LLP FILINGS
LLP is an alternative business form that provides the advantages of Company and flexibility of a Partnership firm.
An LLP therefore, exhibits the elements of Partnerships and Company. This innovative and most awaited form of company was introduced into the Indian corporate world in 2009 by the Limited Liability Partnership act of 2008.
LLP FILINGS
Limited Liability Partnerships have to get the books of account audited by practicing Chartered Accountants, especially whose turnover is more than INR 40 lakh or whose contribution has exceeded INR 25 lakh. The deadline to file the LLP Annual return filing is 30th September. But for the LLPs whose tax audit has not required any deadline. So, the due date for tax filing is 31st July.
The LLP Annual return is to be filed in the prescribed Form-11. It is the summary of management affairs of LLP, such as numbers of partners along with their names. Apart from this, the form 11 has to be filed by 30th May each year. Every LLP who is already registered with the Ministry of Corporate Affairs have to file the Annual Returns and Statement of accounts for the Financial Year 2018.
For LLPS ,Following Are Required
a)Annual Return
b)Financial Statements of the LLP
c) Income Tax Returns Filings.
In India, LLP must file its Annual Return within 60 days from the end of close of the financial year and statement of Account and solvency within 30 days from the end of six months of the close of financial year. It is mandatory for LLPs to maintain their financial year as on 1st April to 31st March. Hence, LLP annual return is due on 30th May and the statement of account and solvency is due on 30th October of each financial year. Special care must be taken regarding the Annual Return filing on time as non- compliance attracts a penalty of Rs. 100 per day of default with no ceiling.
Our Dedicated Care Corporates Team will Assist in following the compliance’s
What is an LLP?
LLP is an alternative business form that provides the advantages of Company and flexibility of a Partnership firm.
An LLP therefore, exhibits the elements of Partnerships and Company. This innovative and most awaited form of company was introduced into the Indian corporate world in 2009 by the Limited Liability Partnership act of 2008.
This unique hybrid combination of a limited and partnership company is thus suitable for small, medium-sized businesses or professionals.
Being one of the easiest types of businesses to incorporate and manage there are over one lakh registrations received in India since the introduction. Minimum two partners can incorporate an LLP, there is no upper limit as such.
In an LLP one partner is not responsible for the other partner’s misconduct or negligence. The mutual rights and the duties of the partners with an LLP are governed by an agreement that is signed between the partners.
As LLPs, are not capable of issuing equity shares LLPs should not be chosen for any business that plans for raising equity funds Angels investors, Venture Capitalists or Private Equity.
Documents
Documents Required for LLP Filings
For the Partners:
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- PAN card or Passport if the applicant is a foreigner.
- Drivers license or Aadhar card, resident card or election card, or any other identity proof issued by the government.
- Less than 3-month-old bank statement or telephone bill.
Registered office proof:
- The authorization from the landlord ( Name mentioned in the Electricity bill or Gas bills or Property Tax receipt or sale deed) to use the premises as a registered office. This acts as a NOC from the landlord and;
- Proof of evidence of any utility services like gas, electricity, telephone depicting the address of the premises bearing the name of the owner or document, which is not old than two months.
Advantages of LLP Registration
There are several reasons why people opt for LLP over Private Limited Company incorporation. LLPs are considered to be easier to set up and flexible form of business. Entrepreneurs find it feasible to start their organization as it is comparatively hassle-free in day to day operations. Here, we take a look at the various advantages of LLPs.
Low registration cost: The cost of registering an LLP is comparatively lower than that of incorporating a public limited company or a private limited company. You can register an LLP here through IndiaFilings at just 7899.
No requirement for minimum contribution: As an LLP can be formed with the least possible capital, there is no minimum capital requirement in the incorporation of an LLP.
No limits on the owners of the business: An LLP requires a minimum of 2 partners but there is no such upper limit on the maximum number of partners. Whereas in a private limited company there are restrictions on having more than 200 members.
No requirement of compulsory audit: Whether the company is Public or Private irrespective of their share capital is expected to get its account audited. But here in the case of LLPs, there is no such mandatory requirement and this is considered to be one of the significant compliance benefits of forming an LLP. A Limited liability company is supposed to get its audit done only in two cases
- When the contribution of LLPs exceeds over Rs. 25 lakhs or
- When the annual turnover of LLPs exceeds over Rs. 40 lakhs.
Taxation aspect on LLP: LLP is liable for payment of income tax and the share of the partner is not liable to taxation. Thus, no Dividend Distribution Tax (DDT) is payable.
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