Post-LLP agreement compliances
Post-LLP agreement compliances: After submitting the LLP Agreement, the following compliance requirements need to fulfill by an LLP in India:
1.Obtaining the Certificate of Incorporation:
Once the LLP Agreement and other necessary documents are submitted to the Registrar of Companies (ROC), and if everything is in order, the ROC will issue a Certificate of Incorporation. This certificate confirms the creation of the LLP. Because it contains the LLPIN (Limited Liability Partnership Identification Number).
2.Applying for PAN and TAN:
Once the LLP incorporate, the designated partners of the LLP must apply for a PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) from the Income Tax Department. PAN requires for opening a bank account and for filing income tax returns, while TAN is required for deducting and depositing TDS.
3.Opening a Bank Account:
After obtaining the PAN and TAN, the LLP should open a bank account in the name of the LLP and get it register with the ROC.
4.Maintaining Books of Accounts:
LLPs are require to maintain proper books of accounts and other financial documents as per the LLP Act, 2008. The books of accounts must maintain for every financial year and must audit with a qualified Chartered Accountant if the LLP meets certain financial thresholds.
5.Filing of Form 3 and Form 4:
If there are any changes in the LLP agreement, partners, registered office, etc., Form 3 and Form 4 should have filed with the ROC within 30 days of the change.
To Visit https://www.mca.gov.in/
6.Post-LLP agreement compliances:
Therefore, It is essential for LLPs to comply with all the regulations and complete these compliance requirements to avoid any penalties or legal repercussions.
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