Section 34 of the LLP Act 2008, deals with Maintenance of books of account, other records and audit. According to this section following requirements are to be complied:
- Every LLP shall maintain such proper books of account in accordance with Rule 24 of LLP, Rules 2009, relating to its affairs for each year of its existence on cash basis or accrual basis and according to the double-entry system of accounting and shall maintain the same at its registered office for such period.
- Every LLP shall, within a period of 30 days from the end of six months of the financial year, prepare and file with the registrar, the Statement of Account and Solvency in LLP Form 8, for the said financial year and such statement shall be signed by the designated partners of the limited liability partnership.
- According to Section 34(4) of the LLP Act 2008, the accounts of every LLP shall be audited in accordance with Rule 24 of LLP, Rules 2009. Any LLP, whose turnover exceeds in any financial year forty lakh rupees, or whose contribution exceeds twenty-five lakh rupees, is required to get its accounts audited.
The Designated Partners responsible for the compliances of LLP will be required to appoint the Auditor
- At any time for the first financial year but before the end of the first financial year,
- At least 30 days prior to the end of each financial year (other than the first financial year),
The partners may appoint an auditor or auditors where the designated partners have the power to appoint and have failed to appoint.
Further section 35 of the LLP Act 2008, Every LLP shall file an annual return in LLP Form 11, duly authenticated with the Registrar within sixty days of closure of its financial year in such form and manner and accompanied by such fee as may be prescribed.
BN Advisories Team of professionals will assist the LLP in complying with LLP Audit requirements and Filing of LLP Form 8, LLP Form 11 with Registrar. We also provide the Income Tax Return filing and other compliance Services to LLP’s.