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Annual Compliance of Company and LLP

 

Overview

It is mandatory for every company to file their annual financial statements ( books of Accounts) and annual returns as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of (AGM) Annual General Meeting. The ROC Return filing of annual financial statements ( books of 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 cover under Section 92 of the Companies Act,2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014.

 

It is mandatory for every LLP (Limited Liability Partnership) to file their Statement of Accounts & Solvency and annual returns as per The LLP Act, 2008 within 6 months and 60 days respectively from the closure of the financial year. The above return should be file periodically and in compliance annually so that LLP escapes the heavy penalty for non-compliance.

A Limited Liability Partnership (LLP) has only a few compliances as compared to the compliance requirements placed on the private limited companies.

Rules & regulation

  • The Company must send notice of Board Meeting all the directors of the company before 7 days of the meeting held and take acknowledgment for the same.
  • As per Section 134 of the Companies Act, 2013 the financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors  (BOD) before they are 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 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 can be signed the financial statement.
  • As per Section 101 of the Companies Act, 2013, a general meeting of the company may be called within 21 days’ notice by writing or electronic mode a shorter notice can be allowed if consent is taken in written or electronic mode, notice 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, e-mail. The notice should also contain an address with a route 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 them at its registered office. If the company wants to change the place to keep a book of accounts there, then the company will have to file AOC-5 to ROC  by passing a board resolution.

 

Procedure and form for Annual compliance of company & LLP

FOR LLP

Annual Returns of LLP are to be filed in the prescribed Form-11. This form is considered as the summary of management affairs, including partner holding in other Company/LLP, like numbers of partners along with their names.  &  Form-8 contain the hole detail of books of accounts of the company.  non-compliance of above for will incur a penalty of Rs.100 per day of delay.

Form 11 – annual return ( 30 May)

Form 8 – Accounts & Solvency statement  (30 Oct)

Limited Liability Partnerships are separate legal entities; hence, it is the duty of the elected designated partners for maintaining a proper book of accounts and filing an annual return with the Ministry of Corporate Affairs (MCA) annually as per rule and regulation.

There is no requirement for statutory audit of financial statement of Limited Liability Partnerships (LLP) to the extend of turnover up to 40 lacs or if the contribution is up to INR 25 lakh. if any of these limits increase then an LLP statutory audit is mandatory.

OVERVIEW

It is mandatory for every company to file their annual financial statements ( books of Accounts) and annual returns as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of (AGM) Annual General Meeting. The ROC Return filing of annual financial statements ( books of 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 cover under Section 92 of the Companies Act,2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014.

 

It is mandatory for every LLP (Limited Liability Partnership) to file their Statement of Accounts & Solvency and annual returns as per The LLP Act, 2008 within 6 months and 60 days respectively from the closure of the financial year. The above return should be file periodically and in compliance annually so that LLP escapes the heavy penalty for non-compliance.

A Limited Liability Partnership (LLP) has only a few compliances as compared to the compliance requirements placed on the private limited companies.

 

Rules & regulation

  • The Company must send notice of Board Meeting all the directors of the company before 7 days of the meeting held and take acknowledgment for the same.
  • As per Section 134 of the Companies Act, 2013 the financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors  (BOD) before they are 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 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 can be signed the financial statement.
  • As per Section 101 of the Companies Act, 2013, a general meeting of the company may be called within 21 days’ notice by writing or electronic mode a shorter notice can be allowed if consent is taken in written or electronic mode, notice 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, e-mail. The notice should also contain an address with a route 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 them at its registered office. If the company wants to change the place to keep a book of accounts there, then the company will have to file AOC-5 to ROC  by passing a board resolution.

Procedure and form for Annual compliance of company & LLP

FOR LLP

Annual Returns of LLP are to be filed in the prescribed Form-11. This form is considered as the summary of management affairs, including partner holding in other Company/LLP, like numbers of partners along with their names.  & Form-8 contain the whole detail of books of accounts of the company.  Non-compliance of above for will incur a penalty of Rs.100 per day of delay.

Form 11 – annual return ( 30 May)

Form 8 – Accounts & Solvency statement  (30 Oct)

Limited Liability Partnerships are separate legal entities; hence, it is the duty of the elected designated partners for maintaining a proper book of accounts and filing an annual return with the Ministry of Corporate Affairs (MCA) annually as per rule and regulation.

There is no requirement for statutory audit of financial statement of Limited Liability Partnerships (LLP) to the extent of turnover up to 40 lacs or if the contribution is up to INR 25 lakh. if any of these limits increase then an LLP statutory audit is mandatory.

OVERVIEW

It is mandatory for every company to file their annual financial statements ( books of Accounts) and annual returns as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of (AGM) Annual General Meeting. The ROC Return filing of annual financial statements ( books of 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 cover under Section 92 of the Companies Act,2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014.

 

It is mandatory for every LLP ( Limited Liability Partnership) to file their Statement of Accounts & Solvency and annual returns as per The LLP Act, 2008 within 6 months and 60 days respectively from the closure of the financial year. The above return should be file periodically and in compliance annually so that LLP escapes the heavy penalty for non-compliance.

A Limited Liability Partnership (LLP) has only a few compliances as compared to the compliance requirements placed on the private limited companies.

 

Rules & regulation

  • The Company must send notice of Board Meeting all the directors of the company before 7 days of the meeting held and take acknowledgment for the same.
  • As per Section 134 of the Companies Act, 2013 the financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors  (BOD) before they are 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 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 can be signed the financial statement.
  • As per Section 101 of the Companies Act, 2013, a general meeting of the company may be called within 21 days’ notice by writing or electronic mode a shorter notice can be allowed if consent is taken in written or electronic mode, notice 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, e-mail. The notice should also contain an address with a route 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 them at its registered office. If the company wants to change the place to keep a book of accounts there, then the company will have to file AOC-5 to ROC  by passing a board resolution.

Procedure and form for Annual compliance of company & LLP

FOR LLP

Annual Returns of LLP are to be filed in the prescribed Form-11. This form is considered as the summary of management affairs, including partner holding in other Company/LLP, like numbers of partners along with their names.  &  Form-8 contain the hole detail of books of accounts of the company.  non-compliance of above for will incur a penalty of Rs.100 per day of delay.

Form 11 – annual return ( 30 May)

Form 8 – Accounts & Solvency statement  (30 Oct)

Limited Liability Partnerships are separate legal entities; hence, it is the duty of the elected designated partners for maintaining a proper book of accounts and filing an annual return with the Ministry of Corporate Affairs (MCA) annually as per rule and regulation.

There is no requirement for statutory audit of financial statement of Limited Liability Partnerships (LLP) to the extend of turnover up to 40 lacs or if the contribution is up to INR 25 lakh. if any of these limits increase then an LLP statutory audit is mandatory.

Basic

INR 1,500/-

One Time Fee Per Form

  • Company ROC Form
  • LLP Roc Form

Service Provide Within 7 Days

Standard

INR 11,999/-

One Time Fee, Per Company

  • Annual Company Compliance
  • Annual ROC Compliance

Service Provide before due date

Premium

INR 19,999/-

Yearly Fee per company

  • Yearly Companies Act Compliance
  • Minutes, Resolution.
  • Annual Filing

Services Provided Before the Due Date

Frequently Asked Questions

Every LLP is mandatory to file an annual return in Form 11 with ROC, within 60 days before the closure of the financial year. The annual return is also available for public inspection, any person can inspect the annual return and another document of LLP after prescribed fees is made to the Registrar.

All Limited Liability Partnerships are under obligation to maintain their books of accounts and financial statement which should reflect true and fair view financial affair. If even the LLP does not commence any business still it has to comply with the statutory requirement of Annual Return, profit, Balance Sheet and Income Tax Return every year. The prescribed form fee depends on the capital contribution of the LLP.

Statutory Audit of an LLP depends on its turnover of LLP if the turnover exceeds Rs. 40 lakhs or the contribution exceeds Rs. 25 lakhs, then LLP needs to get their accounts audited by Chartered Accountant.

The Annual Return can be submitted by any of its directors through their digital signature but it shall be duly signed by both the directors of the Company and by the Manager or Company Secretary. There are certain cases when there is no Manager/ CS in a Company in such situations signature of both the directors is compulsory.

In the case of OPC (One Person Company), only a director can file their return.

Form 11 is required to be filed to ROC Department by every LLP through its designated partner with the Registrar within 60 days from the closure of the financial year.

Non Compliance of filing From 8 and 11 by the LLP then a penalty is applicable and it has late fee a sum to Rs. 100 per day. It is mandatory because without filing the financial statement LLP cannot proceed for wind up.

All LLP is mandatory to file Statements of Accounts & solvency to the ROC department further represents that declaration true and fair review of books of accounts of LLP.

To register an LLP it required to take within 2-3 working days, subject to completion of the following requirement.

  1. DSC (Digital Signature of Partners).
  2. Name Approval of LLP
  3. All required documents of partners should be self-attested.