Mandatory compliances for a Limited Liability Partnership (LLP)
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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 |
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