Limited Liability Partnership (LLP) companies are required to comply with certain statutory requirements to ensure legal compliance and avoid penalties. Some of the key LLP compliance requirements in India are:

1. Annual filing: LLPs are required to file their Annual Return within 60 days from the end of the financial year (i.e., before 30th May). Also, LLPs with a turnover of more than Rs. 40 lakhs or capital contribution of more than Rs. 25 lakhs must get their accounts audited and file their Income Tax Return before 30th September.
2. Maintenance of books of accounts: LLPs must maintain proper books of accounts, including records of all transactions, receipts, and payments, and prepare financial statements such as the balance sheet and profit and loss account.
3. Compliance certificate: LLPs with a turnover of more than Rs. 40 lakhs or capital contribution of more than Rs. 25 lakhs must obtain a compliance certificate from a practicing company secretary, which confirms that all the compliances have been duly made.
4. Tax compliances: LLPs must obtain a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN). They are also required to deduct TDS on payments made to employees, vendors, and contractors, and file TDS returns.
5. ROC compliances: LLPs must file various forms and returns with the Registrar of Companies (ROC), including Form 11 (Annual Return), Form 8 (Statement of Accounts and Solvency), and Form 3 (Change in LLP Agreement).
6. Other compliances: LLPs must comply with various other laws, such as the Goods and Services Tax (GST), Labor laws, and Intellectual Property laws, depending on their nature of business.

It is important for LLPs to ensure timely compliance with all the above requirements to avoid penalties and legal implications. It is recommended to consult a professional service provider or a qualified company secretary for proper guidance and assistance with LLP compliances.

Some of these benefits include:

1. Protection of personal assets: One of the primary benefits of LLP compliance is the protection of personal assets. Since LLPs are separate legal entities, the personal assets of the partners are not at risk in case of any legal or financial liabilities.
2. Enhance credibility and reputation: LLP compliance can enhance the credibility and reputation of the business. Complying with the rules and regulations, filing annual returns and maintaining accurate financial records can create a positive impression on stakeholders, such as investors, lenders, and customers.
3. Access to funding: Complying with the regulations of LLP can provide access to funding from banks, venture capitalists, and other financial institutions. Lenders and investors are more likely to invest in a business that follows the rules and regulations and has a strong financial track record.
4. Minimizes legal risks: By complying with LLP regulations, a company can minimize legal risks and avoid penalties or fines. This can help to maintain the long-term viability of the business.
5. Better business opportunities: Complying with LLP regulations can open up better business opportunities such as contracts from government entities or large corporates, as compliance is often a prerequisite for such opportunities.

In conclusion, complying with LLP regulations and guidelines can offer significant benefits for the business in terms of protection of personal assets, credibility and reputation, access to funding, minimizing legal risks, and better business opportunities. It is advisable to consult with a professional to ensure compliance with all relevant regulations and guidelines.