Limited liability partnership (LLP) enjoys a separate legal status and to retain that it is required to be compliant with its annual compliance filings. At the year-end, once after the financials preparation and statutory income tax filing, LLP has to report its solvency and position to Ministry of corporate affairs by filing two forms. Failure to follow such compliances leads to penal consequences and continuance of such failure disqualifies the designated partner's / Director's position as a director.
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