TMI BlogMaintenance of books of account, other records and audit, etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... all sums of money received and expended by the limited liability partnership and the matters in respect of which the receipt and expenditure takes place; (b) a record of the assets and liabilities of the limited liability partnership; (c) statements of cost of goods purchased, inventories, work-in-progress, finished goods and cost of goods sold; and (d) any other particulars which the partners may decide. (3) The books of account which a limited liability partnership is required to keep shall be preserved for eight years from the date on which they are made. (4) For the purposes of sub-section (3) of section 34, every limited liability partnership shall file the Statement of Account and Solvency in Form 8 with the Registrar, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en to be a party to its approval unless he shows that he took all reasonable steps to prevent their being approved and signed. (8) The accounts of every limited liability partnership shall be audited in accordance with these rules: Provided that a limited liability partnership whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty-five lakh rupees shall not be required to get its accounts audited: Provided further that if partners of such limited liability partnership decide to get the accounts of such LLP audited, the accounts shall be audited in accordance with these rules: Provided also that where the partners of such LLP do not decide for audit of the accounts o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the new auditors are appointed, or (b) they are re-appointed. (14) Where no auditor has been appointed under sub-rule (11), any auditor in office shall be deemed to be re-appointed, unless - (a) the limited liability partnership agreement requires actual reappointment, or (b) the majority of partners have determined that he should not be re-appointed and have given a notice to this effect to the LLP. (15) Provisions of sub-rule (14) shall be applicable without prejudice to the provisions of the rules relating to removal and resignation of auditors under this chapter. (16) A notice specified under clause (b) of sub-rule 14 - (a) may be in hard copy or electronic form, and (b) must be authenticated by the person or pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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