Compliances - Limited Liability Partnership

LIMITED LIABILITY PARTNERSHIP (LLP) – COMPLIANCES

            1.  SUBMISSION OF FORMS/RETURNS WITH MCA:

LLP FORM	PURPOSE OF FORM	DUE DATE	PENALTY FOR LATE FILING
LLP Form 3	Information with regards to LLP agreements and changes, if any	Within 30 days of Change	Rs. 100 per day
LLP Form 4 (Refer Note)	Ø      Notice of : ¨       appointment , ¨       cessation, ¨       change in name/ address / designation of a designated partner or partner ¨        consent to become a partner/Designated partner	Within 30 days of appointment/cessation/change/consent	Rs. 100 per day
LLP Form 5	Notice  for change of Name of LLP	Within 30 days of change	Rs. 100 per day
LLP Form 8	Statement of Accounts and Solvency	Before 30th October every year	Rs. 100 per day
LLP Form  11	Annual Return of limited Liability Partnerships	Within 60 days from the closure of Financial Year i.e  30th  May every year	Rs. 100 per day
LLP Form 15	Notice for change of place of Registered office	Within 30 days of change	Rs. 100 per day

                 NOTE:  Every Partner shall inform the LLP of any change in his name or address within a  period                                  of 15 days of  such change and LLP in turn would be required to file Form 4 to ROC  within                              30 days.  In case of failure of Partner to furnish details of change,  such partner shall be                                     punishable with fine which shall not be less than Rs.20,000 but extend to Rs. 25,000/-

                2.  OTHERS:

Ø      Due date for filing Income tax Return is 31^st July.  However,  if LLP is required  to get its accounts audited U/s 44AB of the Income Tax Act, the due date for filing Income tax Return is 30^th September.

Ø      As per Limited Liability Partnership Act,  Unit whose  Annual Turnover exceeds Rs. 40 lakhs or whose Partners’ contribution exceeds Rs. 25 lakhs, Unit has to  get their accounts audited by a  Chartered Accountant.

Ø      As per Income Tax Act,  if Unit engaged in Business and whose  Annual Turnover/Sales exceeds Rs. 100 lakhs or if Unit is engaged in rendering Professional Services and Gross Fee Receipts  exceeds Rs.50 lacs, such Unit has to  get their accounts audited by a  Chartered Accountant.

Ø      As per Limited Liability Partnership Act, In case of an LLP whose turnover is more than Rs. 5 Crores in a financial year or Partners’ contribution is more than Rs. 50 Lakhs , the Annual Return of LLP in Form 11  should be certified by a Company Secretary.