LLP Books of Accounts
All LLPs have to maintain proper books of accounts. LLPs have the choice to maintain a book of accounts on a cash or accrual basis both. The book of accounts is maintained at the Registered Office. At the end of the financial year, the LLP needs to prepare and file their financial statements within 6 months with the ROC.
LLP Form 8
The Statement of Accounts and Solvency of a LLP is required to be filed within 30 days from the end of 6 months of a financial year ending mandatorily along with the prescribed fee. This is a declaration that needs to be digitally signed by 2 of the LLPs designated partners and certified by a CA, CS, or CWA.
LLP Tax Audit
LLPs mandatorily have to get their accounts audited by a practicing CA if the annual turnover exceeds Rupees 40 Lakhs or the contribution crosses Rupees 25 Lakhs in any financial year. If the LLP wants an exemption from audit, the LLPs accounts filed with the ROC are required to have a statement from the Partners stating that the Partners acknowledge their accountability in complying with the matters pertaining to accounting and the preparation of the LLP’s financial statements.
