Post Incorporation Compliances of LLP And Closure of LLP

ANNUAL COMPLIANCES TO BE DONE BY LLP

I am sharing small write up of post incorporation compliances of LLP and closure of LLP.

1. FORM-3 IS FILED FOR EXECUTION OF AGREEMENT BETWEEN THE PARTNERS. The partners of the LLP are required to execute the LLP agreement and file the same to ROC within 30 days of incorporation of LLP.

2. OPENING OF BANK ACCOUNT-It is necessary to open a bank account in the name of LLP.

3. GST  REGISTRATION: every business with annual turnover exceeds Rs 40,00,000 OR for service provider Rs 20,00,000 is required to get GST registration under goods and service tax act,2017.

4. DIR-3 KYC-each designated partner for an LLP is required to file form-DIR-3-KYC  on or before 30^th September of financial year .

4. INCOME TAX RETURN: every LLP has to file income tax return every year ,the last date of filing of income tax return of llp is 31^st July every year.

5. ANNUAL FILING OF LLP: form 8 is for statement of account and solvency and due date is 30^th oct’2022

Form 11 is for annual return of LLP and due date is 30^th May’2022

6. CLOSURE OF LLP

For closing the LLP not in operation from last one year form 24 is to be filed for closure as per simplified rules of LLP rules, 2009 whereby it become easy for defunct companies to strike off name of LLP from registrar of companies.

LLP Rules amended w.e.f 20^th May, 2017:

W.e.f 20^th May 2017, Rule 37 of the LLP Rules, 2009 was amended to bring in much needed relief to the stakeholders who, prior to this amendment, had no means to close a defunct LLP without incurring huge additional fees.

Now LLP’s Need To Close Their Business Need To Comply And File 2 Form Before Proceeding For Strike Off Of Name Of LLP

FORM 8 –For Statement of Account & Solvency

FORM 11-Annual Return of Limited Liability Partnership (LLP) only till the end of financial year in which the LLPs have ceased to carry on its business or commercial operations and not thereafter.

The attachments of Form-24 are as follows:

1. Statement of account disclosing nil assets and liabilities, statement should not be older than 30 days from the date of filing. Statement should be signed by practicing chartered accountant made upto the date not earlier than 30 days of the date of filing of form 24.

2. Consent of all the partners of LLP.

3. An affidavit signed by all the designated directors either signed jointly or severally depicting that the LLP has not commenced the business or it ceased to carry on the business of LLP.

4. Bank account closure certificate.

5. Authority to make application duly signed by all the partners.

6. Indemnity bond of each partner.

7. DSC token of designated partner filing the form.

8. PAN and address proof of all the partners who are giving the affidavit.

9. Copy of acknowledgement of latest ITR in case LLP carried out any business.