Obtain PAN and TAN

• Apply for Permanent Account Number (PAN) from Income Tax Department

• Apply for Tax Deduction and Collection Account Number (TAN)

• PAN is essential for all financial and tax-related activities

• TAN is required if the LLP deducts TDS on payments

• These numbers must be linked with LLP bank accounts

Open LLP Bank Account

• Use Certificate of Incorporation and PAN for account opening

• Provide LLP agreement and KYC documents of partners

• Choose a bank with corporate banking facility for LLPs

• Define authorized signatories in the LLP agreement

• Activate online banking for easy financial transactions

File LLP Agreement with ROC

• Execute LLP agreement within 30 days of incorporation

• Stamp the agreement as per state stamp duty rules

• File Form 3 on MCA portal with the signed agreement

• Agreement defines roles contribution and profit-sharing terms

• Delay in filing may attract penalties from RoC

Register for Other Statutory Requirements

• Apply for GST registration if turnover exceeds limits or required

• Register under Shops and Establishments Act if applicable

• Get Professional Tax Registration for applicable states

• Check if MSME Udyam Registration is beneficial for LLP

• Comply with sector-specific licenses or registrations if needed

Set Up Accounting and Compliance System

• Appoint an accountant or accounting software for books

• Set up system for invoicing billing and tax tracking

• Maintain minutes and statutory registers from Day 1

• Schedule annual filing deadlines for Forms 8 and 11

• Keep compliance calendar and alerts for timely submissions