Annual Filings for LLPs
Limited liability partnerships (LLPs) have very few compliances to fulfil, in comparison to private limited companies. LLPs need only file information related to statement of accounts and annual returns on an annual basis. Penalties, however, are huge for failure to comply. Entities that don’t end up doing so could be fined heavily, with penalties going up to Rs. 5 lakh in some cases.
What You Need To Know
Many businesses let their compliance requirements pile up, even though taking care of them involves much less effort than is often imagined. Staying disciplined from the initial days will be hugely helpful when looking for investment or a bank loan, as both would want to ensure that your business is compliant with the Registrar of Companies’ (RoC’s) requirements.
Having a company secretary on call throughout the year is essential in ensuring that your business is run in accordance with the laws in force. Our team would keep you up-to-date with all the changes made by the RoC throughout the year.