Compliance is a process of filing certain forms or information to the central government as the statutory requirement. Compliance follows the principle of maintenance where you need to spend some money to maintain. The company is liable to certain compliance which needs to be completed with a month from Date of Incorporation.
It helps the entrepreneur to do business with comfort and ease. Registered LLP needs to file Annual returns and statement of account for each financial year. Returns are mandatory to be filed whether doing any Business.
There are basically three mandatory compliance requirements to be followed by LLPs.
- Filing of Annual Return
- Filing of Statement of the Accounts or Financial Statements
- Filing of Income Tax Returns
Filing Annual Return
Annual Return or Form 11 is a summary or an indication of any change in the management. The annual return should be filed in Form 11 to the Registrar within 60 days from the closure of a financial year.
Filing Annual Accounts or Statement of Accounts or P&L and Balance Sheet
Books of Accounts are maintained in LLPs through Double Entry System. LLPs also need to prepare a Statement of Accounts every year ending on 31st March.
In some cases, LLPs should file Form 8 with the Registrar of Companies on or before 30th October every year.
Form 8 is applicable to the LLPs registered till 30th September 2015.
In case registration after 1st October 2015, the Annual Statements should be filed in 2017.
LLP seal is required to open a bank account and for application of PAN. Hence LLP should have two rubber seals around with LLP name and LLP name with designation can be purchased on Incorporation of the company.
Letter Head is an important stationary. There are some other documents which are required official documents and invoice.
Books of Account maintenance is a requirement of every LLP. It can be maintained manually as well electronically (Tally or QuickBooks).
LLP Bank Account opening
- Copy of LLP agreement
- Copy of Incorporation document or DPIN
- Copy of LLP registration certificate issued by the ROC
- Copy of the resolution to Open bank Account.
- List of Authorized people duly signed and attested by the designated partner.
- Copy of PAN allotment letter.