Compliances for Limited Liability Partnership

LLP – Limited Liability Partnership, like the name suggests that the biggest advantage of an LLP structure is that its Partners’ liability is restricted to their share of investment in the LLP, as against unlimited liability in case of a Partnership firm. This means, in case of debt, the Partners’ assets cannot be attached.

FY: Financial year i.e. from 1st April of one year to 31st March of the consequent year

Requirement	Explanation	Timeline
LLP Agreement	Mandatory to file with Registrar of Companies (RoC) the initial LLP Agreement	Within 30 days from Incorporation
Books of Accounts	All LLP’s are required to maintain proper books of accounts on double entry book keeping system. An LLP whose annual turnover exceeds Rs 40 lakhs or partner’s contribution exceed Rs 25 lakhs, shall be required to get its accounts audited by a Qualified Chartered Accountant.	–
Annual Returns	Mandatory to file Annual return in eform-11	Within 60 days from the end of Financial Year
Statement of Accounts and Solvency	All LLP’s are mandatorily required to file Statements of Accounts and Solvency in eform-8	Within 30 days from expiry of 6 months from the closure of Financial Year.
Income Tax Return	As per the Income Tax Act,1961,LLP’s with annual turnover of more than 60 lakhs must mandatorily get their accounts audited	In case Audit is not required – 31^st July every year In case Audit is required – 30^th September of every year