LLP Compliances as per MCA

There are certain LLP Compliances set by the Ministry of Corporate Affairs (MCA) which regulates LLP after incorporation. These are given below:

1. Preparation and file LLP Agreement with MCA: Within 30 days after incorporation, LLP must be filed with the Ministry of Corporate Affairs.

2. PAN and TAN Application: File application for PAN/TAN of the LLP. PAN registration and TAN Registration are very relevant for the LLP.

3. Opening Bank Account: As it is considered as a corporate entity so it has to open a Bank account with the following documents:-

• LLP agreement

• PAN of the LLP

• LLP Registration certificate issued by ROC

• Resolution to open a bank account

• List of partners

• PAN and address proof of partners.

4. Appointment of Auditor: there is no requirement of the auditor in LLP. If turnover of the LLP exceeds Rs. 40,00,000/ capital contribution exceeds Rs. 2500000, then it is mandatory to appoint an auditor.

5. Filing LLP Annual return: the table given below will describe the duration for Filing LLP Annual Return:

6. Other event based form: The date for filing these forms with ROC is 30 days from the date of the event.

7. DIR-3 KYC: Any DIN holder who has already submitted eForm DIR-3 KYC in any of the previous financial years and who does not require update in any of his KYC details as submitted, may perform his annual KYC by accessing DIR-3 KYC web service. No fee is payable up to the due date of each financial year (i.e on or before 30th September of the immediately next financial year). After the due date, a fee of Rs.5000 shall be payable.

8. Non-compliance results in a penalty: make sure that the form of LLP Annual Return must be filed on time otherwise penalty of Rs. 100 per day shall be imposed for the non- compliance.

9. Income tax return filing: It is important to file an income tax return for all LLP Registered in India irrespective of profits or revenue. Therefore, even a dormant LLP without undertaken any transaction shall file ITR.

Maintenance of Documents

At the time of incorporation of LLP, all the documents shall be maintained such as

1. Names of partners with changes occurred

2. Proof of fee payment

3. Statement of account and solvency and the annual return filed by LLP with the registrar

For the inspection purpose of the concerned authorities, these documents should be kept handy as records.