Limited Liability Partnership (LLP) is an upgraded and advance form of Partnership Firm. LLP is governed by Limited Liability Partnership Act, 2008 and is enforceable since 2009. LLP needs to be register through Registrar of Companies. LLP combines the benefits of a partnership with that of a limited liability company. LLP was introduced to provide a easiest form of business to the Entrepreneurs that is easy to maintain and gives the benefits of Limited Liability. The Partners of the LLP are only liable to the extent of thier contribution in the firm, as compare to the unlimited and personal liability in Proprietorship Firm and Partnership Firm.
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The Limited Liability Partnership is an Artificial person. The separate Pan card is issued to Limited Liability Partnership. Hence the Limited Liability Partnership enjoys the status of Separate Legal Entity. The Limited Liability Partnership can sue and can be sued in the courts.
Limited Liability Partnership enjoys the benefit of Limited Liability. Limited liability refers that the Liability of the partners will not exceed the amount invested in a business through contribution by them. Partners of the firm will not be held responsible, in case of any unforeseen losses and statutory or legal liabilities in the firm.
The terms and objectives of the LLP is written in the Limited Liability Agreement. The terms can be easily modified just by amending the LLP agreement.
The ownership of Limited Liability Partnership can be easily transfer to another partners just by introducing the another partners and transferring their shares to them.
Limited Liability Partnership can also easily avail credit facilities from Banks, Financial Institutions and NBFCs.
Limited Liability Partnership has minimal requirement of compliance as compare to Private Limited company.
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Limited liability partnership is a partnership with limited liability. Every LLP which are registered with the Ministry of Corporate Affairs have to file the Annual Returns and Statement of Accounts every year.
Income Tax Return: Every LLP has to file Income Tax Returns every year. The last date of filing of return for LLP is 31st July every year. However, any LLP under tax audit is required to file its Income tax return by 30th September. Audit under Income-tax Act: Every LLP whose turnover exceeds INR 2 Cr. in case of a business or INR 50 Lakh in case of a profession, is required to get its books of accounts tax audited under section 44AB of the Income-tax Act. Such audit will have to be completed and filed by 30th September.
If the filing is not done within stipulated time, there is a penalty of Rs. 100 per day till it complies.
There are mainly 3 compliances which are mandatory for every LLP to comply for any financial year. • Annual Return • Financial Statements of the LLP • Income Tax Returns Filings.
