Hassle-Free Annual Filing of LLP and in Quick Succession

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What Is Annual Filing LLP?

LLP is nothing but Limited Liability Partnerships. It is a kind of business entity that allows the individual partners to be free from the idea of unlimited liability of partners in a corporate firm.

Now, as the government is raising the filing for the companies, most of the people are opting for an LLP type of business as there is less complex filing. But after the LLP is incorporated one has to be very watchful and pro - active about the annual filing of LLP as delaying the filing will incur a penalty per day.

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Hence, we have covered the points of the filing of the annual forms by the LLPs under the Limited Liability Partnership Act, 2008 and Income Tax Act.

Advantages of the Annual Filing for LLP?

The advantages of the annual filing LLP in India are many as it is a new structure for growing business. LLP is the newest concept while the Partnership is not a new concept. Both LLP and Partnership are not the same as the Partnership is not a new concept while LLP concept is newly formed and introduced in India by the Limited Liability Partnership Act, 2008.

There are several advantages of the annual filing for LLP :

  • Annual filing for LLP will protect the personal assets of all the members from the liabilities of the business. LLP’s are a different legal entity altogether.
  • The functioning of the association and the profit distribution are determined by a written agreement between the members. This will permit for high flexibility in managing the company.
  • The LLP is considered a legal entity. It has the authority to buy, rent, lease, own property, employ staff, enter into contracts, and is also responsible for everything.
  • Corporate ownership. LLP has the authority to choose two companies as the LLP members. In an LTD company, there should be one director as a real person at least.
  • Designated and non-designated members. The annual filing for LLP can be filed with various membership levels.
  • Protect the partnership name. With the annual filing for LLP at the Companies House, you can avoid an extra partnership or company from filing with the same name.

Packages for Annual Filing for LLP

LLP Annual filing packages will start at ₹6,899/- onwards
The Package includes of:

Annual Filing with MCA
Annual Filing with statements of Accounts and Solvency Statement
Review by the CA
An expert CA will help, prepare and review the Annual LLP filings

Documents Required For Annual filing for LLP

  • Certificate of Incorporation and LLP Agreement
  • LLP PAN Card
  • Approved Financial Statements
  • Auditors Report
  • List of partners and their contribution
  • Details of Change in Partners during previous Financial Year
  • Details of Change in Partners Contribution
  • Digital Signature of Any one Partner
  • Certified Copy of Resolutions passed during previous Financial Year

Frequently Asked Questions (FAQs)

Here are some FAQ that would help you understand the service better:

What are the compulsory compliances of LLP?

There are 3 main compliances which are compulsory for every LLP to adhere for any financial year.
• Annual tax Returns
• Income Statement of LLPs
• IT Return Filings

Is it necessary for the filings even if there is no undertaking of any business during the year?

Yes, annual filings for LLP is mandatory and the
Even if the LLP is not doing any business the financial statements with the Ministry are required. It is an obligatory prerequisite of law that even NIL returns have to be filed.

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