LLP Audit

Overview

The accounts are audited by chartered accountant in the following case:

• If  the annual turnover in a financial year exceeds more than 40lakhs.
• If the contribution exceeds more than 25lakhs.

Audit Relaxation

To get relaxation from audit, the accounts of LLP which are filled with the ROC should hold partners statement with the outcome that the partners acknowledge their responsibilities for observing with the needs with respect to accounting and making of financial statement.

Penalty

If LLP fails to fulfill the requirements then it will be punished with a penalty which will be Rs.25,000 but not exceeding Rs.5,00,000 and every designated partner will be punishable with a penalty which will be Rs.10,000 but not exceeding Rs.5,00,000.

Documents Required

Documents Required

1. Documents of Incorporation.
2. Annual Returns.
3. Solvency and statement of accounts.
4. Name change of partners and other changes.