Annual Compliances of Limited Liability Partnership

A limited liability partnership is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner’s misconduct or negligence.

Forms

For a Limited Liability Partnership (LLP), the returns should be filed periodically for maintaining compliance and escape heavy penalty under the law for non-compliance. A LLP has only few compliances to be followed every year which is amazingly low as compared to the compliance requirements placed on the private limited companies. However, the fines seem to be quite large. Whilst non-compliance might only charge a Private Limited company INR 1Lakh in terms of penalties, it might charge an LLP up to INR 5 lakh.

Below is the table with details of annual filings of a LLP.

Compliance	Description
Income Tax Return	Income Tax Return need to be filed on or before 31st July. In case of tax audit file before 30th September.

Form 8	Books of accounts with respect to profit made and other financial data shall be submit in Form 8 before 30th October every year.
Form 11	Annual return are to be filed in the prescribed Form 11 by 30th May every year.
Form 3	Details of LLP Agreement of a newly started LLP and details of modifications in LLP Agreement of existing LLP shall be submit in Form 3 within 30 days of the start of the LLP or issue of resolution of changes, respectively.