LLP and Partnership Compliances
Limited Liability Partnership (LLP) is also a kind of Partnership Firm with the features like legal protection of limited liability and its separate existence from its partners. Anyone who wants to do business in a partnership but also wants a formal business structure and to protect their personal assets from business risks, can undoubtedly go for Limited Liability Partnership (LLP) registration.
The Registered LLP shall be governed by Limited Liability Partnership (LLP) Act, 2008, and according to the law, following compliances shall be applicable on an LLP after its registration:
- Annual Compliances including Filing of Annual Return and the financials of the company
- Mandatory KYC compliance for every individual who holds a Designated Partner Identification Number (DPIN), annually
- Event based compliances including Filing of Appointment and Resignation/Removal of Designated Partners/Partners, Filing of change in Registered Office Address, if any
- Filing of GST Returns and Income tax Returns periodically
- Filing of TDS/TCS Returns applicable, if any
- Filing of EPF/ESIC Returns applicable, if any
Here are the following compliances to be done by a partnership firm registered under Partnership Act, 1932:
- Filing of intimation to Registrar of Firms, in the prescribed forms, if there is any change in the constitution of the firm i.e., any change in firm details and any change in partners.
- Filing of GST Returns and Income tax Returns periodically
- Filing of TDS/TCS Returns applicable, if any
- Filing of EPF/ESIC Returns applicable, if any
Note: Every partnership firm which is unregistered till now is highly recommended to get registered under the Partnership Act, 1932.
As an unregistered firm or its partners cannot file a suit against a third party (like a client or vendor) or against another partner to enforce a right arising from a contract or the Act.
Our team will guide you for getting your firm registered and for completion of the applicable compliances on time. For more details connect with our expert’s team at cskundan@gmail.com.