Limited Liability Partnerships (LLPs) are recognized as separate legal entities, and therefore, they are bound by specific compliance obligations. The responsibility for ensuring compliance rests with the Designated Partners of the LLP. The key LLP compliance requirements for LLPs include the following:
- Maintenance of ProperBook of Accounts
- Filing of Annual Return
- Filing of Statement ofAccounts
- Filing of Income TaxReturn (ITR - 5)
- Filing of Tax Audit(If Applicable)
- Ensuring annual compliances of LLP with these obligations not only maintains the legal status of the LLP but also helps in building transparency, credibility, and financial accountability.