Maintaining good standing and a non-taxing, penalty-free position is an issue of immediate concern to any LLP operating in India. Annual compliance does not only ensure that such entities remain in line with the legal mandates but also boosts credibility within clients and investors. At Bizpole, we offer a one-stop shop for comprehensive compliance services, ranging from LPP annual filings to advisory support, all streamlined to enable the client to focus on expanding the business. Bizpole offers smooth assistance on the provision of annual returns by maintaining accurate financial records and submitting them in a timely fashion. We will first discuss the most significant annual compliances for every LLP.
Why is annual compliance important for LLPs?
Annual compliances of any LLP have to be filed in principle, regardless of revenue amounts or the LLP’s status as operational or not. Meeting these compliances signify healthy financials and keep the LLP in good standing with MCA, thereby avoiding considerable fines or even disqualification of the LLP status. In case of missing the deadline for compliance, serious consequences lie ahead in the form of legal action against the designated partners.
Bizpole Role: The comprehensive compliance services of Bizpole include preparation of financial statements, audit, and timely presentation of all required documents so that the LLP remains compliant and protected from legal cases.
LLP Annual Compliance Checklist
1. Annual Return filing of Form 11
Annual Return Filing should be done within 60 days from the conclusion of the financial year, i.e., on or before May 30th every year. This form carries the vital information about the partners of LLPs and variations in their structure while in the year. Form 11 is compulsorily required even by LLPs whose business has not been carried out in the financial year.
Bizpole’s Role: We help source the information required, check and verify it as being accurate and finally, for your benefit, submit the return free from errors and with no time delay.
2. Statement of Accounts & Solvency (Form 8)
Every LLP is mandated to submit its account statements through Form 8 that bears the information on assets and liabilities, statement of solvency, and so on. The due date for this form is within thirty days of the end of six months of the financial year that is before the 30th day of October each year.
Form 8 shall have two parts:
Part A shall provide the statement of solvency, and Part B shall bear the Statement of Accounts. Getting this filing right is critical, since any form of inaccuracy of financial data may attract significant penalties.
Bizpole’s Role:
We help you get proper financial statements prepared, review your solvency details with you, and handhold you in submitting it to the tax office without any errors and at the right time.
3. Income Tax Return filing
Every LLP must file an ITR every year; no income or profit status determines it. The due date for an LLP not requiring an audit is on July 31st, while that of an LLP requiring an audit is by September 30th. The income tax return has to report the details of the LLP’s income, expenses, and tax liabilities.
Role of Bizpole:
Our team will support you in complete filing and preparation of income tax returns for your LLP. We will ensure the latest tax regulations in place and take care of all documentation, calculations, and submission, all while providing tax-saving strategies.
4. DIN KYC for the Designated Partners
It is a directive that every DIN holding-designated partner is required to submit his KYC every year to the MCA, and update the records of the details of the partner. Further, the form is required to be submitted by 30th September of every year, failing which will attract deactivation of DIN and penalty of ₹5,000.
Bizpole’s Role:
Remind the nominated partners of the due date and assist the KYC process for uninterrupted DIN.
Effects of Non-compliance
Non-compliance of annual compliances will raise your LLP very serious consequences:
Failure to file or delayed filing of Form 8 or Form 11 entails a penalty as follows
Legal effects :
Such prolonged inactivity may lead to an LLP name being struck off by the MCA or in litigation against the nominated partners.
Disqualification of Partners :
If an LLP fails to file annual returns or financial statements for any consecutive period, its designated partners can be disbarred from holding any office in any LLP or a company for a period up to five years.
Avoid landing into the risk trap of non-compliance by getting on board with Bizpole’s compliance services. Our proactive mode ensures all deadlines are met and your LLP remains in good standing.
Conclusion: Why Choose Bizpole for LLP Compliance Services?
Managing legal compliances for a business is no easy task and not something that can be done in a short time. Bizpole encapsulates a whole range of services that are customized to your needs, such as LLP Annual Filing, Company Annual Filing, Trademark Registration, GST Registration, and LLP Closure Services. We also specialize in helping the transition of a business from being a Partnership to an LLP or Private Limited to an LLP, through which they can walk hand-in-hand with the process in full compliance with regulation norms.
At Bizpole, you would be assured of help from an experienced professional team who know all the intricacies of legal requirements. They ensure their services are given in the most efficient, accurate, and timely manner. Our focus is to lessen your compliance burden and enable you to focus on what matters the most-to continue growing your business.
Get ready to have compliance made easy! Reach out to Bizpole today and let our experts take care of all your needs-from simple LLP Annual Compliance and GST Registration to complex procedures involving business conversions and closures. Be it legal compliance maintenance for your business or long-term success, choose Bizpole! Contact us today and experience hassle-free compliance!
