ANNUAL COMPLIANCES OF LIMITED LIABILITY PARTNERSHIP IN ELECTRONIC CITY
A LLP Company Registration in Electronic city that appreciates a separate status. Thus, a company or an organization is necessary to sustain its active status by frequently filing with the Ministry of Corporate Affairs (MCA). Annual compliance filing is compulsory for any LLP, whether they are having a business or not. Annual compliance for LLP needs to file two separate forms. One statement is applicable for which is for Annual Return, whereas another statement is for Accounts and Solvency.
So there is 3 Major Compliance which is mandatory things for the LLP of each Financial Year:
- Annual Return
- Statement of the Accounts or you can even call it as Financial Statements of the LLP
- Income Tax Returns Filings.
Important Points on LLP Annual Compliance
If you are expecting the Filings yourself then we must engage a legal professional because during the filings you need evidence from the professionals and it is not easy to save and file your taxes because it’s a need for planning.
According to the consultant for Limited Liability company in Electronic city, if your LLP is not doing the business even till the date you are not open a current bank account then must file the NIL Returns or else penalties and liabilities will arise and in the future, you cannot even close your LLP easily.
What are the benefits and advantages of Annual Compliance for LLP?
Higher Credibility: Legal compliance is the first major requirement for any business. The status of LLP annual filing is exhibited at the Master Data of the LLP on the MCA portal and the same data can be acquired by any person.
Record of Financial Worth: The forms filed by the LLP are convenient for companies. Hence, while entering into major projects or contracts, the concerning party may also examine the financial benefits...
Maintain Active Status and avoid fines and penalties: In case of continuous default in annual filing, the LLP can be declared as unused or will receive default stature. Also, the partners can be proclaimed as defaulters and may also be eliminated from their further appointment in LLP or company.
Easy conversion and closure: For conversion of the LLP into any other organization, annual filing is much required. The regular compliance records make us simple in the conversion task. The same is applicable in the case of closure of LLP.
What is the Filing Annual Return (Form-11)?
In services for limited Liability company registration Annual Returns or it is also known as Form 11 is an abstract of LLP’s Partners like whether there are any modifications in the management of the LLP.
Every LLP is necessary to file Annual Return in Form 11 to the Registrar within 60 days from the closure of the fiscal year i.e the Annual Returns have to be filed on or before 30th May of every financial year.
What is the Statement of Accounts or Filing Annual Records or P&L and Balance Sheet (Form-8)?
Every LLP or any other legal business entity from OPC firm to the Private limited company has to assemble their accounts so even you get the details regarding your business and how much money is earned by your LLP.
Every LLP has to close their accounts until the 31st March of every year. There are a lot of technologies from wave apps to simple documents where you can maintain the accounts.
All LLPs are required to preserve the Books of Accounts in the Double Entry System and have to prepare a Statement of Solvency (Accounts) every year ending on 31st March.
LLP Form 8 has to be filed with the Registrar of LLPs on or before 30th October every year.
How to Apply for LLP REGISTRATION in Electronic City?
Do you want to get a LLP REGISTRATION in Karnataka? Then we are here to help you, we are the top company incorporation service provider in Bangalore. feel free to send your inquiry to info@consultry.in or feel free to contact: 7975187793 or visit https://www.consultry.in/
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