Mandatory compliances for a Limited Liability Partnership (LLP)

09 March 2023


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.

  1. In case audit is not required - 31st July every year; and

  1. In case audit is required - 30th September of every year


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The content of this note is for information purposes only and does not constitute advice or a legal opinion and are personal views of the author. It is based upon relevant legal grounds and/or facts available at that point of time and has been prepared with due accuracy & reliability. Neither the possibility of other views on the subject matter nor any other interpretations of the law can be ruled out. By the use of the said information, you agree that the Treelife is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof.

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