The books of account shall contain :
- Particulars of money received and spent and the matters relating thereto.
- Liabilities of the LLP and record of the assets .
Preparation of Annual Accounts
Every LLP shall prepare a statement of account and solvency as on the last day of every financial year within a period of six months from the end of each financial year.
Audit of Accounts
- The LLP has an option not to get its accounts audited if its turnover in any financial year does not exceed Rs.40,00,000.
- Except as stated above the accounts of a LLP shall be audited every year by a person who is chartered account in practice, appointed in each financial year.
- The designated partner shall appoint auditor or auditors.
- to fill a casual vacancy.
- to appoint auditor in a case when the turnover or contribution exceeds the prescribed limit.
- to fill casual vacancy
- to appoint auditor in a case when the turn over or contribution exceeds the prescribed limit.
- to fill up vacancy caused by resignation/removal.
Removal/Resignation of Auditor or Auditors
- The partners of LLP may remove auditor by following the procedure laid down in the LLP agreement.
- If there is no provision in the LLP agreement for removal of auditor, consent of all partners is required for removing auditor.
- An auditor may resign his office by depending notice to that effect in the registered office by giving a statement of the circumstances connected with his resignation.
Filing of annual accounts with the registrar
Every LLP shall file with the registrar the annual statement of account and solvency in form 8.
- Every LLP shall file its annual return with the registrar within 60 days.
- Inspection of documents kept by registrar
- The following documents of every LLP kept by the Registrar namely :
- The registration document
- Names of partners and changes
- Statement of accounts and solvency and annual return