Section 34 of LLP Act, 2008 : Section 34: Maintenance Of Books Of Account, Other Records And Audit, Etc
LLP Act, 2008
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Explanation using Example
Imagine a scenario where a Limited Liability Partnership (LLP) named "Tech Innovations LLP" is operating in the software development industry. According to Section 34 of the Limited Liability Partnership Act, 2008:
- Maintaining Books of Account: Tech Innovations LLP must maintain proper books of account, which could include ledgers, cash books, and sales records, on either a cash or accrual basis using the double entry accounting system. These records must be kept at their registered office.
- Annual Statement of Account and Solvency: After the end of the financial year, by September 30th (assuming the financial year ends on March 31st), the LLP must prepare and sign a Stat...
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