Category: LLP

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Penalty for Non-filing of LLP annual returns – Can winding up save penalty?

Although Limited Liability Partnership is one of the most popular forms of starting a business, there are various compliances which are required to be followed annually once the business is incorporated.

The Annual Compliances of LLP primarily include:

  • Filing of Annual Return of the LLP in Form 8 – Due date 30th October of the succeeding FY
  • Filing of Financial Statements of the LLP in Form 11 – Due date 30th May of the succeeding FY

Continue reading “Penalty for Non-filing of LLP annual returns – Can winding up save penalty?”

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5 reasons why Private Limited Company or LLP is preferred

The most common problem which startups or new ventures face while starting their business is whether to form a proprietorship or a Company.

Sole Proprietorship, being the most traditional form of business is still one of the most common types of business entity in India. The easy formation procedure and minimum compliance requirements in a Sole Proprietorship make it a ready option to start a business.

However, there are various disadvantages of a proprietorship which startups fail to understand at the initial stage. Continue reading “5 reasons why Private Limited Company or LLP is preferred”