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Annual Filing of LLP in Bengaluru

A Limited Liability Partnership is a distinct legal entity; the LLP’s partners are responsible for maintaining an accurate book of accounts and also for filing LLP annual returns with the MCA in Bengaluru each year. The LLP Forms 11 and 8, as well as income tax returns, are the primary compliance requirements, and LLPs must adhere to both Forms should be completed for the yearly return of a limited liability partnership in Bengaluru: Annual Return Filing forms for LLP (Limited Liability Partnership) in Bengaluru, how to file annual filings

 

LLP Form 11:

Form 11 is a statement of the yearly return filed by a limited liability partnership. Each year, LLPs are required to file an annual return in Bengaluru in Form 11 with the Registrar within 60 days of the financial year’s end. Annual returns for LLPs in Bengaluru must be filed on or before May 30th of each year.

 

LLP Form 8:

The LLP Form 8 is used to record financial transactions. All Limited Liability Partnerships are required to prepare and close their books annually by March 31st. Two designated partners file Form 8 within 30 days of the end of the fiscal year’s first six months. As a result, the Limited Liability Partnership will file Form 8 on the 30th of October each year.

 

Benefits of Annual Filing of LLP in Bengaluru

Legal entity distinct from others

LLPs, like corporations, have their own legal entity. The limited liability partnership is distinct from its partners. A limited liability partnership (LLP) may sue and be sued in its own name. Contracts are signed in the LLP’s name, which helps to earn the trust of numerous stakeholders and instils confidence in consumers and suppliers.

 

Partners’ limited liability

The LLP’s partners have limited responsibility. The partners’ liability is limited to their contributions. This means that individuals are solely accountable for the amount of their contributions and are not personally liable for any business losses. If an LLP becomes bankrupt during the winding up process, only the LLP’s assets are accountable for debt repayment. Because the partners are not personally liable, they are free to conduct themselves as legitimate businesses.

 

Cost effective and low compliance

The expense of establishing an LLP is minimal in comparison to the cost of registering a public or private limited company. The LLP’s compliance requirements are very minimal. The LLP is only required to file two statements per year, namely an Annual Return and a Statement of Accounts and Solvency.

There is no minimum capital contribution requirement.

No minimum capital requirement exists for the formation of an LLP. There is no requirement that a corporation have a minimum paid-up capital prior to incorporation. It can be founded with partners contributing any amount of capital.

 

Documents required for Annual Filing of LLP in Bengaluru

A. Partners’ Documents

PAN Card/ID Proof of Partners

At the time of LLP registration, all partners are required to present their PAN. The PAN card serves as the primary form of identification.

Address Verification of Partners

Partners may provide any one of the following documents: voter identification card, passport, driver’s licence, or Aadhar card. The name and other identifying information on the address proof and PAN card should be identical. If the spelling of your own name, your father’s name, or your date of birth differs between your address proof and your PAN card, it should be amended prior to submitting to RoC.

Partners’ Proof of Residence

As proof of residence, a recent bank statement, telephone bill, mobile bill, energy bill, or gas bill should be given. This bill or statement should not be older than 2-3 months and must include the name of the partner as it appears on the PAN card.

Partners should also submit a passport-size photograph, preferably against a white background.

Passport (for Foreign Nationals/ NRIs) – In order to become a partner in an Indian LLP, foreign nationals and NRIs are required to submit their passports. Passports must be notarized or apostilled by the appropriate authorities in the country of origin of such foreign citizens and NRIs; otherwise, the Indian Embassy in that country may sign the documents as well.

 

Foreign nationals or non-resident Indians must additionally produce evidence of address, which might be a driver’s licence, bank statement, residence card, or any other government-issued identification document that includes the address.

If the documents are not in the English language, they will be accompanied by a notarized or apostilled translation.

 

B. Limited Liability Partnership (LLP) documents

Proof of Registered Office Address:

This must be supplied at the time of registration or within 30 days after incorporation.

If the registered office is rented, a rent agreement and a landlord’s no-objection certificate must be filed. The landlord’s permission to the LLP using the premises as a’registered office’ will be evidenced by a no objection certificate.

Additionally, any utility bill, such as a gas, electric, or telephone bill, must be submitted. The bill must include the full address of the establishment and the owner’s name, and it cannot be older than two months.

A selected partner must also obtain a digital signature certificate, as all documents and applications will be digitally signed by the authorised signatory.

 

What are the due dates for Annual Filing of LLP in Bengaluru?

LLPs are needed to elect partners who are responsible for maintaining adequate books of accounts and filing annual filings with the Ministry of Corporate Affairs. Audits of LLPs’ books of accounts are not required, but if the annual turnover exceeds Rs.40 lakh or the donation exceeds Rs.25 lakh, an audit is required. As a result, the LLP annual filing process in Bengaluru is quite straightforward. Certain filings are required even if the LLPS has not yet begun operations.

Income tax returns

The due date has been extended to January 10th, 2021, and if a tax audit is required for the LLP, the due date for filing the LLP’s income tax reports has been extended to February 15th, 2021. Even though the LLP does not conduct business, it is required to file a nil income tax return with the authorities.

 

LLP Form 8

LLP Form 8 is an annual filing that must be submitted to the ROC on a yearly basis. Accounts and statements of solvency must be filed with the registrar within 30 days of the conclusion of the fiscal year’s first six months. The yearly filing deadline for LLPs in Bengaluru is October 30, 2021.

 

When does an LLP require a tax audit?

A Limited Liability Partnership must have its financial statements audited by a Practicing Chartered Accountant if its annual revenue exceeds Rs.40 lakh in any financial year or if the contribution exceeds Rs.25 lakh. If the LLP seeks to avoid audits, the LLP accounts must include a statement from the partners. The statement should include an acknowledgement from the partners.

 

Consequence for non-compliance

Prior to closing or winding up the LLP, it is critical to complete the Annual Filings.

 

Many partners of LLPs believe that by dissolving the LLP, they can dodge the penalty for non-filing. However, this is not the case. An LLP cannot be wound up without first completing all outstanding compliances, as the Annual Filings and Winding Up processes are inextricably linked. The LLP may be wound up only once all ROC compliance requirements have been met and MCA records have been updated.

 

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