Compliance checklist for LLP and Public Limited Company

Certainly! Here’s a more detailed elaboration of the compliance checklist for both LLPs and Public Limited Companies:

LLP Compliance Checklist:

 

1. LLP Agreement:

• Draft and execute an LLP agreement that outlines the partners’ rights, duties, and responsibilities.
• Ensure the agreement is properly stamped and registered if required by the applicable laws.

2. LLP Name:

• Choose a unique name for your LLP that is not similar to any existing LLP or company name.
• Check the naming guidelines provided by the Registrar of Companies (RoC) to ensure compliance.

3. Registered Office:

• Establish a registered office for the LLP where official communications and notices can be sent.
• File the appropriate Form (such as Form LLP-3 in India) with the RoC within the prescribed time frame to provide details of the registered office.

4. Annual Compliance:

• Prepare and file the Annual Return (Form 11) with the RoC. This includes information about the LLP partners, contribution details, and changes in management or ownership.
• File the Statement of Accounts and Solvency (Form 8) with the RoC, which contains the financial statements of the LLP for the relevant financial year.

5. Income Tax Compliance:

• Obtain a Permanent Account Number (PAN) for the LLP from the Income Tax Department.
• File income tax returns (Form ITR-5) with the Income Tax Department, disclosing the LLP’s income, deductions, and other relevant details.

6. GST Compliance:

• Register for Goods and Services Tax (GST) if the LLP’s annual turnover exceeds the prescribed threshold.
• File regular GST returns, such as GSTR-3B and GSTR-1, and comply with other GST obligations like payment of taxes and maintenance of records.

7. Other Compliances:

• Comply with other applicable laws, such as the Companies Act, 2013 (in India), and any specific regulations related to your industry or sector.
• Fulfill any additional compliance requirements specific to your jurisdiction, such as obtaining necessary licenses or permits.

Public Limited Company Compliance Checklist:

1. Incorporation:

• Prepare the Memorandum of Association (MoA) and Articles of Association (AoA), which define the company’s objectives, share capital, and rules governing its operations.
• File the necessary incorporation documents, including Form INC-32 (SPICe) or equivalent, with the RoC, providing details about the company, its directors, shareholders, and registered office.

2. Directors and Shareholders:

• Appoint directors and shareholders as per the requirements of the Companies Act or relevant laws.
• Maintain a register of directors, shareholders, and key personnel, including their personal and contact details.

3. Registered Office:

• Establish and maintain a registered office for the company, where official communications and notices can be sent.
• File the appropriate Form (such as Form INC-22 in India) with the RoC for any change in the registered office address within the prescribed time frame.

4. Annual Compliance:

• Prepare and file the Annual Return (Form MGT-7) with the RoC, which includes details of shareholders, directors, meetings held, and other statutory information.
• File the Financial Statements (Form AOC-4) with the RoC, containing the company’s financial statements, including the balance sheet, profit and loss statement, and other required financial information.

5. Board Meetings and Resolutions:

• Conduct regular board meetings as per the requirements of the Companies Act, with proper notice and agenda.
• Document board resolutions and maintain minutes of meetings, recording the decisions made during the meetings.

6. Statutory Audits:

• Conduct regular statutory audits

Author

Name: P. Manoj Kumar