The limited liability partnership is not provided with much relaxation in terms of maintenance of books of accounts, audit compliances or IT Return filling etc. The Act that governs LLPs provides specific rules for maintenance of books of accounts in order to provide the financial users with detailed information and to maintain the transparency of accounts. Every limited liability partnership is compulsorily required to maintain proper books of accounts relating to its affairs for each year on cash basis or accrual basis and shall maintain the same at its registered office for eight years from the date on which they are made. ROC Compliances Every limited liability partnership shall within a period of six months from the end of each financial year, prepare the Statement of Account and Solvency and shall file it in Form 8 with the Registrar within 30 days from the end of six months of the financial year, that is, by 31^st October. The designated partners are responsible for signing the Statement before it is being filed with the registrar. The fees to be paid to the registrar for filling the Statement of Account & Solvency have been provided hereunder:

• Contribution does not exceed Rs.1lakh – Rs.50
• Contribution exceeds Rs.1lakh but does not exceed Rs.5lakhs – Rs.100
• Contribution exceeds Rs.5lakhs but does not exceed Rs.10lakhs – Rs.150
• Contribution exceeds Rs.10lakh – Rs.200

Penalty for non-maintenance of books of accounts If a limited liability partnership fails to maintain the books as per the provisions of the LLP Rules, then it shall be punishable with a fine of at least twenty – five thousand rupees, which may extend to five lakh rupees and every designated partner shall be punishable with a penalty of at least ten thousand rupees which may exceed to one lakh rupees as well.

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