Post Incorporation LLP Compliances

What is Post Incorporation LLP Compliance?

After registration, every LLP becomes a separate legal entity and it also has to comply with all the legal requirements prescribed under LLP Act, 2008 and under Companies Act, 2013. There are certain compliances which are required to be fulfilled just after the LLP incorporation and such compliances are referred as Post Incorporation LLP Compliances

Read more about LLP Compliances.

What are the Post Incorporation LLP Compliances?

1. Certificate of Incorporation – Form FiLLiP

First compliance is to get the certificate of incorporation from Registrar of Companies. For such certificate, LLP has to file Form FiLLiP (Form for incorporation of Limited Liability Partnership).

2. LLP Agreement – Form 3 – 30 days

Second Post Incorporation LLP compliance is to file LLP agreement (click the link to download format) within 30 days from the date of incorporation with ROC in Form 3.

Penalty for Non-Compliance –

In case of delay in filing Form 3, LLP shall be liable to pay Rs.100 as penalty per day until the form is filed.

3. PAN – 30 Days

Obtaining a PAN is mandatory for every LLP incorporated under LLP Act, 2008. Thus, after the LLP Incorporation, LLP has to apply for and obtain Permanent Account Number (PAN) before Income Tax Department, Government of India. The application for PAN shall be annexed with the copy of Certificate of Incorporation.

4. TAN – 30 Days

Every LLP also has to obtain a Tax Deduction and Collection Account Number (TAN) from Income Tax Department, Government of India. TAN is required for TDS that is Tax Deduction at Source and for TDS remittances.

5. Opening of Bank Account in the name of LLP –

Next, LLP is required to open a Bank Account in the name of LLP in any Bank in India within 30 days from the date of incorporation of LLP. Thereafter, all the transactions of LLP shall be made through such Bank Account only.

Following documents are required to be attached with Bank Account opening Application –

Copy of Form FiLLiP
Incorporation Certificate
Copy of LLP Agreement
Permanent Account Number
Resolution of Opening and Operations of Bank Account passed by Partners
KYC Details of all Designated and other partners of LLP
Cheque for initial deposit of money in such Bank Account (If required)

6. Books of Accounts of LLP

Next Post Incorporation Compliance for LLP is to prepare and maintain the statutory books of accounts on the basis of double entry system and accrual basis system. It includes the maintenance of financial statements of LLP in order to know the true and fair view of financial stability of LLP.

7. Appointment of Auditors – 60 Days

In case the capital contribution of LLP exceeds Rs. 25 Lakhs or the annual turnover exceeds Rs. 40 Lakhs then such LLPSs are mandatorily required to appoint Chartered Accountants in practice as Auditors with a view to get the accounts audited. Such appointment shall be made within 60 days from the date of Incorporation.

An Audit of accounts is mandatory under the Income Tax Act, 1968 when the annual turnover of LLP is more than one hundred lakh rupees.

8. Capital Contribution – 60 Days

As we know, LLPs must have at least 2 partners for incorporation. So, all the initial partners have to deposit their amount of capital contribution as per the LLP Agreement (known as subscribed capital) within the period of 60 days from the date of incorporation.

9. Goods & Services Tax (GST) Registration

According to the Goods and Services Tax Act and rules made thereunder, every LLP whose annual turnover exceeds the prescribed limit has to obtain a GST Registration.

List of Post Incorporation Compliances

PARTICULARS	Form No.	Time-Limit (from Incorporation Date)	Services (in one click)
Certificate of Incorporation	FiLLiP	–	Apply for LLP Incorporation Certificate
LLP Agreement	Form 3	30 Days	Draft your LLP Agreement
PAN		30 Days	Apply for PAN
TAN		30 Days	Apply for TAN
Opening of Bank Account		30 Days	Open Bank Account
Books of Accounts of LLP		–	Apply for Bookkeeping and Accounting Services
Capital Contribution		60 Days
Appointment of Auditors		60 Days
Goods & Services Tax (GST) Registration			Apply for GST Registration