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A Limited Liability Partnership (LLP) operating in India under the Limited Liability Partnership Act, 2008, is required to comply with a series of yearly submission/declaration filing procedures with the Registrar of Companies (ROC). Every LLP should file an annual statement report, Return of Deposits, profit and loss statement, Board Report, and Annual Accounts with the ROC by the statutory period, or they face penalties.
An LLP is a business comprising of partners who are part of a separate legal entity in which they have limited liability. Individual partners in an LLP are shielded from joint liability resulting from the misconduct of another partner because no partner is liable for the illegal actions of other partners.
Registrar of Companies is the Ministry of Corporate Affairs (MCA) regulatory authority that is in charge of enforcing the Limited Liability Partnership Act of 2008. The ROC awards Registration/Incorporation Certificates to LLPs, permits their closure, and oversees their administrative activities.
The ROCs also guarantee that LLPs follow the Companies Act's statutory obligations. The ROC office keeps a registry of records pertaining to companies registered with them.
Section 609 of the Companies Act of 1956 assigns the primary duty of registering LLPs to the ROCs. The ROC is in charge of company registration in India, as well as the reporting and regulation of companies and their directors and shareholders. The Registrar of Companies also oversees government reporting of various matters, including the annual filling of various documents.
ROC annual compliances of LLP
LLP is a legal entity that follows legal rules and processes. Every LLP is required to file yearly returns outlining its management and financial performance. LLPs must file on ROC’s official records their IT Returns on time, regardless of whether the entity has income, profit, or loss.
Information about partners: Every LLP should file an annual statement report in which it provides information about its operations and partners.
Return of Deposits: Every business is required to file a Return of Deposits, which contains information regarding deposits and/or outstanding receipts of loans or money other than deposits.
Submission of Director KYC for DIN holders: Every Director with Director Identification Number should submit Director KYC.
Profit and loss statement: Every LLP must submit its profit and loss statement and balance sheet to the ROC.
Financial statements: LLPs must submit their financial statements to the ROC. The ROC requires an LLP to file yearly returns describing its management and financial performance.
Annual return: Every firm is required to file an annual return that includes information about the company.
Board Report: Resolutions on the Board Report and Annual Accounts must be filed with the ROC. The LLP should file the specifics of the resolutions that were passed.
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