LLP Agreement

LLP Agreement must be filed with the Ministry of Corporate Affairs within 30 days of incorporation

Auditor appointment

Auditor has to be appointed within 30 days of LLP Incorporation

Annual Return

Annual Return has to be filed in LLP Form 11

Registered Office

LLP must have its registered office within 30 days from the date of incorporation and all the times thereafter

Letterheads

Letterheads should have few mandatory fields as name, address, Phone No, Fax, etc

Bank Account

Bank account of the LLP has to be opened on incorporation

TAN

Applying TAN of LLP on incorporation

PAN

Applying PAN of LLP on incorporation

TDS return

A TDS Return is submitted on a quarterly basis to Income Tax Department. It is a summary of all the transactions related to TDS made during a quarter

Income tax return

LLP is required to file their income tax return using Form ITR 5

GST Registration

Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST

GST returns

GST returns have to filed on monthly, quarterly and annual basis

Tax audit

Every LLP whose turnover exceeds INR 1 Cr. in case of a business or INR 50 Lakh in case of a profession, is required to get its books of accounts tax audited under section 44AB of the Income-tax Act

Statutory Audit

The accounts of every LLP shall be audited in accordance with Rule 24 of LLP, Rules 2009. Such rules, inter-alia, provides that any LLP, whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty five lakh rupees, is not required to get its accounts audited. However, if the partners of such limited liability partnership decide to get the accounts of such LLP audited, the accounts shall be audited only in accordance with such rule

Transfer pricing rules and certificaion would be required

Any individual/company/LLP which has undertaken an international transaction with an associated enterprise is required to maintain documentation as per the rules. Also, any individual/company/LLP which has entered into an international transaction during a previous year is required to obtain an Accountant’s Report and furnish report before 30th November of the financial year

If a LLP fails to comply with the rules and regulations of the Companies Act, then the LLP and every officer who is in default shall be punishable with fine for the period for which default continues. In case of delays, additional fees is required to be paid and it inceases with time.