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MANDATORY COMPLIANCES & PENALTY

(Applicable for all companies under companies act, 2013)

 
Compliance to be done When is this compliance to be done? Penalty for Non-compliance
1. Issue of Share Certificates The company must issue the Share Certificates to its shareholders within 2 months of its Incorporation or new allotment
  • Company: Fine from Rs. 25,000 which may extend to Rs.500,000.
  • Directors: Fine from Rs. 10,000 which may extend to Rs. 100,000.
2. Statutory Registers 7 to 8 Mandatory Registers to be maintained and updated from time to time
  • Penalty: Rs. 50,000 which may extend to Rs. 3,00,000 and
  • Further fine: Rs. 1,000 day for which the default continues.
3. Board Meeting Compliances
  • 1st Board Meeting thirty days of date of incorporation and
  • One Board Meeting to be held in each quarter of the financial year.
  • Minutes of meeting to be prepared,Notice of Meeting should be given
  • Attendance Register of every meeting to be maintained.
  • Company: Fine from Rs. 25,000 and
  • Director in default: liable to a penalty of Rs. 5,000.
  • Non-compliance in Issue of Notice of Meeting, Director shall be liable to a penalty of Rs. 25,000.
4. Annual General Meeting (AGM) Compliance
  • AGM to be held every year
  • Minutes of AGM to be prepared
  • Notice of AGM should be given in advance.
  • Attendance Register of every General meeting to be maintained.

Default in holding AGM:

  • Company and Directors: in default shall be punishable with fine which may extend to Rs. 1,00,000 and
  • Rs. 5,000 for every day of delay

Minutes Book Maintenance:

  • Company: Penalty upto Rs. 25,000
  • Directors in default: shall be liable to a penalty of Rs. 5,000.
5. Annual ROC Filings

w.e.f 01/04/2014

  • Filing Annual Return (MGT-7)
  • Filing Financial Statements (AOC-4)
  • ADT-1 (Auditor Appointment)
  • Every company is required to file its Annual Return(MGT-7) with the ROC within 60 days of AGM.
  • The Financials(AOC-4) also to be filed within 30 days of AGM.
  • The Auditor Appointment (ADT-1) to be filled within 15 days from the AGM.
  • Additional ROC Filing Fees: Upto 12 times of normal filing fees for each Form separately i.e. MGT-7, AOC-4 & ADT-1 (Depending on the Delay time)
  • +

  • Company: Shall be punishable with fine of Rs. 50,000 which shall extend to Rs. 5,00,000 and
  • Director in default: shall be punishable with imprisonment upto 6 Months or with Minimum Fine of Rs. 50,000 which may extend to Rs 5,00,000 or with both.

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LET'S CLEAR ALL THE DOUBTS!

LLP is a corporate entity and is operated by legal rules and procedures as given in the LLP Act 2008. ROC is a Government office under the Ministry of Corporate affairs to look after the compliances of LLPs under its jurisdiction. Every LLP irrespective of its size has to file Annual returns giving details about its management and financial performance. Any delay in filing of returns attract penalty as given in the table below.

Here it goes

  • Many LLPs are unable to keep up with the filing due dates and end up paying heavy penalties.
    We believe in strong follow-up and reminder system to ensure that your filings are done on time.
  • Every Entrepreneur has to focus on the business and leave the legalities to able and trusted hands.Thousands of LLP have trusted Startupwala for their ROC compliances.
  • There are lot of cost savings under AMC. Explained in the quote.                   and get the quote in a minute.

                             and get the detailed Saving sheet in a minute.

  • Filing of Annual returns via Form 11 & Form 8
  • ROC Filing for Event based compliances as given below
  • Change in the Registered Office
  • Appointment of Partners
  • Changes in Designation of Partners
  • Increase in Capital Contribution of LLP
  • Change in Name and Main objects of the LLP
  • Loan & Charge Management
  • Changes in DIN

There are many privileges for LLP in comparison to a Private Limited company, in terms of exemptions from maintenance of Minutes book, Statutory registers, Annual general meeting and flexible tax rates.

Board meeting is generally associated with a Board of Directors meeting. There are no directors involved in an LLP, instead designated Partners run the business and are held responsible for compliances. Hence, Board of Partners meeting is suggested in case of an LLP firm.

No, AGM is not required for an LLP. AGM is a once in a year meeting for Shareholders of the Company. As there is no concept of shareholding in an LLP, no AGM is to be held.