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Mandatory compliances for a Limited Liability Partnership (LLP)

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Treelife

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Published on

March 9,
2023

Last updated on

August 20, 2024
21:40

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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.

The following are the mandatory compliance requirements with respect to LLPs:

Sr. No.	Requirements	Relevant form to be filed with the Registrar of Companies (ROC)/ Income Tax Department (ITD)	Explanation	Timelines
1.	LLP Agreement	Form 3 (ROC)	Mandatory to file with the ROC	Within 30 days from the date of incorporation.
2.	Books of Accounts	–	All LLPs are required to maintain proper books of accounts on double entry book-keeping system. An LLP whose annual turnover exceeds INR 40 lakhs or partner’s contribution exceeds INR 25 lakhs, shall be required to get its accounts audited by a Qualified Chartered Accountant.	–
3.	Annual Returns	Form 11 (ROC)	It is mandatory for an LLP to file Form 11.	Within 60 days from the end of the financial year.
4.	Statement of Accounts and Solvency	Form 8 (ROC)	It is mandatory for an LLP to file Form 8.	Within a period of 30 days from the end of 6 months of the financial year to which the Statement of Account and Solvency relates.
5.	Income Tax Return	ITR V (ITD)	To be mandatorily filed as per the Income Tax Act 1961.	In case audit is not required – 31st July every year; andIn case audit is required – 30th September of every year