Limited Liability Partnership is a form of corporate entity wherein all the partners or some partners have limited liabilities. It is purely based and run upon the partnership and cooperation between the partners. Each partner in the LLP has a fixed defined legal liability and no other partner will be responsible for his liability or his misconduct and negligence of work. This form of partnership is different from a traditional partnership in which each of the partners has joint liabilities. Here in our blog, we will discuss the form that is required to apply for Annual Filing of LLP.
In a Limited Liability Partnership, all the partners have limited liability which is almost similar to the stakeholder’s incorporation however in an LLP, the partners have the right to manage the business directly which is not given to the stakeholder’s incorporation. This brings the need for the board of director incorporation. Also, the tax liability of an LLP is different from that of the corporation.
Why do we Require Annual Filing For Limited Liability Partnership?
All the Limited Liability Partnership in India is registered under the Limited Liability Partnership are required to apply for Annual Filing of LLP every year the statements of Account & solvency which is filed by submitting Form 8. Also, they need to file every year the Annual Return that is Form 11.
All the LLPs that are listed in India should file their Annual Return over a period of 60 days from the end of the close of financial year and Statement of Account & Solvency in a period of 30 days beginning from end of six months of close of financial year. For the LLPs it’s a mandate to maintain their financial year beginning from 1st April and ending on 31st March, which is not a mandate for any corporate entity that is registered as a company.
So the Annual Filling for LLP includes submission of annual reports and Statement of Accounts & Solvency. This requires the filing of Form 8 and Form 11 every year.
Form 11:
This form is required by the LLPs to fill which has the details of the number of partners, total contribution received by partners, details of partners, details of body corporate as partners. All LLP in India are directed to file this form over a period of 60 days from the end of the financial year. The fees for this form has to be paid along with the filing to complete the procedure.
Form 8:
This form is to be filed with 30 days from the ending of the 6th month of the financial year and the required amount of fees has to be duly submitted with the form itself. This form has to be verified and digitally signed by at least 2 partners and then it should be certified by a chartered accountant or cost accountant or company secretary. Form 8 has Statements of Accounts and Statements of Income & Expenditure.
So we provide the best possible solution for Annual Filing for LLPs and we extend our 24*7 support for our clients and ensure that the work is done on time and even if there is any difficulty we try to manage our deadlines for ensuring good client service. You may anytime get in touch with the specialists at Swarit Advisors to apply for annual filing of LLP. Dial our phone number or drop us an email so that we can shortly answer to your call or message. We are the leading top-notch online legal service provider firm, and we have a list of satisfied regular customers.
