Limited Liability Partnerships (LLPs) are a popular business structure in India that combines the benefits of partnerships and companies. Compliance is essential for LLPs to maintain legal standing and avoid penalties. Asktrix provides comprehensive support for all LLP compliance requirements, ensuring your business meets all regulatory obligations efficiently and accurately.
LLPs must comply with various acts and regulations:
LLPs must prepare annual financial records for transparency and MCA compliance:
Annual return must be filed by May 30 for the April-March financial year, containing details about partner changes and other statutory information.
LLPs must file financial statements and solvency declaration by October 30. Asktrix offers comprehensive filing support to ensure timely compliance.
LLPs must file ITR-5 by July 31 (unaudited) or October 31 (audited). Audit is mandatory for turnover over ₹40 lakh or professional receipts over ₹50 lakh under Section 44AB.
Registered LLPs must file monthly or quarterly GST returns (GSTR-1, GSTR-3B). Asktrix handles all GST filings and ITC claims efficiently.
Any appointment or resignation of partners must be filed within 30 days using Form 4. Asktrix provides expert assistance for all partner change filings.
Modifications to the LLP Agreement require filing Form 3 to update MCA on business operations, profit-sharing, and responsibilities.
Any changes in partner contributions or capital require filing Form 3 and Form 4 with proper documentation.
Registered office address changes must be filed within 30 days using Form 15 to maintain accurate MCA records.
Audit by a Chartered Accountant is mandatory if turnover exceeds ₹40 lakh or capital exceeds ₹25 lakh.
Tax audit under Section 44AB is mandatory if turnover exceeds ₹1 crore or professional receipts exceed ₹50 lakh.
Timely compliance is crucial to avoid penalties. Asktrix provides proactive support to ensure all deadlines are met.
Find answers to common questions about LLP compliance, eligibility, documents, process, benefits, costs, and timelines.
Yes, all LLPs must file annual returns and a statement of account & solvency, regardless of turnover.
Late filing of Form 11 attracts a penalty of ₹100 per day until the form is filed. Continued non-compliance may result in additional penalties.
Yes, LLPs must maintain proper books of accounts, partner contribution registers, and other financial records as per LLP Act requirements.
Audit is mandatory if turnover exceeds ₹40 lakh or capital exceeds ₹25 lakh. Tax audit is required if turnover exceeds ₹1 crore or professional receipts exceed ₹50 lakh.
Form 11 is due by May 30, Form 8 by October 30, ITR by July 31 (unaudited) or October 31 (audited), and partner changes within 30 days.
Partner changes require filing Form 4 within 30 days of appointment or resignation, along with necessary resolutions and documentation.
Form 8 is the Statement of Account & Solvency that must be filed annually by October 30, containing financial statements and solvency declaration.
Yes, LLPs with turnover above ₹20 lakhs must register for GST and file monthly returns (GSTR-1, GSTR-3B) and annual return (GSTR-9).
Registered office address change requires filing Form 15 within 30 days of the change, along with necessary resolutions and documentation.
Late filing penalties include ₹100 per day for Form 11 and Form 8, plus additional fees. GST late filing attracts ₹200 per day penalty.
Yes, Asktrix provides comprehensive LLP compliance services including annual filings, partner changes, GST compliance, and audit support.
Required documents include financial statements, partner details, bank statements, GST returns, and other relevant business documents.
Yes, LLP agreement modifications require filing Form 3 to update MCA records about business operations, profit-sharing, and responsibilities.
Compliance costs vary based on turnover and complexity. Asktrix offers competitive pricing starting from ₹10,899 for comprehensive LLP compliance services.
Asktrix provides proactive compliance monitoring, automated reminders, expert guidance, and systematic tracking to ensure all LLP deadlines are met efficiently.
Asktrix provides tailored compliance solutions for LLPs, helping you stay ahead of statutory requirements with minimal effort.