Getting Along Well with the LLP Compliance
Limited Liability Partnership (LLP) is a type of business organization sharing features of a partnership firm and a Company. LLP is regulated by the Registrar of Companies, Ministry of Corporate Affairs. LLP is a legal entity, separate from its partners and it has continual succession.Know more with us. We at Accounting4you keep you updated with all information on LLP. An LLP or the Limited liability partnership means any business where there are 2 minimum partners. There is no limit for maximum partners. LLP is a simple combination of Company and Partnership firm. The Capital contribution done by each partner in LLP determines the liability of the partners. Want to know more? We can keep you updated.
In line with the powers, all LLPs are required to maintain compliance and file certain legal filing with the Government each year. You think and we do it for you. An LLP must maintain proper books of account relating to its transaction each year on cash or addition basis. The book of accounts must be kept as per double entry system of accounting at the registered office. In case of LLPs with a turnover of more than Rs.40 lakhs or capital of over 25 lakhs, the accounts must be audited by a Chartered Accountant. We have services of all your maintenance work. Handover the documents and we do it with ease and fast.
Compliance for Limited Liability Partnership
A Limited Liability Partnership (LLP) is a totally separate legal entity. Filing with MCA should be taken care by all LLP partnerships. Annual Compliance for any LLP is unavoidable. Annual Compliance for LLP needs filing of forms. The Annual Returns and the Statement of Accounts or financial statements are considered in the case. We take initiative at Accounting4you to give you complete guidance in filing all the mandatory forms. After the incorporation of an LLP, there are certain mandatory compliance which an LLP should follow and act. If an LLP fails to comply with these requirements, it may have to pay hefty penalties. We guide you on the list of important compliance that an LLP needs to follow after the registration in India.
MCA Annual filing is very critical for conversion of LLP into any other corporation. The records of annual compliance filed each year simplify the process of conversion as well as the closure of organisation. LLP can file its income tax return in ITR 5. It is mandatory for LLP to file return of income online using the digital signature.
Don’t worry as we have experts who are ready to help you. If you wish to convert the LLP into any other organization, annual filing is very important. The regular compliance records ease the conversion task. The same applies in case of closure of LLP. The Ministry of Corporate Affairs (MCA) declares the status of Annual compliance for LLP on their official website. The ethics and moral of the company are dependent on the annual compliances. You think and we do it for you at Accounting4you and yo can stay sure that we will give our hundred percent in making things work the right way.
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