LLP ROC Compliance in Chennai

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LLP ROC Compliance in Chennai

Running a business in Chennai is not a simple task, but that shouldn't stop you from making your Limited Liability Partnership company by adhering to LLP ROC compliance. 
As an LLP, you need to file all your returns periodically to maintain ROC compliance and escape heavy penalties due to non-compliance. 
Compared to private limited company compliance requirements, LLP has a fewer ROC compliance that needs to follow annually. Even though it is good to hear, being a non-compliant as an LLP will attract charges up to Rs.5 lakh, which is far higher than penalties imposed on other business structures. 
There are a lot of benefits in filing annual compliances for LLP. Being compliant, the company gains high credibility for getting loan approvals or similar requirements. Record of annual financial statements will attract new and potential investors to scale the company's growth exponentially. 
Regular annual compliance filings facilitate the easier conversion of Limited Liability Partnerships into other types of companies and quicker resolutions in case of dissolution of partnerships.
As far as Chennai is concerned, it is one of the top 10 cities in India with the highest number of LLP registrations. The city has been ranked 4th for LLP registration during 2016-17.
With the increasing number of businesses, startups, and tech companies in Chennai, eAuditor Office assist business in adhering to all LLP ROC compliance in Chennai. 
The process of filing an LLP's annual returns involves numerous steps and complexities. At the eAuditor Office, we recommended contacting our professionals with expertise in the field.
A Limited Liability Partnership has very few compliances to be followed annually as compared to a Private Limited Company. However, the fines in comparison are quite large which can range up to INR 5 lakhs.
LLPs are required to get their books of account audited only if their annual turnover exceeds Rs.40 lakhs or the partner’s obligation of contribution exceeds Rs.25 lakhs.
 

Compliance by LLP:

Form 11(Annual Return)

  • Due Date: 60 days of the end of financial year/30 May 2021
  • Description: Annual Return is to be filed in Form 11, it provides a summary of the LLP's management affairs, including the names and number of partners, and other related information.

 
Form 8(Accounts)
 

  • Due Date: Within 30 days after completion of 6 months from the end of the financial year/ 30 October 2021
  • Description: LLPs are required to prepare their books of accounts and maintain them. Form 8 must be submitted every year, together with details about the profit made and other financial data pertaining to the company. It must be attested by the authorised partners and certified by a practising chartered accountant, a practising company secretary, or a practising cost accountant.

DIR-3, KYC

  • Due Date: 30 September
  • Description: It is mandatory for Director Partner with Designated Partner Identification Number (DPIN) and the director partner allotted with a DPIN by 31st March to file the eForm DIR-3 KYC before 30th September.
     

Services by eAuditor:

  • Timely and error-free filing of Form 11, Form 8 and all other compliance related to LLP.
  • We will assist in Activating your disqualified DPIN / DIR 3 KYC form Filing / New DPIN application.
  • Other end to end services in relation to LLP.
     

 

FAQs

A penalty of Rs.100 per day will be imposed if the statement of accounts and solvency report is not filed by the due date.

If Form 11 is not filed by the LLP up to the due date, then Rs.100 per day penalty will be levied which can further increase as there is no upper limit to it.

If an LLP is incorporated after the 1st of October of the current year then it can close its first financial year either on the coming or next 31st March and has the option to file its first financial return for a period of 18 months.

In the light of Sections 2(o) and (q), 22, and 23 of the Act, it is mandatory to execute and submit an LLP Agreement. In the absence of agreement on any topic, the mutual rights and duties under the LLP Act shall be as specified in Schedule I to the Act. As a result, any LLP, intending to be excluded from the Act's provisions/requirements, must enter into an LLP Agreement specifically excluding the applicability of any or all paragraphs of Schedule I.

Every LLP is required to submit a ‘Statement of Accounts & Solvency' in specified LLP Form 8, which includes a declaration on the LLP's state of solvency by the authorised partners, as well as information on the LLP's assets and liabilities, and also provides information on the LLP's revenue and spending. The LLP must file this form on a yearly basis.

Below documents must be attached with Form 8: Disclosure under Micro, Small and Medium Enterprises (MSME) Development Act, 2006 is an obligatory attachment. Statement of contingent liabilities if any contingent liability exists. Any other relevant information may also be included as an optional attachment.

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