Separate Legal Framework

• LLPs are governed by the Limited Liability Partnership Act, 2008

• The Companies Act, 2013 does not directly regulate LLPs

• LLP Act is designed specifically for flexible business partnerships

• Only certain procedural elements are inspired by the Companies Act

• LLPs follow distinct rules from private or public companies

Registrar of Companies (RoC) Oversight

• LLPs are registered and monitored by the same RoC as companies

• RoC handles incorporation, filings, and legal compliance for LLPs

• Filing of Forms 3, 4, 8, and 11 is done via MCA portal

• RoC can strike off or prosecute LLPs for non-compliance

• Inspections and inquiries are conducted under LLP Act provisions

Compliance and Reporting

• Unlike companies, LLPs have fewer mandatory disclosures

• No requirement for board meetings or AGMs in LLPs

• Annual Return (Form 11) and Statement of Accounts (Form 8) are compulsory

• Audit is only needed if turnover exceeds ₹40 lakhs or contribution ₹25 lakhs

• Companies Act compliance rules like board structure don’t apply

Penalty and Enforcement Powers

• LLP Act prescribes specific penalties for defaults similar to Companies Act

• Designated partners can be held liable for non-filing or misreporting

• Compounding of offences and adjudication follow MCA-guided processes

• Tribunal (NCLT) has authority for winding up or dispute resolution

• Enforcement actions mirror those taken under Companies Act standards

Recent Integration and Amendments

• MCA has integrated LLP compliance system with Companies Act systems

• V3 portal enables streamlined e-filing for both LLPs and companies

• Some penal provisions are aligned with Companies (Amendment) Acts

• Decriminalization efforts have impacted both corporate and LLP compliance

• Regulatory convergence strengthens overall governance and transparency