LLP Compliance
For a Limited Liability Partnership (LLP), regular filing of returns is essential to uphold compliance standards and steer clear of substantial penalties for non-compliance.
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Limited Liability Partnerships (LLPs) Compliance Requirements
Limited Liability Partnerships (LLPs) are recognized as separate legal entities, and therefore, they are bound by specific compliance obligations. The responsibility for ensuring compliance rests with the Designated Partners of the LLP. The key compliance requirements for LLPs include the following:
- Maintenance of Proper Book of Accounts
- Filing of Annual Return
- Filing of Statement of Accounts
- Filing of Income Tax Return (ITR - 5)
- Filing of Tax Audit (If Applicable)
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