LLP or the Limited Partnership is a hybrid combination of a limited and partnership company. Minimum two partners are required to incorporate an LLP there is no such upper limit.

Limited Liability Partnerships are required to file the annual returns within 60 days from the end of the close of the financial year and account statement and solvency within 30 days from the end of six months of the closure of the financial year.

The financial year for the LLPs starts from the 1st of April to the 31st of March. The annual return for the LLPs is due on May 30th while the statement of accounts and solvency is due on the 30th of October of each financial year.

Limited Liability Partnerships are not required to audit their books of account except where their annual turnover is more than Rs.40 lakhs or if the contribution is more than Rs.25 lakhs. Hence, an LLP is not required to get their books of account audited if it fulfills the above-mentioned condition, making the process of annual filing simpler.

Besides the MCA annual return filing, the limited liability partnerships must also mandatorily file the income tax return every year. Breakeven Advisory provides a comprehensive LLP compliance service that includes annual filing and LLP income tax return filing at a very affordable price point.