Compliances Post Incorporation of LLP
Eliminate the risk of non-compliance by following all statutory compliances applicable to your business.
As a legal entity, Ltd. Liability company has to complete a set of registrations and formalities immediately after its incorporation, such as registrations with Shops and Establishments, GST, obtaining business activity based licenses and so on. These involve specific procedures and require prior approvals.
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Post Incorporation Compliance
Based on the LLP Act
An LLP is expected to comply with the LLP Act, 2008 and the associated rules. As per the act, the LLP Agreement in Form-3 must be filed within 30 days. Suppose it is a LLP form of business, the partners as a body can control the LLP after amending the LLP Agreement.
Based on Location
Every business must adopt the local laws of the State or Municipality. Certain legislative powers are delegated to the State Govt. and the remaining rest on the Central Govt. There are certain other matters that both the State and Central Govts. can frame rules and laws for. Hence, you must check the state-specific licenses, formalities, and registration process.
Business Activity Based
Certain types of businesses require some limitations in terms of public safety, morality and national interest. These type of businesses require prior approvals from Govt. authorities before commencing operations. For e.g. a food business can commence operations only after acquiring an FSSAI license.
Foreign Investment based business
If an LLP gets foreign investment, the approval for FDI must be filed with the appropriate department in the Central Govt. as receiving foreign funds is controlled by FEMA and RBI policies.
Tax payments, GST and TDS collection are the most important for all companies to comply with. Filing Tax Returns must be done on time - monthly, quarterly or annually.
Annual Income Tax Return must be filed with a detailed statement of income, expenses, profits and tax paid at the end of the financial year ending March 31. An LLP must file the balance sheets and annual returns with ROC.