Annual Filing for LLP

  1. Filing LLP Annual Return

Annual Return or Form 11 is a summary of an LLP’s Partners and indication of change in the management.

Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days of closer of financial year i.e. has to be filed on or before 30th May every year.

  1. Filing of Statement of Account & Solvency

(Filing of Annual Accounts/ Statement of Accounts/ Financial Statements/ P&L & Balance Sheet)

  1. a) LLP must maintain proper books of account. The accounts may be on cash basis or accrual basis.
  2. b) Statement of Solvency (Accounts) needs to be prepared every year ending on 31st March.
  3. c) LLP Form – 8 should be filed with the Registrar of Companies on or before 30th October every year.
  4. d) It should be noted that LLPs / FLLPs whose annual turnover exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to get their accounts audited by auditor of the LLP/ FLLP mandatorily.

Tabular classification of Mandatory ROC Return of LLP

Sl. No.E-FormDue Date
1.Annual Return (Form 11)within 60 days of closer of financial year (For F.Y.  2018-19 due date is 30-05-2019)
2.Statement of Account & Solvency (Form 8)on or before 30th October every year (For F.Y.  2018-19 due date is 30-10-2019)
  1. Filing of Income Tax Return

LLP can file its return of income in ITR 5. it is mandatory for LLP to file return of income electronically under digital signature if its accounts are required to be audited under section 44AB.

Sl. No.Income Tax Return ParticularsDue Date
 

1.

In case Audit is not required

(Those LLPs whose annual turnover does not exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to file their Income Tax. They are not required to get their accounts audited by their Auditor)

 

31st July of every year

 

2.

In Case Audit is required

(Those LLPs whose annual turnover exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to file their Income Tax. They are required to get their books audited under the Income Tax Act.)

 

30th September of every year

 

3.

LLPs Involved in International Transaction

(LLPs that entered into an international transaction with associated enterprises or undertook certain Specified Domestic Transactions are required to file Form 3CEB. Form 3CEB must be certified by a Chartered Accountant.)

 

30th November of every year

 

Privileges for LLP in comparison to a Private Limited Company

  1. Exemptions from maintenance of Minutes book, Statutory Registers, and flexible tax rates etc.
  2. No, AGM is not required for an LLP. AGM is a once in a year meeting for Shareholders of the Company. As there is no concept of shareholding in an LLP, no AGM is to be held.
  3. Board meeting is generally associated with a Board of Directors meeting. There are no directors involved in an LLP, instead designated Partners run the business and are held responsible for compliances. Hence, Board of Partners meeting is suggested in case of an LLP firm.
  4. There is no limit on maximum number of partners.

Some Key points about LLP

  1. Can an existing partnership firm be converted to LLP?

Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act.

ROC – Filings: Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.

  1. Can an existing company be converted to LLP?

Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of clause 58 and Schedule III and IV of the LLP Act.

ROC- Filings: Form 18 needs to be filed with the registrar along with Form 2 for such conversion.

  1. Can an existing company be converted to LLP?

No, only private / unlisted public company can be converted into LLP.

  1. Financial Year of LLP

Every LLP has to maintain uniform financial year (April to March) ending on 31st March of a year.

  1. Is it mandatory to file the charge details to the registrar office?

it is not mandatory to file the charge details with the office of Registrar but the stakeholders can voluntarily file the same.

ROC – Filing: The charge details i.e. creation, modification or satisfaction of charge, can be filed through Appendix to e-Form 8 (Interim).