LLP Annual Compliance Services
LLPs have fewer compliance requirements than private limited companies, but the penalties for non-compliance are substantial. Regular compliance enhances an LLP’s credibility and creates a clear record of its financial worth.
Key Annual Compliances for an LLP:
- Form 8 (Statement of Accounts and Solvency): A declaration of the LLP's financial position, due on or before October 30th every year.
- Form 11 (Annual Return): A summary of the LLP's management affairs, due on or before May 30th every year.
- ITR Filing: Every LLP must file its Income Tax Return annually in Form ITR-5.
- Audit Requirement: An audit is required if the annual turnover exceeds ₹40 lakhs or the capital contribution exceeds ₹25 lakhs.
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Do You Have Any Questions?
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What are the key annual filings for an LLP?
Every LLP must file two main forms with the ROC: Form 11 (Annual Return) by May 30th and Form 8 (Statement of Account & Solvency) by October 30th.
What is the difference between Form 8 and Form 11?
Form 11 is a summary of the LLP’s partners and their contributions. Form 8 is a declaration of the LLP’s financial position (its assets, liabilities, and solvency).
Is auditing required for all LLPs?
Auditing is mandatory for an LLP only if its annual turnover exceeds ₹40 lakhs or its capital contribution exceeds ₹25 lakhs.
What are the late filing penalties for Form 8 and 11?
The penalty for late filing is ₹100 per day, per form, with no upper limit. This can become very expensive, so timely filing is essential.