Annual Compliances for LLP

Certain compliances need to be completed to ensure smooth functioning of LLP.The overall compliances for LLP is less cumbersome. Filing of all the forms and returns on time is very essential. Heavy penalties are imposed if the Forms are not filed on time with the Registrar. There is no concept of appointment of an Auditor in an LLP, as there is no requirement of books of accounts to be audited by Auditor until and unless turnover exceeds 40 Lakhs or capital contributions exceeds 25 Lakhs. All the compliances are governed by LLP Act, 2008.