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Limited Liability Partnerships (LLPs) are a business structure that combines the model of a partnership firm and a Company. Due to a flexible structure, lower regulatory compliance, and Limited liability of partners, a Limited liability partnership (LLP) is a preferred choice for startups and professionals. However, certain compliances are mandatory for every LLPs.
To ensure transparency, smooth business operation, and avoid penalties, every LLP must meet certain mandatory compliances under the Limited Liability Partnership Act, 2008, Income Tax Act 1961 & and other applicable Laws.
In this article, we break down the essential LLP compliances into three easy categories: Post-Incorporation, Annual, and Event-Based, helping you stay compliant without confusion.
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These are the initial legal tasks that must be completed once your LLP is successfully registered.
In the LLP Act, there are no time Limit prescribe for opening the Bank Account and infusion of Capital but Partners should open the bank account with the name of LLP as early as possible and infuse the subscribe capital in the account of LLP.
Why It Matters: Business operations & capital infusion require a current account in the name of the LLP.
If the Turnover of a newly incorporated LLP is expected to exceed the prescribed limit in the GST Law (Rs. 20 Lakh or Rs. 40 Lakh as depending on the State and nature of business), then it is mandatory to apply for GST Registration.
Once LLP receives the PAN, it must be registered on the Income Tax E-filing Portal to enable Income Tax Return filing and track TDS deducted or TCS collected.
After Incorporation LLP should be registered for MSME to take advantage of MSME.
Other Licenses and Registrations (As per Business Activity): Depending on the nature of the business LLP may need:
These are yearly requirements that every LLP must fulfill, regardless of its turnover or business activity.
Statement of Account & Solvency (Form 8): Every LLP shall file a statement of account and solvency to the ROC in Form 8 every year
Due Date: Within 30 days from the end of 6 months of the financial year (i.e., by 30th October)
What It Includes: Financial summary and solvency declaration by partners
Annual Return (Form 11): Every LLP shall file an annual return to the ROC in Form 11 every year
Due Date: Within 60 days of the end of the financial year (i.e., by 30th May)
What It Includes: Details of partners, capital contribution, and any changes during the year
Income Tax Return Filing: It is mandatory to file an Income Tax return every year, whether the LLP has a profit or a loss during the year
Due Date: 31st July (if audit not required) or 30th September (if audit is required)
These are not regular but must be filed whenever a specific event occurs during the LLP’s lifecycle.
Common Event-Based Compliance:
| Event | Form | Time Limit | ROC Filing Required |
|---|---|---|---|
| Change in partners | Form 4 | Within 30 days | Yes |
| Change in registered office address | Form 15 | Within 30 days | Yes |
| Change in LLP agreement (other than initial) | Form 3 | Within 30 days of change | Yes |
| Increase in capital contribution | Form 3 & 4 | Within 30 days | Yes |
| Strike-off/closure of LLP | Form 24 | As per applicable rules | Yes |
LLPs are subject to late fees of â‚ą100 per day per form, with no upper limit. Continuous non-compliance can lead to the disqualification of partners and even the striking off of the LLP by the ROC.
Compliance for LLPs is simpler compared to companies, but no less important. Staying updated with mandatory filings and meeting timelines helps avoid penalties and keeps your LLP legally secure and investor-ready.
If you’re running an LLP, think of compliance not as a burden but as an investment in your business’s credibility and growth.
At E Accountax Manager, we simplify your LLP compliance journey. From LLP firm Registration Services to timely filing of forms, we ensure you meet all legal requirements without stress. Our expert team guides you through post-incorporation, annual, and event-based compliances, helping your LLP stay penalty-free, transparent, and ready for growth.
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CA Jitendra Agarwal, a Chartered Accountant, is an experienced Income Tax Advisor with a proven track record in tax planning and compliance.
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