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of <h1>LLPs Must Maintain Proper Books and File Solvency Statements Under Section 34; Non-Compliance Leads to Penalties</h1> Section 34 of the Limited Liability Partnership Act, 2008 mandates that limited liability partnerships (LLPs) maintain proper books of account on a cash or accrual basis using the double-entry system at their registered office. LLPs must prepare a Statement of Account and Solvency within six months of the financial year's end, signed by designated partners, and file it with the Registrar. Accounts must be audited per prescribed rules, with possible exemptions by the Central Government. Non-compliance results in penalties, with fines for LLPs and designated partners for failing to adhere to accounting, filing, and auditing requirements.
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