LLP Annual Return: Importance for Designated Partners

Limited Liability Partnerships (LLPs) are becoming an increasingly popular business structure due to the limited liability it offers to its partners. LLPs are required to file various forms and returns with the Ministry of Corporate Affairs (MCA) to comply with the regulations. One such return is the LLP Annual Return, which is crucial for the designated partners of the LLP.

What is LLP Annual Return?

LLP Annual Return is a document that contains information about the LLP’s activities and its financial statements for the previous financial year. This return is to be filed every year with the MCA within 60 days of the closure of the financial year. Failure to file the LLP Annual Return can lead to hefty penalties and even the strike-off of the LLP., 

LLP Form 11 due date is within 60 days of the close of the financial year, which means it is due on May 30th

Importance of LLP Annual Return for Designated Partners

LLP Annual Return is an essential document for the designated partners of the LLP. It helps them to keep track of the LLP’s financial activities and to ensure that the LLP is complying with the regulations. It is also an opportunity for the designated partners to review the LLP’s performance and to make any necessary changes to the LLP’s operations.

Form 11: LLP Annual Return

Form 11 is the form that is used to file the LLP Annual Return with the MCA. The form requires various details such as the LLP’s name, registered office address, partners’ details, and financial statements. The designated partners of the LLP are responsible for filing the Form 11 with the MCA.

LLP Form 11 is within 60 days of the close of the financial year, which means it is due on May 30th

Form 8: Statement of Account and Solvency

Along with the LLP Annual Return, LLPs are also required to file Form 8, which contains a statement of account and solvency. This form contains information about the LLP’s assets, liabilities, and financial position. The designated partners of the LLP are responsible for filing Form 8 with the MCA.

Due date for filing Form 8 is 30th Oct,

ITR Filing

LLPs are also required to file their Income Tax Returns (ITR) every year. The LLP’s income is taxed at a flat rate of 30%, and the designated partners are responsible for ensuring that the LLP’s tax returns are filed correctly and on time.

The due date for ITR is July 31

Role of Company Secretary Team in LLP Filings

LLPs are required to appoint a Company Secretary who is responsible for ensuring that the LLP complies with the regulations. The Company Secretary team plays a crucial role in ensuring that the LLP’s filings are done correctly and on time. They assist the designated partners in preparing and filing the LLP Annual Return, Form 8, and other forms with the MCA.

Conclusion

LLP Annual Return is an essential document for the designated partners of the LLP. It helps them to keep track of the LLP’s financial activities and to ensure that the LLP is complying with the regulations. Along with the LLP Annual Return, LLPs are also required to file Form 8, ITR, and other forms with the MCA. The designated partners of the LLP are responsible for ensuring that these filings are done correctly and on time. The Company Secretary team plays a crucial role in assisting the designated partners in complying with the regulations.