LLP compliance refers to the set of legal obligations that Limited Liability Partnerships (LLPs) must fulfill to ensure compliance with the regulations outlined by the LLP Act. These compliance requirements include filing annual returns, maintaining proper accounting records, conducting audits, and adhering to tax laws. Non-compliance can result in penalties, legal consequences, and even the dissolution of the LLP. Therefore, it is essential for LLPs to adhere to all compliance requirements to maintain legal and financial stability.

If LLP has been incorporated on or after first October of financial year, then first financial year of LLP can be of 18 months. In this case it’s discretionary on LLP designated partner that FY can be closed to current years March month or end of next year march month.

LLPs must annually submit LLP Form 8, known as the “Statement of Accounts and Solvency.” This statement includes financial details such as assets, liabilities, and a declaration made by designated partners regarding the LLP’s solvency.

LLPs are required to file Form 11, the annual return, within 60 days after the end of the financial year. Additionally, they must submit Form 8, the Statement of Accounts, within 30 days after 6 months of the financial year. The financial year for every LLP ends on March 31st.

If the LLP is established on or after October 1st of a financial year, its first financial year can extend up to 18 months. It’s up to the LLP’s designated partners to decide whether to close the financial year in the current March or the next March.