Filing Requirement For LLP

• November 3, 2020
• CA Chandan Agarwal's Office

INTRODUCTION

In the year 2003, when Naresh Chandra committee, submitted its report entitling “Report of the Committee on Regulation of Private Companies and Partnerships” and subsequently in the year 2005 when Dr Jamshed J. Irani committee came up with its report on Company Law, they both felt the need for the development of some kind of hybrid business structure.

The structure which provides protection of Limited Liability to its member similar to the companies and at the same time structure doesn’t have to comply with the complex compliance structure of the companies.

With above-stated principals as its cornerstone, the LLP Act came into existence in the year 2008. The legislation makes sure that LLP doesn’t have to bear the burden of a complex compliance mechanism. Hence, there are too many compliance relaxations has been provided to the LLP.

The LLP, however, needs to comply with two filing requirement on the annual basis. LLP has to file, solvency statement, and annual return with Registrar of LLP. Here in this write-up, I will be discussing these compliances and allied issues.