceeding a gap of 120 days between 2 meetings
10. MGT-14* Mandatory Approval of financial statements and Board Report by Board of Directors Within 30 days of Board meeting
11. MSME Event based For reporting dues to MSME exceeding 45 days, if any on half yearly basis From April to September 2021 – Due date 31st October 2021
October 2021 to December 2021
12. ADT-1 Mandatory Return of appointment of auditors on expiry of tenure Considering 30th September 2021 as AGM – 14th October 2021
13. AOC-4 Mandatory Form for filing financial statements 29th October 2021
14. MGT-7 Mandatory Annual Return 29th November 2021
Mandatory Conducting Board Meeting A board meeting shall be held not exceeding a gap of 120 days between 2 meetings
January 2022 to March 2022
15. Mandatory Conducting Board Meeting A board meeting shall be held not exceeding a gap of 120 days between 2 meetings
16. MSME Event based For reporting dues to MSME exceeding 45 days, if any on half yearly basis From Oct to Mar 2022 – Due date 30th April 2022

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Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION.

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