Sorry for Delayed posting . We missed the date of posting because of the Corona extra work .
Sudama : “Hello friend shrihari is it possible to meet your friends today , we met that day at your place and this lockdown stopped my steps , now slowing opening up can we meet please ask. “
Shrihari : “yes sure we are thinking to meet , so let’s meet tomorrow”.
The next day they both visit Shrihari’s friend
Dhananjay: welcome, I was waiting for you.
Shrihari : ” He is my friend Sudama ,I had mentioned about him , he wants to know more about LLP
Dhananjay: “yes sure , Come let’s talk with tea “
” Me and my 2 friends started with LLP . Where me and one close friend of mine are Designated partners and third friend is just a partner .
So we 2 are like Director shareholders in Company and third friend is just like a shareholder.”
“We decided to contribute as per our capacity, we had decided our profit sharing ratio and some other important information considered and put in in the LLP Agreement, like distribution of work , if we wish to add partner then what should be done ,if any mishap then what all such kinds of questions we answered and jot them down in agreement”
Sudama: “Ok I understood , but is it complicated like Company Procedure?”
Dhananjay: “No no Dear it’s not a company things are not much complicated, but you will get the benefit of company like Limited liability.”
Sudama: yes , Shrihari told me about this .
Dhananjay: “one more thing to be kept in mind that we need to do Annual filing for LLP like we file income tax return every year even if there is nil income Like that we have to file Annual filing
1. Annual Return
2. Financial return Which should be filed before May and October end respectively. Late filing will attract penalty .
This return to be filed with MCA ministry of corporate affairs”
Sudama: “Thanks for your valuable suggestions.”
Dhananjay: “Shrihari is the valuable suggestion giver”.
Shrihari : ” I will act Like Adviser , but you have to act on yourself”.
Dhananjay: “Yes I know Parth Sarathi ” 
Visits: 595
