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of <h1>LLPs Must Maintain Double Entry Books, File Solvency Statement; Non-Compliance Leads to Heavy Fines Under Prescribed Rules.</h1> Limited Liability Partnerships (LLPs) are required to maintain proper books of account on a cash or accrual basis using the double entry system at their registered office for a prescribed period. They must prepare a Statement of Account and Solvency within six months after each financial year, signed by designated partners, and file it with the Registrar in a prescribed form and manner. LLP accounts must be audited according to prescribed rules, although exemptions can be granted by the Central Government. Non-compliance results in fines ranging from twenty-five thousand to five lakh rupees for the LLP and ten thousand to one lakh rupees for each designated partner.
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