Post LLP registration

As per LLP Act 2008, once the Limited Liability Partnership is formed there is a need to fulfill the statutory requirements of the firm. The following are to be maintained after the registration of the LLP;

Maintaining financial affairs and account

This is a fundamental thing to be done where at first the books of accounts are to be maintained each year on cash or accrual basis. It should be according to the double entry system of accounting where it shall maintain the similar books of account at the registered office of the company. An auditor needs to be appointed/given contract of auditing the accounts of LLP.

The Returns & Records of LLP

The complete record of the working of LLP is to be maintained which would include information about the following;

• A minute book is to be recorded where the meetings of the partners/managing directors/executive committee of partners are all specified.
• If there is a change in partner then it is duly filed electronically in e-form 4 within 30days of charge with fees.
• A supplementary LLP agreement is filed in case of any change in the admission or cessation with alter mutual rights & duties of the partners. The e-form 3 is filed for the same.
• From the end of each financial year the Statement of Account & Solvency(SAS) is filed in e-form 8 with the required fees. There is a specific deadline for the same and it is within 30days from the expiry of 6months from end of each financial year which is generally about 30th October.
• The Annual Return is the most important thing which is filed within 60 days from the closure of financial year. the e-form 11 is filed with the required fees. In case there is a delay in filing the Annual Return heavy penalty/fine is imposed i.e. Rs. 100 per day till it is filed.

Compliance of LLP

There are three compliance of meetings of LLP as per the LLP agreement they are;

• The First General Meeting, has to be conducted within 30 days of incorporation of the LLP and its one of its kind.
• The General Meeting, a minimum one is conducted in the duration of the complete financial year of the LLP firm.
• The Executive Committee, in the duration of one financial year there has to be at least 2 executive meetings held in case of an LLP.