TAX & ROC

To run a company, you need to adhere to statutory compliance. Therefore, annual compliance for businesses are needed to be filed before their due date. Taxcomate is a team of business compliance experts who can you.

Limited Liability Partnership Compliance

Overview
Plan includes
Why Annual Compliance
Benefits of compliance
Process

Annual Compliances for LLP in India

Need for LLP

When we invest our money we always think that it gives more benefits with less risk in the same way when we plan to start our business we always choose that medium which gives more benefits in less investment and compliances. An LLP is one of the media it gives the benefits of two entities at one time i.e. company as well as partnership. As a company, it gives the corporate entity to the business and as a partnership, it imposes less compliance.

Structure of LLP

Minimum two individuals required to form a limited liability partnership in which one must be a resident of India, they are known as designated partners and holding a DPIN (Designated partner identification number) and there is no limit on the maximum numbers of partners. Under LLP one partner is not responsible for the misconduct of other partners and their liability is limited up to the amount contributed in LLP and written as per LLP agreement. Every limited liability partnership shall use the word LLP at the end of its name.

LLP Compliances

Compliance of LLP

The first thought which comes in mind when we hear the word compliance is a burden but in the case of LLP, it is not. The main feature why LLP attracts individuals is its fewer compliances as compared to any kind of company. The whole compliances are divided into two parts –

Statutory Compliances
Annual Compliances

Statutory Compliances –

These are those compliances which impose on an entity by law and regulations form which it binds such as;

(a) To conduct meetings:

First General Meeting- within 30 days from the date of its incorporation.
Executive committee meeting- 2 in one financial year

(b) Maintaining of the minute book

(c) Maintaining books of accounts

(d) Audit of accounts – It is mandatory if turnover exceeds 40 Lakhs or contribution of LLP is 25,00,000.

Annual Compliances –

A bunch of three compliance is applicable which is to be met. The other name of this is mandatory compliance and to be meet out no matter business is conduct or any kind of activity is done or note in the financial year and in case of any default 100 rupees per day penalty will impose.

Filling of annual return: A summary of partners including change in management if any is to be filled to ROC within 60 days from the closure of the financial year.
Filling of statements of accounts: Filed within 30 days after expiry of 6 months from the closure of the financial year.
Filling of Income Tax Return: It will depend on the audit status of LLP if an audit is required then the date of filing of income tax return is 30th September otherwise it will be till 31st

3 Main Reasons, Why do you need to Stay Compliant?

Improved Public Relations

Once a company has met all its legal obligations it can actually market it positively on websites or through ads. It can be put in job applications and all other places via which the company is reaching the market. Managing the compliance brings good name to the company.

Employee retention

There are many compliance issues that deal with the benefit of the employees, some these even talk about protecting the employees. For a company that adheres to these guidelines, it becomes easy to retain the employees as the workforce of the company feels home in the company and strives to work for the betterment of the business and the product.

Thus, for a Private Limited, which anyway is bound by a lot of compliance guidelines, it is paramount to manage all that. As in the longer run it showers the company with all the benefits that may or may not be visible in the beginning.

Smooth operations

Certain rules help more than they harm. Rules related to discrimination and harassment help create a better working environment for employees which can lead to better productivity. Also better security – financial as well physical – help employees provide more to the company.

Benefits of Completing Compliance On Time

Considering that the needs and burdens of compliance will never go away, it is time to embrace them—not as only a cost of doing business, but for the many benefits that they bring, including the 5 listed here.

Risk reduction – organisational as well as individual

Once a company has lived up to the entire compliance requirement it saves itself from lot of legal and financial troubles. By legal troubles we mean the investigation and business interruptions that follows.

Crisp and better organized framework

In cases where compliance is done on time, there are always certain filters and reference points which help in getting rid of paraphernalia and make sure the company stuck to what is best suited for the development of its services.

Better relationship between stakeholders

Any stakeholder or regulator, while doing business with a company, ensures that the business he is stepping into is ethically and morally a well set unit.

The more the transparency the better the business

Compliance ensures that there is transparency in the way a business functions. The customers when provided by a true and honest story, which happens when you complete the compliance on time, about a company, they are lured into it.

Helps realize the mission of the company

Compliance programs are what make sure that everyone in the company is aware of the actual agenda. Because of its legal nature it is like a whip to ensure that everyone is on the same page as far as the mission of the company is concerned.

It is important for all organizations to be managed efficiently and in a professional manner . So it is very important how it is controlled and adapted to these rules and regulations. It’s always better to hire compliance filing experts to take care of all the due dates and avoid the last minute hassle and govt. penalties.

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Limited Liability Partnership Compliance Registration

₹7,899.00

Never let the businessman see down by giving your business a shining name with Limited Liability Partnership Compliance registration. It is extremely easy to start and run!

Benefits of TAX & ROC ?

The filing of annual forms requires the compilation of accounts for the entire year which helps to analyse the financial position of the company
The timely and yearly filing of forms avoids the burden of penalty, which may arise due to non-filing as required by the law.
Procures bank credits and good investment from reliable investors with ease.

The Government keeps the record of the existence of the companies on the basis of regular filings, failing to do so the company is considered fake.
Helps in acquiring loans from banks and other financial institutions of the basis of regular Tax filed documents
Increases the potential to grow big and expand the business