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Annual Compliance Package for LLP

About of Service

  • Annual Return Filing (Form 11):

    • Description: Form 11 is the Annual Return of the LLP. It includes details such as the number of partners, changes in partners, total contribution received by partners, and more.
    • Due Date: 30th May every year.

  • Statement of Accounts & Solvency (Form 8):

    • Description: Form 8 includes the financial statements of the LLP such as the balance sheet and profit & loss account. It also contains a declaration by the designated partners about the solvency of the LLP.
    • Due Date: 30th October every year.

  • Income Tax Return Filing:

    • Description: Preparation and filing of the LLP’s income tax return, ensuring accurate computation of taxable income and tax liability.
    • Due Date: 31st July (for non-audit cases) or 30th September (for audit cases) every year.

  • DIN KYC Update:

    • Description: Filing of DIR-3 KYC form for all partners having Director Identification Number (DIN) to ensure their details are updated annually.
    • Due Date: 30th September every year.

  • Audit (if applicable):

    • Description: Statutory audit of the LLP’s accounts if the turnover exceeds Rs. 40 lakhs or the contribution exceeds Rs. 25 lakhs.
    • Activities: Coordination with auditors for the timely completion of the audit.

  • Maintenance of Statutory Registers:

    • Description: Updating and maintaining statutory registers, including the Register of Partners, Register of Contribution, and other required registers under the LLP Act.

  • Preparation of Financial Statements:

    • Description: Preparation of annual financial statements, including the balance sheet and profit & loss account, ensuring compliance with accounting standards and relevant regulations.

  • Compliance Management:

    • Description: Regular reminders and updates on compliance deadlines, assistance with any additional filings or compliance requirements specified by the Ministry of Corporate Affairs (MCA).

  • General Meeting Minutes and Resolutions:

    • Description: Drafting minutes of annual general meetings and any resolutions passed by the partners, ensuring proper documentation and record-keeping of all meetings and decisions.

  • Consultation and Advisory Services:

    • Description: Providing ongoing consultation and advisory services related to LLP compliance, addressing queries or issues related to regulatory compliance and filing requirements.
  • Benefits of the Annual Compliance Package
  • Avoidance of Penalties: Ensures timely compliance with statutory deadlines to avoid penalties and legal issues.
  • Regulatory Adherence: Keeps the LLP in good standing with regulatory authorities by adhering to all applicable laws and regulations.
  • Financial Transparency: Maintains transparency in financial reporting and solvency, enhancing the credibility of the LLP.
  • Peace of Mind: Provides peace of mind to partners by managing all compliance-related activities, allowing them to focus on core business operations.
  • Professional Guidance: Offers expert guidance and support for navigating complex regulatory requirements and ensuring accurate filings.
  • Conclusion
  • An Annual Compliance Package for LLP is essential for ensuring that all statutory and regulatory obligations are met in a timely and accurate manner. By availing of such a package, LLPs can focus on their core operations while maintaining compliance with all legal requirements, thus ensuring smooth and uninterrupted business operations.

Uses and Benefits
  • Annual Return Filing (Form 11): Preparation and filing of Form 11, which is the Annual Return of the LLP. It includes details such as the number of partners, changes in partners, total contribution received by the partners, and more. Due date: 30th May every year.
  • Statement of Accounts & Solvency (Form 8): Preparation and filing of Form 8, which includes the financial statements of the LLP such as the balance sheet and profit & loss account. Certification of the solvency of the LLP by the designated partners. Due date: 30th October every year.
  • Income Tax Return Filing: Preparation and filing of the LLP’s income tax return. Ensuring proper computation of taxable income and tax liability. Due date: 31st July (for non-audit cases) or 30th September (for audit cases) every year.
  • DIN KYC Update: Filing of the DIR-3 KYC form for all partners having Director Identification Number (DIN) to ensure their details are updated annually. Due date: 30th September every year.
  • Audit (if applicable): Statutory audit of the LLP’s accounts if the turnover exceeds Rs. 40 lakhs or the contribution exceeds Rs. 25 lakhs. Coordination with auditors for the timely completion of the audit.

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Charges Structure & Our Scope of Work

Additional Disclosure


  1. Financial Statements:

    • Submission of audited financial statements, including balance sheet, profit and loss account, and cash flow statement for the financial year.

  2. Income Tax Return Filing:

    • Disclosure of the LLP's income tax return filing status, including the filing of Income Tax Returns (ITRs) and any applicable tax audits.

  3. GST Compliance:

    • Details on GST compliance, including filing of GST returns, payment of taxes, and maintenance of GST records as per GST laws.

  4. Statutory Registers and Minutes:

    • Maintenance and disclosure of statutory registers, minutes of meetings of partners, and resolutions passed during the year.

  5. Annual Return Filing:

    • Filing of Annual Return (Form 11) with the Registrar of Companies (RoC), providing details about the LLP's partners, capital structure, and business activities.

  6. Changes in LLP Agreement:

    • Disclosure of any changes made to the LLP Agreement during the year, including amendments to partner contributions, profit sharing ratios, or management roles.

  7. Compliance Certificates:

    • Obtaining compliance certificates as required under applicable laws, confirming adherence to statutory requirements and regulatory filings.

  8. Tax Deduction at Source (TDS):

    • Details on deduction and deposit of TDS, if applicable, on payments made by the LLP to vendors, contractors, or employees.

  9. Annual Compliance Checklist:

    • Preparation and disclosure of an annual compliance checklist, ensuring all statutory and regulatory obligations are met during the year.

  10. Legal Opinions and Certifications:

    • Provision of legal opinions and certifications from professionals, validating the completeness and accuracy of the Annual Compliance Package.

Terms & Conditions

Documents & Detail Required

  1. Form 8 (Statement of Account & Solvency):

    • This form includes details of the LLP's financial position, including assets and liabilities, as of the end of the financial year.

  2. Form 11 (Annual Return of LLP):

    • This form provides information about the LLP's partners, changes in partners, and details of registered office as of the end of the financial year.

  3. Audit Report (if applicable):

    • LLPs with a turnover above a specified threshold or where partners' contribution exceeds a certain limit may require an audit by a Chartered Accountant.

  4. Income Tax Return (ITR):

    • LLPs are required to file income tax returns annually with the Income Tax Department, accompanied by financial statements and audit report (if applicable).

  5. Partners' Details:

    • Updated details of partners, including their addresses, changes in partnership structure (if any), and any new additions or resignations during the year.

  6. Accounts and Financial Statements:

    • Copies of financial statements, including balance sheet, profit and loss account, and cash flow statement, prepared as per the LLP Act and Accounting Standards.

  7. Annual Compliance Certificate:

    • A certificate signed by designated partners confirming compliance with LLP Act provisions, maintenance of books of accounts, and filing of annual returns.

  8. Miscellaneous Documents:

    • Any other documents required by specific regulatory authorities or as per the LLP Agreement.

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OUR REVIEW

FAQ'S

What is an Annual Compliance Package for an LLP?

A: An Annual Compliance Package for an LLP includes all necessary services to ensure the LLP meets its statutory and regulatory obligations. This typically involves filing annual returns, preparing financial statements, updating statutory registers, and ensuring compliance with tax laws.

Why is annual compliance important for an LLP?

: Annual compliance is crucial for maintaining the legal standing of an LLP. It helps avoid penalties, ensures adherence to legal requirements, maintains financial transparency, and enhances the credibility of the LLP.

What documents are required for annual compliance of an LLP?

A: The main documents include: Form 11 (Annual Return) Form 8 (Statement of Accounts & Solvency) Income Tax Return Updated Statutory Registers Financial Statements Consent letters and resolutions for any changes in partners or structure.

What is Form 11, and when should it be filed?

A: Form 11 is the Annual Return of an LLP, detailing the number of partners, their contributions, and any changes in the LLP. It must be filed by 30th May every year.

What is Form 8, and when should it be filed?

A: Form 8 includes the LLP’s financial statements and a declaration of solvency by the partners. It must be filed by 30th October every year.