What are Annual Filings?

Limited liability partnerships (LLPs) have very few compliances to fulfil, in comparison to private limited companies. LLPs need only file information related to statement of accounts and annual returns on an annual basis.

Penalties, however, are huge for failure to comply. Entities that don't end up doing so could be fined heavily, with penalties going up to Rs. 5 lakh in some cases.

Advantages

  • Ease of formation
  • The maximum incentive for work
  • Secrecy of business
  • Quick decisions and flexibility of operations
  • Freedom
  • Tax benefit

Process

     
  • 4 Working Days - We will file form 24 with the RoC along with the declaration from the partners. Along with the main application, you need to submit indemnity bonds and affidavit stating that the information is true to the knowledge of all the partners.
  • 30 Working DaysAfter completing the above steps, the Registrar will publish a notice on its website containing the substance of the application for a period of one month.
  • 10 Working DaysAfter one month, the registrar will remove your LLP'ss name from the register and publish a notice in the Official Gazette, thereby legally closing/dissolving the LLP.

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