Prabhat is proposing to start a new business wants to know from you the mandatory annual compliances for an LLP and a partnership firm.

Mandatory annual compliances for LLP Annual returns are filed in Form 11. This form is a summary of the management of affairs of the LLP, such as number of partners and their names. Form 11 needs to be filed with the Registrar within 60 days of the closure of the financial year. Hence this Annual Return should be filed on or before 30th May every year by the LLP. In case the annual turnover of the LLP crosses ₹ 5 crore or the capital contribution from Partners exceeds ₹ 50 lakh, the Annual return should be accompanied by a Certificate from Practicing Company Secretary All LLPs are required to maintain their books of accounts in Double Entry System. They also need to prepare a Statement of Solvency (Accounts) every year ending on 31st March. For this purpose, LLP Form 8 should be filed with the Registrar of Companies on or before 30th October every year. It should be noted that LLPs whose annual turnover exceeds ₹ 40 lakh or whose contribution exceeds ₹ 25 lakh are required to get their accounts audited by a qualified Chartered Accountant mandatorily. Maintenance of book of account is mandatory for LLP, irrespective of annual turnover. In partnership there is no requirement for filing Annual Return. There is no requirement for certificate from company secretary.