What are the Legal Compliance after the Register LLP in India ?

What are the Legal Compliance after the LLP Registration

When Startup and Entrepreneurs are Start their business then they just want to Register their business and after the know about the Private limited company and LLP (Limited liability partnership), most of the startup choose LLP due to less incorporation cost and compliance but they forget about the annual compliance and they think that its a one time investment for the Incorporation. so Today we talk about the Legal Compliance which is required after the LLP Registration in India.

What are the Legal Compliance after the Register LLP in India ?

If you register any business Legal Entity as Sole Proprietorship firm, LLP or Private Limited company, you have to must follow some legal compliance which is also called your Annual maintenance of the Company or Business. In this regarding you have to follow the compliance of Direct and Indirect tax act and companies act.

So following are the Annual Legal Compliance which is required after the LLP Registration in India :-

  1. Annual Statement Of Accounts and Solvency

    1. Due Date: To be filed within 60 days of close of the financial year , i.e 30th May
    2. Form: Form 8
  2. Annual return

    1. Due Date: To be filed within 30 days from the end of six months of the financial year to which it relates, i.e 30th October
    2. Form: Form 11
  3. Income Tax Return is to be Filed
    1. LLP is carrying on Business
      1. Turnover exceeds 1 Crore- Tax Audit is Applicable-Due Date: 30th Sep
      2. Turnover does not exceed 1 crore- Tax audit is not applicable-Due Date 30th July
    2. LLP is carrying on Profession
      1. Receipts exceeds 25 Lakhs- Tax Audit is Applicable-Due Date: 30th Sep
      2. Receipts does not exceed 25 Lakhs- Tax audit is not applicable-Due Date 30th July
  4. Statutory Audit provisions applicable only when
    1. Partners Contribution exceeds 25 lakhs or Annual Turnover exceeds 40 Lakhs
    2. Appointment within: 30 days before the end of the financial year, i.e 1st March

So this is above all the Annual Compliance which is required to follow after the Registration of LLP in India. you have to must hire a good legal professional for the Annual and Income tax Filings for the LLP.

Apart from above compliance you have to maintenance the accounting things also but there are lot of softwares these days which helps you to maintain your accounting.

So Hope you got the Knowledge regarding the Legal Compliances of the Summery which is required after the LLP Registration in India.