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Annual filling of company and LLP (F)

 

Every company is required to file the annual accounts and annual return as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of the Annual General Meeting. The ROC filing of annual accounts is governed under Section 129(3), 137, of The Companies Act, 2013 read with Rule 12 of the Company (Accounts) Rules, 2014 and annual return is governed under Section 92 of the Companies Act,2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014.

 

For a Limited Liability Partnership (LLP), the returns should be filed periodically for maintaining compliance and escape heavy penalty under the law for non-compliance. A Limited Liability Partnership has only few compliances to be followed every year which is amazingly low as compared to the compliance requirements placed on the private limited companies. However, the fines seem to be quite large. Whilst non-compliance might only charge a Private Limited company INR 1 lakh in terms of penalties, it might charge an LLP up to INR 5 lakh.

  • The notice of Board Meeting should be sent to all the directors before 7 days and acknowledgement for the same should be taken.
  • As per Section 134 of the Companies Act, 2013 the financial statement, including consolidated financial statement, if any, shall be signed on behalf of the Board at least by the chairperson of the company where he is authorized by the Board or by two directors out of which one shall be the managing director and the Chief Executive Officer, if he is a director in the company, the Chief Financial Officer and the company secretary of the company, wherever they are appointed, or in the case of a One Person Company, only by one director.
  • As per Section 101 of the Companies Act, 2013, a clear 21 days’ notice for the general meeting shall be given to all the members, legal representatives of any deceased person, auditor, and every director of the company by physical or electronic mode. The notice should also contain the location map of the venue of the general meeting as per Secretarial Standards and should be placed on the website if any.
  • The company shall prepare its books of accounts and keep at its registered office. If the company chooses to place at any other place, then the company will have to file AOC-5 by passing a board resolution.
  • While uploading the forms, care should be taken that the form is the latest version as provided on the MCA.

 

Form 11 – annual return ( 30 sep)

Form 8 – Accounts (30 oct)

Annual Returns are to be filed in the prescribed Form-11. This form is considered as the summary of management affairs of LLP, like numbers of partners along with their names. Moreover, the form 11 has to be filed by 30th May every year. Form 8 must be duly filled by the 30th of October. Failure to file can incur a penalty of Rs.100 per day of delay.

Limited Liability Partnerships are separate legal entities; hence, it is the duty of the elected partners for maintaining a proper book of accounts and filing an annual return with the Ministry of Corporate Affairs (MCA) annually. Limited Liability Partnerships are not required to audit their books of account except where their annual turnover is more than INR 40 lakhs or if the contribution is more than INR 25 lakh. Hence, an LLP is not required to get their books of account audited if it fulfills the above-mentioned condition, making the process of annual filing simpler.

Limited Liability Partnerships are required to file their Statement of Account & Solvency within a period of thirty (30) days from the end of six (6) months of the financial year and Annual Return within sixty (60) days from the end of the financial year. Dissimilar to Companies, Limited Liability Partnerships are mandatorily required to maintain the financial year, from 1st April to 31st March. Hence, the Statement of Account & Solvency is to be filled on or before October 30th of every financial year and the annual return for LLPs is due on May 30th every year even if the LLP has not completed any business in that specific financial year. Some of the annual filings are mandatory whether the LLP has begun any business or not.

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The procedure of ROC filing the annual return and annual accounts can be easily understood by the following process:

Hold a Board Meeting to

Authorize the auditor for the preparation of financial statements as per Schedule III of the Companies Act, 2013.

Authorize the Director or Company Secretary for preparation of Board Report and Annual Return as per the Companies Act, 2013.

Hold another Board Meeting for approving the draft financial statements, Board Report and Annual Return by the directors of the company.

Conduct the Annual General meeting of the Company and pass the necessary resolutions. Please note that the financial statements are considered final only when the same is approved by the shareholders at the General Meeting.

Basic

INR 1,500/-

One Time Fee

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Service Provide Within 7 Days

Standard

INR 11,999/-

One Time Fee

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Service Provide Within 15 Days

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INR 11,999/-

Yearly Fee

  • Yearly GST Compliances
  • Income Tax Return

Services Provided Before the Due Date

Frequently Asked Questions

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