A limited liability partnership is an association formed by two or more persons for the purpose of profit, which is made by legislation and has a separate legal existence. Its partner’s liability is limited to the contribution made by them. Its existence remains unaffected by coming and going of partners. On LLP there is no effect of retirement or admission of partners. Every Limited Liability Partnership who registers under MCA has to be maintaining its books of accounts and it is necessary to file annual returns every year.

Documents required for Annual Compliance of LLP

  • PAN Card
  • Certificate of Incorporation
  • LLP Agreement along with any supplementary agreement, if any
  • DSC (Digital Signature Certificate) of all partners
  • Financial statements of LLP duly signed by the designated partners
  • Sale/ purchase invoices
  • Copy of GST return filed
  • Bank statement of the financial year
  • Invoices of expenses

Annual compliances for Limited Liability Partnership

Form-11 (for filing of annual return)

 The annual return of LLP is filed by form 11 which is filed to report the partner, partner’s contribution and detail of business. This form has to submit within 60 days of the end of the financial year. Form -11 is an e-form and once submitted it cannot be revised again.

The following documents to be submitted along with form 11:

  • Detail of the designated partners
  • Detail of other partners
  • Detail of LLP
  • LLP Identification Number
  • Detail of the contribution of partners of the LLP
  • Registered office address of the LLP

Form – 8

 Form 8 is an annual return filing form which contains a detail of solvency of partners. This form also details the transactions done by the business in the entire financial year. Form 8 shall be filed within 30 days from the end of 6 months of the financial year to ROC (Registrar of Companies). This form has to be digitally signed by two designated partners and shall be certified by the practicing professional.

The following documents to be submitted along with form 8:

  • Statement of contingent liability
  • Statements of accounts and solvency
  • Discloser under MSME
  • Any other relevant information

Income Tax Return

 A Limit Liability Partnership has to fill form ITR-5 to submit their Income Tax Return. LLP should have to file their return before the due date. In case of unaudited books of accounts then last date for filing return is 31st July. In case of books of accounts audited then last date is 30th September. In some cases this date may be extended.

Tax Audit of Limited Liability Partnership

 If total turnover of the LLP exceeds Rs. 40 lakhs or partner’s obligation of contribution exceeds Rs. 25 lakhs, then e-from should be certified by the auditor. If the form is certified by a designated partner or authorized representative (i.e. total turnover of the LLP does not exceed Rs. 40 lakhs and partner’s obligation of contribution does not exceed Rs. 25 lakhs) then the e form is to be additionally certified by a practicing professional. 

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