LLP Annual Compliance | IT ROC & Tax Audit Filing Service Plan Pricing

A Limited Liability Partnership ( LLP ), is a legal entity in India to conduct business. An LLP operates like any limited partnership, but in an LLP, each member is protected from personal liability, except to the extent of their capital contribution in the LLP.

LLP has a minimum of two Partners (aka Directors) and have no restriction on maximum number of such partners. Tax audit is optional for LLPs up to a certain limit. The name of such a company ends with the words 'LLP'.

All designated partners of a proposed LLP shall obtain a "Designated Partner Identification Number" (aka DPIN). You need to file eForm DIR-3 in order to obtain DIN or DPIN. In case you already have a DIN (Director Identification Number), the same can be used as a DPIN. DIN and DPIN are used interchangeably.

LLP Agreement is an agreement among the partners of the LLP with which the business can operate. Contains byelaws, rules based with which important matters like main business of the LLP, Capital, profit sharing, meeting schedules are to be decided. It is also a standard legal document prepared by the tax consultant, company secretaries during registration of LLP.

Once prepared, LLP agreement should be filed / uploaded within 30 days (using Form-3). This is one time effort and is not required to be touched at the time of Annual Compliance.

Every LLP must file:

• Form 11 (Annual Return) – Due on or before 30th May every year
• Form 8 (Statement of Accounts & Solvency) – Due on or before 30th October every year
• Income Tax Return – As per Income Tax Act

Even if there is no business activity, compliance is mandatory.

ROC Audit is mandatory if:

• Turnover exceeds Rs 40 lakhs, OR
• Capital contribution exceeds Rs 25 lakhs

Otherwise, audit is not compulsory.

No. LLP cannot raise funds from the public through shares.

LLP can raise the funds through the following:

• Partner contribution
• Loans
• Financial institutions