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LLP registration compliance

The name of the company is the first and foremost decision that a person makes for new company registration. It is the first identity that goes out to consumers or investors that’s why it needs to be unique, desirable and one of its kind to make it stand out of the rest. Therefore, choosing a right name of new private limited company registration becomes extremely important and should be done meticulously.

Compliances Limited Liability Partnership (LLP) Registration


Company Registration
  • Post:CA Nayani Agarwal
  • June 28, 2020

The main aim of starting a Limited Liability Partnership (LLP) is to grow and work smoothly. And for this smooth working, every LLP is required to fulfill the necessary compliances. In case of any failure to do so, the Penalty of late statutory fees will increase.

A brief overview of Compliances for Post LLP Incorporation is given below:-

 

1) Application for PAN: It is to be obtained immediately as it acts as an identification number for tax payer and it is also required to open a Bank Account too.
2) LLP Form 3 (LLP Agreement): Must be obtained within 30 days of incorporation of LLP
3) Accounting Process: Book keeping is mandatory for LLP. An automated cash flow or account management system will help you save lot of time and money.
4) Form 11 (Annual Return of LLP): Mandatory to file it within 60 days from the end of the financial year.
5) Trademark Registration: Trademark Registration is highly recommended to protect your brand name
6) Opening a Bank Account in the name of LLP: For carrying out all the transactions smoothly, current account is required.
7) KYC of Designated Partner: Done on or before 30th of September every year.
8) GST Registration: Mandatory if turnover exceedsRs.20 lakhs, or if services or goods are provided interstate or online services are provided
9) Filing of IT Return: Mandatory, in case Audit is not required then 31st of July every year otherwise 30th of September every year
10) Form 8 (Statement of Account and Solvency): Required within 30 days from the end of six months of the current financial year
11) Mandatory Audit of Accounts: If Capital contribution exceeds 25 Lakhs or Turnover exceeds Rs. 40 Lakhs

 

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About Author

CA Nayani Agarwal is a Chartered Accountant who scored All India Rank-24 and have 6 years of experience in the field of Auditing, GST, Income tax and Accounting. She has given consultation to distinct industries over these years.


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