ROC Annual Filing of LLP
The Limited Liability Partnership (LLP) is governed by the Limited Liability Partnership Act, 2008 where the Limited Liability Partnership (LLP) is a separate legal entity. The Act which governed the LLP specifies the duty of the partners who elected to maintain the proper book of accounts in the form of Annual filing under the Ministry of Corporate Affairs (MCA) on an annual basis.
It is important to note that LLP does not require the statutory if the annual turnover of the Limited Liability Partnership is less than Rs. 40 Lakhs or if the contribution is less than Rs. 25 Lakhs, which makes the process of annual filling simpler.
The Limited Liability Partnership is necessary to maintain the Financial Year which is from 1st April to 31st March.
What are the advantages of the ROC Annual Filing of the LLP?
Develop Trustworthiness and Credibility
It is known that the primary requirement for any business is Compliance with the law. It is because if you are following the law, it attracts potential customers to the LLP as it is displayed on the portal of MCA on the master data which also increases the Government tenders, availing of a loan facility from the banks and other financial Institutions for other purposes.
Maintaining the Active Status of Companies
The Limited Liability Partnership must file the annual returns regularly to maintain the active status of LLP which also helps them in avoiding the heavy penalties charges. It is possible that if the Limited Liability Partnership does not comply with the provisions and does not file the returns, may be removed from the ROC registers which affect the status of the partners and they declared as defaulters and disqualified from further appointment in any of the Company or LLP.
Easy accessibility of Record of Financial Worth
If the Limited Liability Partnerships file the annual compliance, then it is accessible for the other companies and other potential investors. It is beneficial for the concerned parties before making any contract or entering any projects to inspect the financial worth of the Limited Liability Partnerships.
Easy to Convert and Close
By filing the Annual Compliance it is easy for the LLPs to convert into other organisations.
What are the forms to be filed in the LLP ROC Annual Filing?
Form 11
Form 8
Director KYC (DIR 3) Filing
LLP Income Tax Return Filing for Financial Years.
What is the Process for the LLP ROC Annual Filing?
Step 1- First collect all the essential data and required documents including the balance sheets, statements of profits and loss, statements of finance, and other important documents.
Step 2- Prepare Form 11- The Form 11, must be filed by Limited Liability Partnerships. This form includes information about the LLP which the uses address of the LLP’s registered office, information about the partners, contributions of capital and the percentages of profit sharing.
Step 3- Limited Liability Partnerships must be completed and filed the Form 8. Form 8 is the statement of accounts and the solvency. The form includes all details of the financial position of LLP which includes the assets and liabilities.
Step 4- after that all the designated partners of Limited Liability Partnerships will sign the forms before filing.
Step 5- after the forms are filed and signed by the designated partners they must file under the Registrar of Companies (ROC) within 60 days of the end of the financial year. Through the MCA P,ortal this can be done or in person at the office of the ROC.
Step 6- The fee must be paid when filing the forms which varies on the LLP’s Capital contribution.
Step 7- After forms are filed and the fees are paid, the acknowledgement will be issued by the ROC.acknowledgementgment will be retained as proof of the filing.
What Documents are required for the LLP ROC Annual Filing?
Along with the supplementary deed, Limited Liability Partnership Agreement.
Incorporation Certificate
Duly signed the Financial Statements by the Designated Partners
All Designated Partners DSC.
Conclusion
Annual filing of the Limited Liability Partnerships within the required time and accurate filing can ensure compliance with the requirements of the Limited Liability Partnerships Act, 2008. Filing the LLPs within the prescribed time can also avoid penalties, and legal complications, and maintain the reputation of the llps. annual fining includes the form which is Form 11 and Form 8 that is important for financial transparency and accountability. Non-filing may lead to heavy fines and penalties.
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