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5 Simple Steps to Annual Return Filing for LLP

1
Preparation of Income Statement
2
Preparation of Balance sheet
3
Upload Form with Basic Document
4
Make Payment
5
Filing of Return is Successful

Minimum Requirements

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

Basic Information

Due Date

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.

Documents required

Financial Statement: Following documents required to prepare-

  • Balance Sheet
  • Profit & Loss Account

Statement of Insolvency: Following Points to be noted while preparing Statement of Insolvency-

  • It is required to prepare for each financial year.
  • It is signed by the designated partner
7999

Basic

All Inclusive Fees

  • Annual Return Filling
  • Income Tax Return Filling
11999

Silver

All Inclusive Fees

  • Annual Return Filling
  • Income Tax Return Filling
  • Compliances Management Up to 40 Lakh
17999

Gold

All Inclusive Fees

  • Income Tax Return Filling
  • Income Tax Return Filling
  • Compliances Management Less than to 100 Lakh

Basic Features

LLP is a body corporate

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.

LLP have separate legal entity

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.

Perpetual succession

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

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. 

Limited liability for their member

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.

Low compliance cost

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

Taxation Impact

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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