Privates. Aligning With Compliances.
The Ministry of Corporate Affairs governs all of the Limited Liability Partnership Firms in India which are registered with the Registrar of Companies or ROC. The Registrar of Companies (ROC) is the party accountable to ensure that these companies fulfill the statutory requirements in place. If any company misses its compliance filing in the stipulated time, it would levy heavy penalties on such companies. They even have a risk to have the LLP Registration struck off the register or block the DINs of the LLP Directors. Filing your LLP’s statutory compliances in the mentioned time period protects the LLP from heavy penalties and shows a good track record which will aid the LLP to avail all the benefits offered by the government and other NBFCs.
What Are The Compulsory ROC Compliances for An LLP?
Every LLP has to file the compliances mentioned below mandatorily annually, the failure of which will attract imposition of heavy penalties.
Form 11
Filing and handing over the Form 11 is mandatory for LLPs irrespective of their operational status or their annual turnover. It is compulsory for every Limited Liability Partnership Firm to file its annual return form, the Form 11, within 60 days (the 30th of May) from the closure of the financial year. If any such Limited Liability Partnership Firms fail to file their Form 11 within the required time, the Registrar will levy a penalty of Rs. 100 per day till the date of the filing.
Financial Statements
It is compulsory for all the Limited Liability Partnerships to furnish a detailed report annually, including any information regarding the Auditor’s Report, Balance Sheet, Profit and Loss Account, and other necessary documents. This is to be filed with the ROC before the 30th of October using the Form AOC-4.
Filing Tax Returns
Each Limited Liability Partnership is required to file their income tax returns annually on or before the 30th of September if their annual turnover exceeds Rupees 1 Crore.
Filing Their GST Returns
Every Limited Liability Partnership to mandatorily file its GST return before the 15th or 20th day of every month.
Auditor’s Appointment
All Limited Liability Partnerships are required by the Act and ROC to appoint a company auditor within 30 days upon registration of their company. The Statutory Audits of the company is handled by this Auditor. If a Limited Liability Partnership fails to appoint themselves an auditor within 30 days, the Registrar will penalize them, or strike-off your company’s name from the Register of Companies.
Company Stationery
A Limited Liability Partnership is required to get their stationery requirements such as a bill book, invoices, letterhead, registers, official documents, and others billed to the company name and address of its registered office.
Statutory Registers and Records
Various events pertaining to sales, administration, purchase, tenders, marketing, board meetings, and more occur in a Limited Liability Partnership. They are required to maintain the details of all such activities in their statutory registers. It is also a must for a Limited Liability Partnership to keep and maintain registers such as the Register of Members, the Register of Contracts, the Register of Charges and others as necessary.
A Bank Current Account
Every Limited Liability Partnership is required to mandatorily have a current account in its registered name at a bank to manage the flow of transactions both inwards and outwards.
The Official Signature
Every LLP is required to obtain the official signature of the Firm which will acc as their common seal whenever the company wishes to open a bank current account or apply for a PAN ID. This official signature is essential to stamp all the official documents of the LLP.
