LLP Compliance
Stay Compliant with OSBS Accounting Solutions Private Limited
LLP compliance refers to the adherence to legal, regulatory, and operational requirements for Limited Liability Partnerships (LLPs). In India, LLPs are governed by the Limited Liability Partnership Act, 2008, and non-compliance can lead to penalties, legal actions, and the dissolution of the business. Therefore, it is crucial for every LLP to meet its compliance requirements to ensure smooth functioning and avoid any legal hurdles.
At OSBS Accounting Solutions Private Limited, we provide end-to-end LLP compliance services to ensure your business adheres to all statutory requirements. Our expert team handles your compliance needs, so you can focus on growing your business.
Key Areas of LLP Compliance
Annual Filing with the Ministry of Corporate Affairs (MCA): LLPs are required to file annual forms such as Form 11 (Annual Return) and Form 8 (Statement of Accounts & Solvency) with the Ministry of Corporate Affairs (MCA).
Filing Financial Statements: Preparation and filing of financial statements that comply with Indian accounting standards.
Partnership Agreement Compliance: Ensuring that the LLP has a valid partnership agreement and that its provisions are adhered to.
Tax Compliance: Ensuring timely filing of Income Tax Returns and GST Returns, as applicable.
Maintain LLP Records: Keeping proper records, such as a list of partners, capital contributions, and other important documents.
Change in Partners: Reporting any changes in the partners of the LLP to the Ministry of Corporate Affairs.
Audit Requirements: In certain cases, LLPs may need to get their accounts audited by a qualified Chartered Accountant.
Why is LLP Compliance Important?
Avoid Legal Consequences: Non-compliance with LLP regulations can result in fines, penalties, or even the dissolution of the LLP.
Smooth Business Operations: Adhering to compliance ensures that there are no disruptions in your business operations.
Maintain Investor and Stakeholder Confidence: A compliant LLP is more trustworthy and attractive to investors, partners, and stakeholders.
Tax Benefits and Deductions: Complying with tax laws allows the LLP to avail of various deductions and exemptions under the Income Tax Act.
Legal Protection: LLP compliance ensures that the business is legally protected and operates within the framework of the law.
Key Compliance Requirements for LLPs in India
Incorporation Documents: Ensure the LLP is registered with the Ministry of Corporate Affairs (MCA) and has all necessary incorporation documents.
Annual Filing: LLPs must file Form 11 (Annual Return) and Form 8 (Statement of Accounts & Solvency) every year.
Tax Filing: LLPs must file Income Tax Returns (ITR) and comply with GST if the LLP is registered under the Goods and Services Tax Act.
Appointment of Designated Partners: The LLP must have at least two designated partners, and their details must be updated with the MCA.
Change in LLP Agreement: Any amendments to the LLP Agreement need to be filed with the MCA.
Financial Statements: LLPs must prepare financial statements in compliance with Indian accounting standards, and get them audited if necessary.
How OSBS Helps with LLP Compliance
Annual Filing Services: We ensure that all required annual filings, including Form 11 and Form 8, are submitted on time.
Tax and Accounting Compliance: We help ensure that your Income Tax Returns and GST Returns are filed accurately and on time.
Partnership Agreement Management: We assist in drafting, amending, and ensuring compliance with the LLP Partnership Agreement.
Audit Support: Our experts provide guidance on LLP audit requirements and ensure that your accounts are in order.
Compliance Updates: We keep you informed about any regulatory changes that may affect your LLP’s compliance status.
Legal Documentation: We assist with proper documentation and record-keeping as per LLP Act requirements.
Why Choose OSBS for LLP Compliance Services?
Expert Compliance Team: Our team of experts ensures that your LLP meets all regulatory and statutory compliance requirements.
Timely Filing: We make sure that all returns and documents are filed within the deadlines to avoid penalties.
Accurate and Thorough Services: From Annual Return filings to tax compliance, we offer comprehensive solutions tailored to your LLP's needs.
Hassle-Free Process: Let us handle all your compliance requirements so that you can focus on your business’s growth.
Customized Solutions: Our services are tailored to meet the specific needs of your LLP, ensuring full legal and regulatory compliance.
Stay Compliant, Grow Your LLP – Let OSBS Accounting Solutions Manage Your LLP Compliance Needs.
Trust OSBS Accounting Solutions Private Limited to help you stay compliant with all the regulations governing LLPs in India.
