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LLP Compliance

ROC Annual Filing of LLP

LLPs in India must file annual returns with the Registrar of Companies (ROC), including:
– Form 11: Statement of Accounts and Solvency
– Form 8: Statement of Accounts and Solvency (for LLPs with higher turnover)
Timely filing is crucial to avoid penalties and fines. LLPs must also file other forms, such as Form 4 and Form 3, as applicable, to update partner and agreement details

E-KYC of Partners

The Ministry of Corporate Affairs (MCA) requires all designated partners of Limited Liability Partnerships (LLPs) to undergo Know Your Customer (KYC) verification. This involves updating their Director Identification Number (DIN) and filing Form DIR-3 KYC with the ROC. The KYC verification aims to ensure transparency and accountability in business operations. Designated partners must comply with this requirement within the specified due dates to avoid penalties and consequences. Regular KYC updates help maintain accurate records and promote good governance practices in LLPs

Change in LLP Agreement

A Limited Liability Partnership (LLP) agreement outlines the terms and conditions of the partnership, including roles, responsibilities, and profit-sharing ratios. Changes to the LLP agreement can be made through a mutual agreement among the partners. Such changes may include alterations in profit-sharing ratios, addition or removal of partners, or changes in business activities. To effect these changes, the LLP must file Form 3 with the Registrar of Companies (ROC) within the prescribed time limit. This ensures that the ROC has updated records of the LLP agreement and structure. Failure to file the updated agreement can result in penalties.

Adding of Partner to LLP

Adding a partner to a Limited Liability Partnership (LLP) involves mutual agreement among the existing partners and the incoming partner. The process requires consent from all partners and an amendment to the LLP agreement. To formalize the addition, the LLP must file Form 4 with the Registrar of Companies (ROC) within 30 days of the partner’s admission, providing details of the new partner. Additionally, the LLP must also intimate the ROC about the change in partners through Form 3, if there are changes in the LLP agreement. The new partner will also need to obtain a Designated Partner Identification Number (DPIN) if they are to be a designated partner.

Removal of Partner from LLP

The removal of a partner from a Limited Liability Partnership (LLP) involves specific procedures outlined in the LLP agreement or as per the LLP Act. The process typically requires mutual agreement among the partners or adherence to the terms specified in the LLP agreement. Upon removal, the LLP must file Form 4 with the Registrar of Companies (ROC) within 30 days, intimating the change in partners. The LLP agreement may also need to be amended, requiring filing of Form 3 if there are changes to the agreement’s terms. Ensuring compliance with these requirements helps maintain accurate records and avoids potential penalties.

Change in Registered Office

TA Limited Liability Partnership (LLP) may need to change its Registered Office (RO) due to various reasons. To effect this change, the LLP must pass a resolution and file Form 15 with the Registrar of Companies (ROC) within 30 days of the change. If the change involves shifting the office to a different state, additional filings and approvals may be required. The ROC will update the LLP’s records accordingly. Timely filing is essential to avoid penalties and ensure compliance with regulatory requirements. The change in RO should also be updated in the LLP’s records and communications.

Change in name of LLP

A Limited Liability Partnership (LLP) can change its name by passing a resolution and obtaining approval from the Registrar of Companies (ROC). The LLP must ensure the new name is not already in use and complies with naming guidelines. To effect the change, the LLP files Form 2 with the ROC, along with the required fees. Once approved, the ROC issues a new Certificate of Incorporation reflecting the new name. The LLP must update its records, stationery, and other documents to reflect the name change. Timely compliance with regulatory requirements is essential to avoid penalties.

ROC Filing of a Company

Companies in India are required to file various documents and returns with the Registrar of Companies (ROC) to comply with regulatory requirements. These include annual returns (Form AOC-4 and MGT-7), financial statements, and other forms related to changes in directors, key managerial personnel, or registered office. Timely and accurate filing with the ROC is essential to maintain compliance and avoid penalties. Companies must adhere to specified due dates and ensure all filings are complete and accurate to prevent consequences such as fines or striking off the company’s name.

XBRL Filing

XBRL (eXtensible Business Reporting Language) filing is a mandatory requirement for certain companies in India to file their financial statements with the Ministry of Corporate Affairs (MCA). XBRL filing enables tagging financial data in a standardized format, facilitating easier analysis and comparison. Companies required to file in XBRL format must prepare their financial statements in accordance with the prescribed taxonomy and file them with the MCA within the specified due dates. This digital filing enhances transparency, improves data quality, and supports efficient regulatory oversight. Non-compliance may result in penalties and other consequences.

Appointment of Auditor

In India, the appointment of an auditor is governed by the Companies Act, 2013. The audit committee recommends an auditor, and the shareholders approve the appointment at the Annual General Meeting (AGM). The auditor’s term, rotation, and eligibility criteria are specified under the Act. Companies must ensure the auditor’s independence and qualifications. The auditor is appointed for a specific term, and their details are filed with the Registrar of Companies (ROC). The auditor plays a crucial role in ensuring the accuracy and transparency of a company’s financial statements.

INC-20A (Commencement of Business)

INC-20A is a form filed with the Registrar of Companies (ROC) by a company to declare the commencement of its business operations. This form is required to be filed within 180 days from the date of incorporation, verifying that the company has complied with all necessary requirements and is ready to commence business. The form requires details about the company’s registered office, paid-up capital, and verification of directors. Filing INC-20A is a critical step for companies to obtain the Certificate of Commencement of Business, enabling them to legally start their business activities.

KYC E-Form of Directors

The Ministry of Corporate Affairs (MCA) requires all directors of companies to undergo Know Your Customer (KYC) verification. Directors must file Form DIR-3 KYC with the Registrar of Companies (ROC) annually, providing updated information and verifying their Director Identification Number (DIN). This process ensures transparency and accountability in corporate governance. Timely compliance with KYC requirements is essential to avoid penalties and maintain good standing with regulatory authorities. The KYC verification helps in maintaining accurate and up-to-date records of directors.

MSME-1

MSME-1 is a registration form for Micro, Small, and Medium Enterprises (MSMEs) in India. This registration provides various benefits, including priority sector lending, interest subsidies, and access to government schemes. MSMEs can register online through the Udyam Registration Portal, providing details about their business, such as investment in plant and machinery, turnover, and other relevant information. The registration is essential for MSMEs to avail themselves of the benefits and support offered by the government, promoting growth and development of small businesses.

DPT-3

DPT-3 is a return filed by companies with the Registrar of Companies (ROC) in India, providing details of deposits accepted or received by the company. The form is required to be filed annually or in specific circumstances, such as when a company accepts deposits. Companies must provide accurate information about deposits, including details of depositors, amount, and terms. Timely filing of DPT-3 is essential to ensure compliance with the Companies Act, 2013, and to avoid penalties. The return helps regulatory authorities monitor deposit-related transactions and ensures transparency in financial dealings.

Minutes of the meetings

Minutes of a meeting are a formal written record of the proceedings, decisions, and actions taken during a company’s board or shareholder meetings. They serve as a crucial document for maintaining transparency, accountability, and good corporate governance. Minutes typically include details such as the date, time, and place of the meeting, attendees, agenda items discussed, resolutions passed, and decisions made. Accurate and timely preparation of minutes is essential for compliance with regulatory requirements and for future reference. Minutes are usually prepared by the company secretary and approved by the chairman or relevant authority.

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Dipanshu completed his LL.B. in 2015 and is also a qualified Company Secretary (CS). Dipanshu was admitted to the practice of law at the Bar Council of Delhi in 2015 and is also a Member of the Delhi High Court Bar Association.

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