Annual Filings of LLP
It is necessary for Limited Liability Partnerships (LLP) to submit Annual Return (Form 11) and Statement of Account & Solvency (Form 8) In connection with Annual Filings
Overview
Limited Liability Partnerships are required to file account statements and solvency reports within 30 days of the end of the six-month period after the end of the fiscal year, as well as annual returns within 60 days of the end of the fiscal year.
Limited liability partnerships’ (LLPs’) fiscal year lasts from April 1 to March 31. The statement of accounts and solvency is due on October 30th, and the LLPs’ annual return is due on May 30th.
Limited liability partnerships must file an income tax return each year in addition to filling out the MCA annual return.
Limited liability partnerships that generate more than Rs. 40 lakh in revenue or make more than Rs. 25 lakh in donations are subject to the Limited Liability Partnership Act of 2008
Benefits of Annual filings of LLP
Checklist/Requirements
LLP financial records and statements
Complete particulars of all partners
Solvency declaration of the LLP
Information of Partners and Designated Partners, including their interests in other entities
Process of Annual filings of LLP
Step 1: Preparation of Statement of Accounts and Solvency
Step 2: Submission of the Annual Return
Step 3: Income Tax filing and audit compliance
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