Limited Liability Compliance
Eliminate the risk of non-compliance by following all statutory compliance requirements applicable to your business.
A Limited Liability Partnership features a partnership firm and a company. Such companies are regulated by the Registrar of Companies and Ministry of Corporate Affairs. Being a legal entity, it has to function as per the LLP agreement, the Governing LLP Act and the corresponding rules. Local laws, tax laws, and specific activity laws also apply to Ltd. Liability company.
As a legal entity, a LLP company has to follow certain compliances immediately after its incorporation.
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Ltd. Liability Annual Compliance
Registration Under Shops & Establishments
This law differs in each state, but enforces standards to monitor and enhance the working conditions and rights of the workers. It includes employee wages, leaves, state and central holidays & lastly, the working hours.
Professional Tax Registration
The Directors of the company, partners or other designated officials must ensure that professional tax is deducted from the employees' salary. This tax is to be deposited with the office as prescribed by the Govt. and a return is to be filed. Every employer must obtain a certificate of registration from the Professional Tax department within 30 days of the liability made.
This is a permission granted by the state corporation for executing a business activity at the specified address. This is in the interest of the public, ensuring that the trade or business does not pose any health hazard.
Filing Statement of Accounts & Solvency
- It is mandatory to maintain the Book of Accounts using the double entry system.
- All partners must sign the Form 8 and get certified from a CA / company secretary / cost accountant. Form 8 is is a declaration of the solvency of the company signed by the designated partners along with the details of assets and liabilities, and income and expenses statement.
- This must be filed by October 30 of every financial year.
- Companies with a turnover above INR 40 lakhs must get their books of accounts audited by a practicing chartered accountant.
Filing of Annual Returns
- Annual returns must be filed with the Registrar of Companies.
- Use LLP Form 11 to file returns within 60 days before the end of the financial year or May 30 of every year.
Filing of Income Tax Returns
- Use Form ITR 5 to file IT returns, which can be downloaded or filled online using the digital signature of the designated partners.
- IT returns must be filed by March 31 of every financial year.
- If your annual turnover is above INR 60 lakhs, the books must be audited and return filed late by September 30 of every financial year.
- If your turnover is less than INR 60 lakhs, returns must be filed by July 31 each year.
- Companies who execute international trade or certain specific domestic trade, must use Form 3CEB to file returns. This form must be certified by a chartered accountant and submitted by November 30 of each year.