What are the Due Dates of LLP Compliances?

Introduction 

Limited Liability Partnership or LLP includes several compliances after it gets incorporated. These are mandatory compliance as per law and even if there is delay in starting business activity, these compliance must be completed just after the LLP Registration. These compliances should be completed before the due date otherwise LLP companies have to pay heavy penalties. LLP is an artificial person hence compliance must be done by partners of the LLP. These compliances completed just after the incorporation of LLP or within 30 days or 60 days and even annually. Learn the due date of these compliances in detail. 

What is Limited Liability Partnership Compliance?

As per Limited Liability Partnership Act 2008, LLP is distinguished from its Partners, it is the duty of the elected partners for maintaining a proper book of accounts and filing an annual return with the Ministry of Corporate Affairs (MCA) annually. LLPs are liable only for the amount they invested. A Limited Liability Partnership includes the benefits accruing to a company and a partnership. In a LLP, the personal assets of the partners are safe and secure. However, there are certain compliances that are required to be completed post incorporation of LLP. These compliances help improve the legal standing and credibility of companies. The same needs to be necessarily completed before the due date so that the LLP remains compliant. 

Due Date for LLP Compliances

Compliances for LLP must be done before their due dates. It is the management's responsibility to see that compliances should be completed on time and with no flaw. Following is the list for compliances of LLP along with its due date:

**PAN and TAN letter comes along with incorporation of LLP on registered email.

Compliances for Limited Liability Partnership 

Compliances for limited liability partnership includes several requirements that should be completed before their due dates. These compliances are discussed below in detail and they are as follow:

• LLP Agreement: LLP Agreement is a written contract and it legally ties all the partners of the business. It contains responsibilities of the members in the organization. It also contains the rules and the regulations of the LLP as per Limited Liability Partnership Act 2000. 

• LLP Seal: A Limited Liability Partnership requires certain compliances. But the compliances can not be fulfilled without the LLPs seal. 

• Letterhead: A letterhead for an LLP is an important thing to communicate. It helps to send information and communication purposes.

• Opening a Bank Account: Another thing to do is opening a bank account with the name of the LLP. A bank is considered as a corporate entity that's why it can be opened easily. 

• Book of Accounts: It is important to maintain a book of accounts. It helps to keep a detail of every rupee used within the llp. This record can be maintained manually in a register at the registered office. 

• Form-11 LLP: Form-11 is an annual return for LLP to be filled before 30th May. Form-11 needs to be filled even if the business does not carry out any operations or business during the financial year. This form includes details of total contribution by/to partners of the LLP, details of notice received towards penalties imposed or compounding offenses committed during the financial year.

• Form-8 LLP: Form-8 is a declaration of accounts and solvency. It must represent the financial transactions carried out during the whole financial year. The form-8 must be filed within 30 days before the end of the six months of the financial year. In simple words on or before 30 october this form must be filed.

• ITR Filing: ITR Filing is another compliance required after incorporation of the company. ITR-5 Form is used to file the ITR before 31 july. Also, LLP whose revenue exceeds 40 lakh or contribution exceeds 25 lakh are required to have their accounts audited by a qualified CA. 

• Designated Partner's KYC: The designated partners must verify their personal details with MCA. Any designated partner holding DPIN or DIN must file the form for KYC every year. They have to file their KYC in the DIR-3 KYC form and this should be done every year. Normally the due date used to be 30 September of each year for the previous financial year. 

Conclusion

Post incorporation, a llp needs to accomplish some compliances on behalf of the management. The main idea behind these compliances is that these need to be normally completed within the due date provided. On the other hand, some of the compliances required to be executed once in the lifetime of the company. Additionally, there are certain compliances that should be conducted every year by the company. All these compliances need to be completed carefully on a priority basis each year otherwise, the companies have to bear certain penalties or fines. 

Frequently Asked Questions (FAQs)

1) What is the due date for filing Income Tax Return?

Incase of non-audit ITR the due date is 31st july and for audit ITR it is 30th September.

2) What is the last date to file Form-11?

The Form-11 should be filed within 60 Days from the end of Financial year i.e 30th May.

3) What is the time limit to file Form-8?

The time limit to file form-8 is within 30 days from the end of six months of financial year to which it relates

4) What is the due date for filing an LLP Agreement?

LLP Agreement should be filed within 30 days after the incorporation of a LLP.