Limited Liability partnerships are also required to maintain certain books of accounts as other businesses require. The Act governing the LLPs has prescribed certain requirements which need to be followed by LLPs in regard to maintaining books of accounts.

Every Limited Liability Partnerships are required to maintain the books of accounts on cash basis or accrual basis and also according to Double Entry System of Accounting. The books of accounts shall also be preserved in the registered office of the LLP for the specified period.

 

STATEMENT OF ACCOUNTS & SOLVENCY

Every limited liability partnerships are required to maintain a Statement of Accounts and Solvency within a period of 6 months from the end of financial year and shall file it in Form 8 with the Registrar along with the specified fees within 30 days from the end of six months of the financial year. The statements should also be signed by the Designated Partners.

Fees structure for filing the Statement of Accounts & Solvency

Contribution                                                                         Amount (in Rs)

Less than Rs. 1 lakh                                                                      50/-

More than 1 lakh but less than Rs. 5 lakhs                                   100/-

More than 5 lakhs but less than Rs. 10 lakhs                               150/-

More than Rs. 10 lakhs                                                                 200/-

Penalty for non- maintenance of books

If a Limited Liability Partnership fails to maintain the books of accounts, it shall be punishable with a fine of not less than Rs. 25000 but which may extend to Rs. 5 lakhs.

Every Designated partner in default shall be punishable with a fine of not less than Rs. 10000 but which may extend to Rs. 1 lakh.

 

ANNUAL RETURN

Every Limited Liability Partnership is required to file an annual return which should be duly authenticated by the Registrar within 60 days of closure of its financial year in such form and accompanied by required fees.

Fees structure for filing Annual Return with the Registrar

Contribution                                                                         Amount (in Rs)

Less than Rs. 1 lakh                                                                          50/-

More than 1 lakh but less than Rs. 5 lakhs                                       100/-

More than 5 lakhs but less than Rs. 10 lakhs                                   150/-

More than Rs. 10 lakhs                                                                     200/-

Penalty for non- filing of Return

If a Limited Liability Partnership fails to maintain the books of accounts, it shall be punishable with a fine of not less than Rs. 25000 but which may extend to Rs. 5 lakhs.

Every Designated partner in default shall be punishable with a fine of not less than Rs. 10000 but which may extend to Rs. 1 lakh.

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