List of Post Incorporation LLP Compliances

Compliances	Form	Due-Date	Whether it is required to be filed before ROC?
Incorporation Certificate	FiLLiP		Yes
LLP Agreement	Form-3	30 days from the date of Incorporation	Yes
GST Registration	-		-
PAN	-	30 days from the date of Incorporation	-
TAN	-	30 days from the date of Incorporation	-
Bank Account	-	30 days from the date of Incorporation	-
Books of Account	-		-
Capital Contribution	-	60 days from the date of Incorporation	-
Appointment of Auditors	-	60 days from the date of Incorporation	-
Goods & Services Tax (GST) Registration	-		Apply for GST Registration

What is LLP?

LLP stands for Limited Liability Partnerships. It observes a partnership structure whereby each partner's liability is limited to the amount contributed into business. has minimum two partners. Functioning of LLPs is majorly governed by Limited Liabilities Partnership Act, 2008.

LLP Compliances?

After registration, every LLP becomes a separate legal entity and it also has to comply with all the legal requirements prescribed under LLP Act, 2008 and under Companies Act, 2013. There are certain compliances which are required to be fulfilled just after the LLP incorporation and such compliances are referred as Post Incorporation LLP Compliances

What are the Post Incorporation LLP Compliances?

1. Certificate of Incorporation - Form FiLLiP : First compliance is to get the certificate of incorporation from Registrar of Companies. For such certificate, LLP has to file Form FiLLiP (Form for incorporation of Limited Liability Partnership).
2. LLP Agreement - Form 3 - 30 days : Second Post Incorporation LLP compliance is to file LLP Agreement within 30 days from the date of incorporation with ROC in Form 3.
3. Penalty for Non-Compliance : In case of delay in filing Form 3, LLP shall be liable to pay Rs.100 as penalty per day until the form is filed.
4. PAN - 30 Days : Obtaining a PAN is mandatory for every LLP incorporated under LLP Act, 2008. Thus, after the LLP Incorporation, LLP has to apply for and obtain Permanent Account Number (PAN) before Income Tax Department, Government of India. The application for PAN shall be annexed with the copy of Certificate of Incorporation.
5. TAN - 30 Days : Every LLP also has to obtain a Tax Deduction and Collection Account Number (TAN) from Income Tax Department, Government of India. TAN is required for TDS that is Tax Deduction at Source and for TDS remittances
6. Opening of Bank Account in the name of LLP - : Next, LLP is required to open a Bank Account in the name of LLP in any Bank in India within 30 days from the date of incorporation of LLP. Thereafter, all the transactions of LLP shall be made through such Bank Account only.
   Following documents are required to be attached with Bank Account opening Application -
   • Copy of Form Fillip
   • Incorporation Certificate
   • Copy of LLP Agreement
   • Permanent Account Number
   • Resolution of Opening and Operations of Bank Account passed by Partners
   • KYC Details of all Designated and other partners of LLP
   • Cheque for initial deposit of money in such Bank Account (If required)
7. Books of Accounts of LLP : Next Post Incorporation Compliance for LLP is to prepare and maintain the statutory books of accounts on the basis of double entry system and accrual basis system. It includes the maintenance of financial statements of LLP in order to know the true and fair view of financial stability of LLP.
8. Appointment of Auditors - 60 Days : In case the capital contribution of LLP exceeds Rs. 25 Lakhs or the annual turnover exceeds Rs. 40 Lakhs then such LLPSs are mandatorily required to appoint Chartered Accountants in practice as Auditors with a view to get the accounts audited. Such appointment shall be made within 60 days from the date of Incorporation.
   An Audit of accounts is mandatory under the Income Tax Act, 1968 when the annual turnover of LLP is more than one hundred lakh rupees.
9. Capital Contribution - 60 Days : As we know, LLPs must have at least 2 partners for incorporation. So, all the initial partners have to deposit their amount of capital contribution as per the LLP Agreement (known as subscribed capital) within the period of 60 days from the date of incorporation.
10. Goods & Services Tax (GST) Registration : According to the Goods and Services Tax Act and rules made thereunder, every LLP whose annual turnover exceeds the prescribed limit has to obtain a GST Registration.

Mandatory Annual LLP Compliances

After registration, every LLP becomes a separate legal entity and it also has to comply with all the legal requirements prescribed under LLP Act, 2008 and under the Companies Act, 2013. There are certain compliances which LLPs are required to fulfil annually and these compliances are referred as Post Incorporation LLP Compliances.

List of Mandatory Annual LLP Compliances

Compliances	Form	Due-Date	Whether it is required to be filed before ROC?
Annual Return	Form 11	within 60 days from the end of the financial year	Yes
Statement of Account and Solvency	Form 8	within 30 days from the end of 6 months of the concerned financial year	Yes
Books of Accounts	-	at the end of the financial year	-
Income Tax Return	ITR 5	on or before 31st July every year	-
Designated Partners KYC	DIR-3	in next preceding year	Yes

Mandatory Annual LLP Compliances?

Apart from Post Incorporation Compliances, there are certain compliances which LLPs are mandatorily required to file annually. Thus, LLPs are legally bound to observe these compliances and non-compliances of such requirements shall lead to heavy penalties and fines.

What are Mandatory Annual LLP Compliances?

1. Filing of Annual Return - Form 11 : One of the takeaway mandatory annual compliance for LLPs is the filing of Annual Return in Form 11 with Registrar of Companies within 60 days from the end of financial year. Annual Return is basically a Summary statement of partners of LLP.
2. Due-Date for filing Form 11 - : Financial year of LLPs ends on 31st March every year. Thus, Form 11 shall be filed on or before 30th May every year.
3. Penalty for non-filing of Annual Return - : In case of non-filing of Form 11, LLP shall be liable to pay the penalty of Rs. 100 per day until the form is filed.
4. 2. Statement of Account and Solvency - Form 8 : LLPs are mandatorily required to file Statement of Account and Solvency in Form 8 with ROC within 30 days from the end of 6 months of the concerned financial year.
   Essentials for Form 8:
   • It shall be digitally signed by 2 Designated Partners.
   • It shall be certified by a Chartered Accountant, Auditor or by the Accountant of the Company.
   • It must contain the Statement of assets and liabilities of LLP and Statement of Income and Expenditure of the financial year.
5. Penalty against non-filing: - In case of non-compliance, the LLP shall be liable to pay penalty of Rs. 100 per day until the form is filed.
6. Books of Account- : Next Annual Compliance for LLPs is to prepare and maintain correct and proper Books of account by following cash or accrual system of accounting with a view to keep a record of all financial truncations of the LLP. Thereafter, LLPs have to make a financial report on the financial position of the LLP at the end of the financial year (before 31st March). Then, LLPs have to submit such report in the registered office whenever required.
7. Penalty for Non-Compliance :- If LLP fails to maintain such Books of account then it shall be punishable with a fine which shall not be less than Rs. 25,000 and which may extend up to Rs. 5,00,000. Moreover, Designated partners shall also be punished for the same with fine which shall not be less than Rs. 10,000 and which may extend up to Rs. 1,00,000.
8. Mandatory Statutory Audit :- When the capital contribution of LLP exceeds the prescribed limit then such LLPs are mandatorily required to appoint Chartered Accountants in practice as Auditors with a view to get the accounts audited.
9. Filing of Income Tax Returns - Form ITR 5Every LLP has to file Income Tax Return in Form ITR 5 on or before 31st July every year.
10. Due date for filing ITR -
    • When Tax Audit is mandatory :-30th September
    • When Tax Audit is not required :-31st July every year
    LLPs that are engaged into international transactions are required to file Form 3CEB on or before 30th November every year.
11. Designated Partners KYC - DIR 3 :- As per the company law, every Director is allotted with the Director Identification Number (DIN). The Partners of the LLP have to submit their KYC details by filling DIR 3 KYC form with MCA in next preceding year. Along with the form enclosed below are a few documents required to be submitted -
• Copy of PAN and Aadhar Card of the Partner
• Email Id and Mobile Number verified through One Time Password (OTP) in the e-form
• Copy of Voter Identification Card
• Details of Nationality & Citizenship

Event-Based LLP Compliances

After registration, every LLP becomes a separate legal entity and it has to comply with all the legal requirements prescribed under LLP Act, 2008 and under the Companies Act, 2013. There are certain compliances which are required to be fulfilled on the occurrence of certain event and these compliances are referred as Event-Based LLP Compliances.

Event-Based LLP Compliances

Compliances	Form	Due-Date	Whether it is required to be filed before ROC?
Consent of Designated Partner and Particulars of Partners	Form 4	30 days from the date of such change	Yes
Registration of Charges	Form 8	30 days from the end of 6 months of the financial year	Yes
Change in Registered Office of LLP	Form 15	30 days from the date of such change	Yes
Change in Name	Form 5	30 days from the date of such change	Yes
Change in LLP Agreement	Form 3	30 days from the date of such change	Yes
Change in Designated Partners	Form 4	30 days from the date of such change	Yes