LLP (Limited Liability Partnership) a perfect blend of Company and Partnership Firm though having less compliances as compared to Company still needs to be taken care off. If Ignored, Penalty meter of late statutory fees will rise.
Brief overview of Post LLP Incorporation Compliances is provided below:-
|S. No.||Particulars||Due Date/Status|
|1)||LLP Form 3 (LLP Agreement)||within 30 days of incorporation of LLP|
|2)||PAN Application||Required to be obtained immediately, acts as an identification number for every tax payer and is required for opening Bank Account also|
|3)||Opening of Bank Account in LLP Name||Current Account needs to be opened for carrying out transactions|
|4)||Form 8 (Statement of Account and Solvency)||within 30 days from the end of six months of financial year to which it relates|
|5)||Form 11 (Annual Return of LLP)*||within 60 days of closure of financial year|
|6)||Filing of Income Tax Return
In case Audit is not required
In case Audit is required
|31st of July every year
30th of September every year
|7)||Designated Partner’s KYC||on or before 30th of September every year|
|8)||Mandatory Audit of Accounts||If Capital contribution exceeds 25 Lakhs
Turnover exceeds Rs. 40 Lakhs
* can be filed till September 30,2020 pursuant to MCA General circular No. 13/2020 dated 30.03.2020 i.e. LLP Settlement Scheme,2020
Major mandatory post incorporation compliances overview is provided above, rest event-based compliances differ.
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