For a Limited Liability Partnership (LLP), adhering to compliance requirements and regularly filing returns is essential to avoid substantial penalties. While the compliance obligations for LLPs are generally less onerous compared to those for private limited companies, the fines for non-compliance can be significantly higher. For instance, while a private limited company might face penalties of up to ₹1 lakh, an LLP can incur fines of up to ₹5 lakh for similar breaches.

As a separate legal entity, an LLP requires its designated partners to maintain accurate books of accounts and file annual returns with the Ministry of Corporate Affairs (MCA). LLPs are exempt from mandatory audits unless their annual turnover exceeds ₹40 lakh or their contribution surpasses ₹25 lakh. This exemption simplifies the annual filing process for many LLPs.

LLPs must file their annual return within 60 days from the end of the financial year and submit their Statement of Account & Solvency within 30 days after the six-month period following the financial year’s closure. Additionally, an LLP is required to file an income tax return every year.

We offer comprehensive LLP compliance services, including the timely filing of annual returns and income tax returns, ensuring your LLP meets all regulatory requirements efficiently.