Compliance for LLP

Limited Liability Partnership (LLP) is a type of business entity sharing features of a partnership firm and a company. LLP’s are regulated by the Registrar of Companies, Ministry of Corporate Affairs. LLP is a legal entity, separate from its partners and it has perpetual succession. Some of the major benefits and powers enjoyed by LLPs are the following:

  • Separate legal entity.
  • Buying, Selling and Holding of movable, immovable, tangible or intangile assets. 
  • Powers to sue and be sued.
  • Powers to open bank account.
  • Powers to employ persons.
  • Powers to enter into all types of legal contracts.

In line with the powers, all LLPs are required to maintain compliance and file certain statutory filing with the Government each year. In this article, we look at the major compliance requirements for an LLP.

FAQs

LLP is a corporate entity and is operated by legal rules and procedures as given in the LLP Act 2008. ROC is a Government office under the Ministry of Corporate affairs to look after the compliances of LLPs under its jurisdiction. Every LLP irrespective of its size has to file Annual returns giving details about its management and financial performance. Any delay in filing of returns attract penalty as given in the table below.

Here it goes...

  • Many LLPs are unable to keep up with the filing due dates and end up paying heavy penalties.
    We believe in strong follow-up and reminder system to ensure that your filings are done on time.
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  • Filing of Annual returns via Form 11 & Form 8
  • ROC Filing for Event based compliances as given below
  • Change in the Registered Office
  • Appointment of Partners
  • Changes in Designation of Partners
  • Increase in Capital Contribution of LLP
  • Change in Name and Main objects of the LLP
  • Loan & Charge Management
  • Changes in DIN
There are many privileges for LLP in comparison to a Private Limited company, in terms of exemptions from maintenance of Minutes book, Statutory registers, Annual general meeting and flexible tax rates.
Board meeting is generally associated with a Board of Directors meeting. There are no directors involved in an LLP, instead designated Partners run the business and are held responsible for compliances. Hence, Board of Partners meeting is suggested in case of an LLP firm.
No, AGM is not required for an LLP. AGM is a once in a year meeting for Shareholders of the Company. As there is no concept of shareholding in an LLP, no AGM is to be held.
AGM is a meeting of Shareholders to be held every financial year to meet and decide upon the approval of Accounts, distribution of dividends, appointment or reappointment of directors and Auditors. First AGMto be held within 9 months from thedate of closing first financial year. Subsequent AGM to be held within 6 monthsfrom the date of closing of the next financial year.

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