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This article is written by Lalit Rajput, Company Secretary. The article covers the Mandatory Compliances to be followed by
an LLP under Registrar of Companies, Ministry of Corporate Affairs, mentioned under LLP Act, 2008 and Income Tax Act,
1961 including Tax audit provisions. Some key points are also given regarding LLP.
De nition(s)
Limited Liability Partnership (LLP) u/s 2(n) of LLP Act 2008:
“Limited Liability Partnership” means a partnership formed and registered under Limited Liability Partnership Act, 2008.
Foreign Limited Liability Partnership (FLLP) u/s 2(m) of LLP Act 2008:
“Foreign Limited Liability Partnership” means a limited liability partnership formed, incorporated or registered outside India
which establishes a place of business within India;
In general terms, LLP is a Corporate entity and governed by the laws and regulation prescribed by the Limited Liability
Partnership Act, 2008 (LLP Act, 2008).
“Any two or more persons associating for carrying on a lawful business with a view to pro t may set up an LLP.”
Regulatory Authority
Registrar of Companies (ROC), Ministry of Corporate Affairs (MCA)
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11/1/2019 Compliance Calendar LLP Mandatory Compliances an LLP must follow
Every LLP is required to le Annual Return in Form 11 to the Registrar within 60 days of closer of nancial year i.e. has to be led on or
before 30th May every year.
1. LLP must maintain proper books of account. The accounts may be on cash basis or accrual basis.
2. Statement of Solvency (Accounts) needs to be prepared every year ending on 31st March.
3. LLP Form – 8 should be filed with the Registrar of Companies on or before 30th October every year.
4. It should be noted that LLPs / FLLPs whose annual turnover exceeds Rs. 40 lakh or partner’s obligation of contribution
exceeds Rs. 25 lakh are required to get their accounts audited by the auditor of the LLP/ FLLP mandatorily.
30-05-2019)
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11/1/2019 Compliance Calendar LLP Mandatory Compliances an LLP must follow
Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where the total
income exceeds Rs. 1 crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds Ra.
1 crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-
tax on total income of Rs. 1 crore rupees by more than the amount of income that exceeds Rs. 1 crore rupees).
Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health
and education cess calculated at the rate of 4% of such income-tax and surcharge
Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II
of the LLP Act.
ROC – Filings: Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.
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11/1/2019 Compliance Calendar LLP Mandatory Compliances an LLP must follow
Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the
Provisions of clause 58 and Schedule III and IV of the LLP Act.
ROC- Filings: Form 18 needs to be filed with the registrar along with Form 2 for such conversion.
Every LLP has to maintain uniform financial year (April to March) ending on 31st March of a year.
it is not mandatory to file the charge details with the office of Registrar but the stakeholders can voluntarily file the same.
ROC – Filing: The charge details i.e. creation, modification or satisfaction of charge, can be filed through Appendix to e-
Form 8 (Interim).
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