Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the following Forms with the Registrar every year:
E-Form Particulars
Form-8 Statement of Account & Solvency
Form 11 Annual Return
Following are the due date of respective Forms:
E-Form Due Date
Form-8 30th May
Form 11 30th Oct.
ITR 31st July or 30th Sept.
Financial Statement: Following documents required to prepare-
Statement of Insolvency: Following Points to be noted while preparing Statement of Insolvency-
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Limited Liability Partnership is treated as a body corporate with a separate entity. LLP Members’ liability is limited. However, like a normal partnership, an LLP is governed by a private partnership deed.
An LLP is a separate legal entity from its Members. On incorporation, it will be issued with a unique registration number by ROC, in the same way as a limited company. This registration number will stay the same throughout the lifetime of the LLP, even if the LLP changes its name.
Changes in the membership of an LLP do not affect its continued existence. However, it should be noted that if the membership of the LLP falls below two Members, and the LLP continues to trade for more than 6 months with just one Member, the benefits of limited liability are lost.
Common Seal means, the metallic seal of a company which can be affixed only with the approval of the Board of Directors of the Company. It is the signature of the LLP to any document on which it is affixed and binds the company for all obligations undertaken in the document.
The Members of an LLP act as its agents and only have liability up to the amount they have contributed to the LLP – in particular, their capital contribution and undrawn profits. This is a significant advantage over a traditional partnership where the partners generally have unlimited liability.
LLP has a low compliance cost as compared to other forms of corporate entities. For compliance of Annual filing of ROC, followings forms are required to file: Form-8 (b) Form-11
Although treated as a separate legal entity from its Members, the LLP is treated for tax purposes as a partnership and the Members are taxed as partners, each being liable for tax on their share of the income or gains of the LLP Tax Compliances & others:
Income Tax- Every LLP is required to file an Income Tax return in Every Year by providing 30% tax on the total income of LLP.
Audit requirement- Under LLP Act, 2008:- Only Those LLPs whose annual turnover exceeds Rs.40 lakhs or whose contribution amount exceeds Rs.25 lakhs are required to get their accounts audited.
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