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What are Annual Filing for LLP?
Limited liability partnerships (LLPs) has less number of compliances to satisfy in contrast to non-public limited companies. LLPs need only file information associated with the statement of accounts and annual returns on an annual basis but failed to try to so are often very costly as penalties are very high in respect of LLP noncompliance. Penalties may go up to Rs. 5 lakh in some cases.
Advantages of Annual Filing for LLP
Many businesses let their compliance requirements compile, and compliances remain pending from their side to be fulfilled. Staying disciplined from the preliminary days is going to be immensely useful when the Annual Filing for LLP is trying to find investment or a loan, as both would want to form sure that business is compliant with the Registrar of Companies’ (ROC’s) requirements.
- Consistent Updates
Having a corporation secretary on-call throughout the year is important in ensuring that your business is run in accordance with the laws effective and updated thoroughly.
Once the required documents like annual accounts etc are received the filings are done within the time-frame mentioned or provided by ROC.