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ROC Annual Compliances for Limited Liability Partnership (LLP)
Are you running an LLP i.e. Limited Liability Partnership in India? But along with LLP registration, you will get some responsibilities.
In order to run your LLP successfully, you must comply with some mandatory legalities. To make sure about transparency and regulatory compliance, LLPs must adhere to some rules and regulations that have been set under Companies Act 2013 by MCA (Ministry of Corporate Affairs). If you stay updated with roc annual compliances, you can increase the transparency of your company.
Click To Professionals will help provide you the complete ROC annual compliance services. You should make sure about compliance with ROC i.e. Registrar of Companies in order to maintain the legal standing of your company as well as to build trust and credibility in the eyes of stakeholders.
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Limited Liability Partnership (LLP)
What Are Annual ROC Compliances?
Basically, ROC Compliances means the submission of various forms, returns and documents that have been mandated by the MCA. These filings will help the government to track the financial status and operations of a company making sure about transparency and accountability. If you fail to stay compliant it will lead to hefty penalties, disqualification of directors or even result in the striking off of the company.
Importance of ROC Compliances for LLP i.e. Limited Liability Partnership
These are the importance of LLP i.e. Limited Liability Partnership annual return filing. So keeping these points in mind, you should stay compliant with ROC annual compliances services of Click To Professionals.
ROC Annual Filing is a legal requirement of a LLP i.e. Limited Liability Partnership. All companies that have been incorporated under Companies Act 2013 must have to submit annual returns and other filings with ROC i.e. Registrar of Companies. If you comply with these requirements, it will make sure about adherence to laws & regulations.
If you file annual returns, the government, regulators, and stakeholders will get a clear picture of the financial position, shareholding, and management structure of your company.
If you stay compliant, it will result in hefty fines, legal actions, and even in the disqualification of directors that can harm the reputation and operations of your company.
ROC Compliances for LLP i.e. Limited Liability Partnership
As per the rules and regulations that have been set by ROC i.e. Registrar of Companies, adherence to compliances is crucial for the L.LPs operating in India. ROC Compliances for LLP i.e. Limited Liability Partnership are broadly divided into three categories.
These categories are as follow:
Annual Compliances
These are the regular, yearly filings and disclosures that a company must file that include submitting annual returns and financial statements.
Event-Based Compliances
There are some specific compliances that must have to be addressed as and when certain events occur within the company including change in the management, share capital, or registered office of your company. These are the event-based compliances.
ROC Annual Compliances for Limited Liability Partnership
Here the ROC Annual Compliances Checklist for LLPs are as follow:
Basically, Form 3 is the LLP agreement which is mandatory to file post incorporation. LLPs (Limited Liability Partnership) need to file Form 3 with ROC i.e. Registrar of Companies within 30 days from the date of incorporation.
Every Limited Liability Partnership needs to file Form 8 that includes the details of books of accounts & statements of solvency. LLPs need to file this form by October 30 of each year. This form should be signed by a qualified chartered accountant or practicing company secretary.
Mandatory Details Required to File Form 8
- Statements of Assets and Liabilities
- Income and Expenditure Statement
- Declaration of Solvency
LLPs must have to file form 11 which is an Annual return. Basically, Form 11 is the summary of the management activities of the Limited Liability Partnership including number of partners & their names. You need to file this form within 60 days from the end of the financial year i.e. May 30th of every year.
Mandatory Details Required to File Form 11
- Total Number of Partners
- Details of Contribution made by Partners
- Any Changes in Partnership Structure
It is not mandatory for the LLPs to get their accounts audited. LLPs must be required to audit their book of accounts only in case if the contribution of a partner exceeds Rs. 25 Lakhs or in case, it has an annual turnover of Rs. 40 Lakhs.
Income Tax Return Filing is mandatory for LLPs. LLP have to file their Income Tax Return with ITR 5. The due date of ITR Filing for LLPs will be July 31st (in case of no need for tax audit) or September 30 (in case tax audit is required). The ITR of LLPs must be certified by a qualified chartered accountant.
The designated directors of LLPs must have to approve their DIN allotment via Form DIR 3 KYC. They need to file this form on or before September 30th of each year. If any designated director skipped to file this form, then they will be liable to pay a hefty penalty.
If you missed any ROC filing then you need to pay the hefty penalties.
Event Based ROC Compliances of Limited Liability Partnership
There are some essential event-based compliances that have arisen in case of any specific changes or occurrence in an LLP. It is crucial to report these changes timely. The main event-based compliances are:
Form 4
LLPs need to file the Form 4 in case of any admission, resignation, or removal of partners or designated partners. You have to file this form within 30 days of change.
Form 5
Limited Liability Partnership must need to file this form when there is a change in the name of LLP.
Form 15
If the registered office of Limited Liability Partnership will be relocated, you need to notify it to the concerned authorities. You have to file the Form 15 to give a notice for change in the registered office within 30 days of change.
Form 22
You have to provide the report of orders that have been issued by courts or tribunals to the concerned authorities by filing Form 22.
ROC Annual Compliances Due Date for Limited Liability Partnership
Each and every compliance has their own due dates by which the LLPs must have to file the particular forms.
Here are the due dates:
Within 30 days from the date of Incorporation
By October 30 of Each Year
Within 60 days from the end of Financial Year (by May 30 of each year)
Within 15 days from the date of appointments of auditor
July 31st, 2024 October 31st, 2024 (in case of audit)
By September 30 each year
ROC Compliances of LLPs (Limited Liability Partnership)
Time Limit/ Due Dates of Company Compliances
- LLP Agreement (Filing Form 3)
- Books of Accounts & Statements of Insolvency (Filing Form 8)
- Annual Return (Filing Form 11)
- Auditor Appointment (Filing Form ADT 1)
- Income Tax Return Filing for FY 2023-24
- Designated Partner KYC (Filing form DIR 3 KYC)
- Within 30 days from the date of Incorporation
- By October 30 of Each Year
- Within 60 days from the end of Financial Year (by May 30 of each year)
- Within 15 days from the date of appointments of auditor
- July 31st, 2024 October 31st, 2024 (in case of audit)
- By September 30 each year
You can get a clear picture of these due dates by contacting ROC Annual Compliances consultants like Click To Professionals.
Process of ROC Annual Filing of Limited Liability Partnership
First of all, you should collect the complete financial data of the company including balance sheets, profit & loss statements, assets & liabilities as well as cash flow statements. You should also need to update details of directors & registered office. Along with this, you need to obtain audit reports from the statutory auditor.
You should create and maintain a compliance calendar in order to remember the due dates and avoid penalties.
After that you need to fill all the necessary forms including Form 8, Form 11, Income Tax Return, etc. on the MCA i.e. Ministry of Corporate Affairs, Portal. You also need to update the director KYC by using Form DIR-3 KYC.
All the forms must be authenticated and digitally signed by a director and certified by a practicing professional, either CA, or CS, or CMA.
After filing all the forms, you need to make sure to download and save the acknowledgement receipt as a proof to keep records.
These are the main steps included in the process of filing ROC Annual Compliances of Limited Liability Partnerships.
Consequences of Non-Compliance of Limited Liability Partnership
Non-Compliance with ROC requirements will lead to some of the serious consequences.
We are going to discuss such consequences which are as given below:
Financial Penalties
- If you miss the due dates of filing Form 8 or Form 11, it will lead to hefty penalties. Each form attracts a penalty of Rs. 100 per day until you fill the form.
- Penalties of other ROC Compliances may vary on the basis of the nature or duration of the default.
Disqualifications of Partners
- Delay in compliance or non-compliance may also lead to disqualification of designated partners.
Striking Off by ROC
- The ROC i.e. Registrar of Companies have the right to strike off the name of LLP from the register in case of non-compliance for a long period of time.
Loss of Limited Liability
- Non-Compliance can also create risk to the limited liability protection of partners, exposing them to personal liability.
Legal Actions
- In case of non-compliance, the government or creditors can also take legal actions against the Limited Liability Partnership.
Key Considerations to Remember for ROC Compliances
In order to make sure about proper ROC Compliances, you must remember some of the major points which are as given below:
Maintain Updated Records
It would be best to keep all financial as well as operational records updated including books of records, minutes of meetings, and details of partners.
Set Up Alerts
You should establish a system in order to track due dates for all filings and submissions so that you can’t miss them.
Appoint a Compliance Officer
You must appoint a responsible person or professional services to handle all your compliance requirements.
Periodic Review
You must conduct regular reviews in order to make sure that LLP remains compliant with all legal obligations.
Use Digital Tools
It would be better utilize the online portal of MCA i.e. Ministry of Corporate Affairs as well as compliance software in order to simplify the filing process.
Common Challenges in ROC Compliances of Limited Liability Partnership
Although there are numerous benefits of ROC Compliances, LLPs often face major challenges in order to make sure about compliance. We are going to discuss such challenges.
Here are the challenges:
- Lack of Awareness
Many LLPs, specifically smaller ones, may be unaware of compliance requirements.
- Resource Constraints
There may be limited financial and human resources that can hinder the compliance efforts.
- Frequent Changes in Regulations
As rules and regulations are subject to change, it is mandatory to stay updated with regulatory changes.
- Complex Changes
It can be complex to file and maintain records with any professional assistance.
So, while fulfilling ROC Compliances for LLP, you must be careful about the following challenges.
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