(1) The LLP shall maintain proper books of accounts as may be prescribed relating t o its affairs for each year of its existence on cash basis or accrual basis.
(2) The accounts have to be maintained on the basis of double entry system of accounting.
(3) Every limited liability partnership shall keep books of accounts which are sufficient to show and explain the limited liability partnership's transactions and are such as to -
disclose with reasonable accuracy, at any time, the financial position of the limited liability partnership at that time; and
enable the designated partners to ensure that any Statement of Account and Solvency prepared under this rule complies with the requirements of the Act.
(4) The books of account shall contain -
particulars of all sums of money received and expended by the limited liability partnership and the matters in respect of which the receipt and expenditure takes place;
a record of the assets and liabilities of the limited liability partnership;
statements of cost of goods purchased, inventories, work-in-progress, finished goods and cost of goods sold; and
any other particulars which the partners may decide.
(5) The books of account which a limited liability partnership is required to keep shall be preserved for eight years from the date on which they are made.
(6) Every limited liability partnership shall file the Statement of Account and Solvency in Form 8 with the Registrar, within a period of thirty days from the end of six months of the financial year to which the Statement of Account and Solvency relates.
(7) The fees to be paid to the Registrar for filing the Statement of Accounts and Solvency shall be as mentioned below:
(a) |
Limited Liability Partnership whose contribution does not exceed Rs. 1 lakh |
Rs. 50/- |
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(b) |
Limited Liability Partnership whose contribution exceeds Rs. 1 lakh but does not exceed Rs. 5 lakhs |
Rs. 100/- |
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(c) |
Limited Liability Partnership whose contribution exceeds Rs. 5 lakhs but does not exceed Rs. 10 lakhs |
Rs. 150/- |
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(d) |
Limited Liability Partnership whose contribution exceeds Rs. 10 lakh |
Rs. 200/- |
(8) A limited liability partnership's Statement of Account and Solvency shall be signed on behalf of the limited liability partnership by its designated partners.
(9) The Statement of Account and Solvency of a limited liability partnership shall be signed by the designated partners of the LLP and each designated partner shall be taken to be a party to its approval unless he shows that he took all reasonable steps to prevent their being approved and signed.