LLP has to file annual return with the MCA each financial year. LLP owns a separate legal entity and are entitled to get books of accounts audited every year by appointing the auditor and it is mandatory to file an annual return yearly. LLP need to maintain specific Forms for annual filing of return.
Forms to be maintained:
- Form 11: It has to be submitted to the Registrar within 60 days from the end of financial year. It is a statement of annual return containing the details of DP (Designated Partner)
- Form 8: It is a statement of accounts. It needs to be filed on/before 30th October every year
Penalties and Late fees: If the above forms are filed belated then penalty of Rs. 100/- is charged per day.
Process of LLP returns filing:
- LLP Annual Filing: The LLP needs to file a mandatory annual return with the Ministry of Corporate Affairs (MCA) and maintain annual compliance
- Annual Return Preparation: LLP needs to prepare annual return based on financials and its performance during the previous financial year
- Annual Return Verification: LLP has to prepare annual return based on details submitted and send it for verification and approval
- Finalization: After the approval, the LLP should file annual return with MCA along with the necessary attachments