The Ministry of Corporate Affairs (MCA) oversees the regulation of each Limited Liability Partnership (LLP) registered under the Limited Liability Partnership Act, 2008. The Registrar of Companies (ROC) plays a crucial role in ensuring that every LLP fulfills its statutory requirements. Failure to file compliances on time may lead to severe penalties, possible LLP strike-off, or blocking of Director Identification Numbers (DINs) of the Directors.
Timely filing of statutory compliances is essential to safeguard against such penalties and maintain a positive track record. By adhering to these requirements, LLPs can also avail themselves of various benefits offered by the government and other Non-Banking Financial Companies (NBFCs).
All LLP (Limited Liability Partnership) companies are obligated to comply with the following requirements each year, and failure to do so may result in significant penalties.
Filing Form 11: Every LLP must disclose information about all partners by filing Form 11 or the annual return. This form must be filed with the respective registrar on or before 30th May each year. Failure to file Form 11 within the specified timeframe will lead to a fine of Rs. 100 per day for non-filing.
Filing Form 8: Additionally, every LLP must conduct a statutory audit each year if its annual turnover exceeds Rs. 40 Lakhs or contribution exceeds Rs. 25 Lakhs. Form 8 is used to file information regarding Books of Accounts and Statement of Solvency. This form must be filed with the respective Registrar by 30th October each year. Failure to file Form 8 within the stipulated time will incur a fine of Rs. 100 per day for non-filing.
Filing Tax Return: It is mandatory for every LLP to file their income tax return annually using Form ITR-5 before 31st July.
Filing GST Return: Every LLP is required to file their GST return before the 15th or 20th day of each month, depending on the specific requirements.
Statutory Registers and Records: To maintain records of various activities such as sales, marketing, purchase, tenders, administration, and board meetings, every LLP must maintain registers like Register of Members, Register of Contracts, Register of Directors, and Register of Charges.
It is essential for every LLP to comply with these mandatory compliances to avoid penalties and ensure adherence to the applicable laws and regulations. Consulting with a qualified professional or company secretary can help ensure proper compliance with all the relevant legal requirements.
Official Signature:
Upon registration, every LLP must obtain an official signature, which serves as a common seal. This signature is used whenever the company wishes to open a bank account or apply for a PAN. It is affixed to all important documents of the company.
Company Stationery:
Following a successful registration, every LLP is required to prepare its company stationery materials, including bill books, invoices, registers, letterheads, and official documents. These stationery items must bear the company’s name and the address of its registered office.
Current Bank Account:
Every LLP must maintain a current bank account in its name to facilitate the smooth flow of inward and outward transactions. This account is essential for managing the financial operations of the company.
