It’s important for your business to follow all the necessary rules, just like it’s important to get it officially registered. Whether your business is a Company or a Limited Liability Partnership (LLP), it must comply with specific government rules. Every registered LLP needs to follow these rules, which vary based on the type of business it conducts. It’s the partners’ job to ensure they comply with all the rules.

LLPs have fewer filing requirements than private limited companies. They need to report their finances and returns every year. However, if they don’t follow these rules, they could face heavy fines, sometimes up to Rs. 5 lakhs