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Annual Filing for LLP in Chennai

Limited Liability Partnerships (LLPs) in India are required to fulfill annual compliance obligations with the Ministry of Corporate Affairs (MCA) to maintain their legal status and transparency. These annual filings ensure that the LLP's financial position and operational details are reported to the regulatory authorities, essential for its active existence and avoiding penalties. It builds trust among partners and stakeholders.

Annual filing for Limited Liability Partnerships (LLPs) in India is a mandatory set of compliances under the Limited Liability Partnership Act, 2008, and the Income Tax Act, 1961. Even if an LLP has no business activity or profit, these filings are essential to maintain its active status and avoid significant penalties.

Laams Tax Consultancy excels in Annual Filing for LLP, offering meticulous and timely services to meet all statutory requirements. As Best Annual Filing Consultants, we provide complete assistance, ensuring your LLP remains compliant and avoids any late filing fees or legal issues.

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Mandatory Documents

Registration Process

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Common Mistakes

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Requirements and Eligibility Annual Filing for LLP

Registered LLP

The entity must be a duly registered Limited Liability Partnership with the Ministry of Corporate Affairs (MCA). All LLPs, irrespective of their turnover, must file annual returns.

Maintenance of Books of Accounts

LLPs are required to maintain proper books of accounts, including records of income, expenditure, assets, and liabilities. These records are crucial for preparing financial statements.

Audit Requirement (if applicable)

If the LLP's annual turnover exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs, it is mandatory to get its accounts audited by a practicing Chartered Accountant.

Documents Required for Annual Filing for LLP in Chennai

1. Financial Statements: Statement of Accounts & Solvency (Form 8)

Every LLP must file Form 8 annually, which includes a declaration on the solvency of the LLP and a detailed statement of its financial position. This form outlines income, expenses, assets, and liabilities for the financial year. It must be signed by the designated partners and filed with the ROC to ensure financial compliance.

2. Annual Return (Form 11)

Form 11 is a mandatory return that captures vital information about the LLP, such as details of all partners, their contributions, and any changes during the year. It gives the government a clear view of the LLP's structure and management. Timely filing of Form 11 ensures the LLP avoids late filing penalties and stays compliant.

3. Auditor's Report (if applicable)

If the LLP’s turnover exceeds ₹40 lakhs or capital contribution exceeds ₹25 lakhs, a statutory audit is required under the LLP Act. In such cases, an auditor’s report along with audited financial statements must be submitted. This ensures that the financials are independently verified and maintain the credibility of the LLP’s financial disclosures.

Process or Compliance Filing Online in Chennai

step 1: Preparation of Statement of Accounts & Solvency

We begin by collecting and compiling the LLP’s financial data for the financial year. Based on this, we prepare the Statement of Accounts & Solvency, which outlines the LLP’s assets, liabilities, income, and expenditure.

step 2: Audit of Accounts (if applicable)

If the LLP's annual turnover exceeds ₹40 lakhs or contribution exceeds ₹25 lakhs, a statutory audit is required. We coordinate with a qualified Chartered Accountant to ensure timely and accurate auditing of accounts.

step 3: Filing Form 8 (Statement of Accounts & Solvency)

Once prepared and audited (if required), Form 8 is filed with the Registrar of Companies (ROC) by October 30th of the immediately succeeding financial year. This is a mandatory compliance for all LLPs.

step 4: Filing Form 11 (Annual Return)

Form 11, which captures details of partners, capital contributions, and business activities, must be filed with the ROC by May 30th of the following financial year. We ensure all data is accurate and filed within the deadline to avoid penalties.

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Benefits of Annual Filing for LLP in Chennai

Legal Compliance: Ensures adherence to the LLP Act, 2008 preventing penalties and maintaining the LLP's active status.

Enhanced Credibility: Regular and timely filings boost the LLP's credibility among banks, financial institutions, and potential partners.

Business Continuity: Non-compliance can lead to the LLP being declared "defunct" or struck off, impacting its ability to conduct business legally.

Common Mistakes or Compliance Penalties

Missed Due Dates: Failure to file Form 8 by October 30th and Form 11 by May 30th.

Incorrect Details: Submitting inaccurate financial data or partner information.

Ignoring Audit Thresholds: Not getting accounts audited when the turnover or contribution limits are crossed.

Why Choose Laams Tax Consultancy for Annual Filing for LLP

With Laams Tax Consultancy, your LLP's annual filing becomes a straightforward process. Our DIR-3 KYC Filing Online Experts in Tamil Nadu ensure all forms are accurately prepared and filed on time, saving you from penalties and allowing your LLP to operate smoothly and compliantly.

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