Limited Liability Partnership (LLP) Annual Filings are a mandatory process for all LLPs registered in India. The Annual Return must be filed within a period of 60 days from the end of financial year. As part of the annual return, Statement of Account & Solvency has to be filed within 30 days after 6 months of the close of financial year.
Therefore, LLP annual filing is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year.
As legal entities, LLPs are required to maintain a proper book of accounts. It is the responsibility of the designated partners to ensure complete accounts and filing of the annual return with the MCA at the end of each financial year.
One of the advantages of LLP Annual Filing is that: no Audit of accounts is required unless the annual turnover exceeds Rs.40 lakhs or if the contribution exceeds Rs.25 lakhs. As a result, LLPs that do not fall in the above category do not need to get accounts audited, and hence making the entire process very simple and quick.
How we can help you
- We collect the required financial information and documents for the previous financial year and prepare the Annual Return for your Company.
- We will prepare the Annual Return required format and work with your team to verify and validate the same.
- Once the return is validated by your team, the return and all the required documents will be submitted to MCA along with your DSC (Digital Signature Certificate)
Points to note
- LPP structure means limited liability of partners, perpetual succession meaning uninterrupted existence until it is legally dissolved and lowest number of compliances compared to other entities
- Tax Audit is not required for LLPs with capital less than Rs. 25 lac and turnover not exceeding Rs. 40 lac
- LLP Annual filing is mandatory and is to be made by all LLPs in India. The Annual return along with the required documents must be filed with the Ministry of Corporate Affairs.
- The Annual return of an LLP is due within 60 days of close of financial year. i.e May 30th of each financial year. The Statement of Accounts and Solvency needs to be filed within 30 days from the end of six months of the close of financial year i.e October 30th of each financial year
- LLP Annual Filing includes The Statement of Accounts and Solvency which is mandatory to be filed every year by all LLPs in India. This Statement contains the state of solvency of the LLP by the designated partners. It is also mandatory to include information about the assets and liabilities, income and expenditure of the LLP.