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of <h1>LLPs Required to Maintain Financial Records for 8 Years, File Solvency Statement; Audit Exemptions Apply Under Certain Conditions</h1> Every limited liability partnership (LLP) must maintain books of account to accurately reflect its financial position and ensure compliance with the Act. These records must include details of all financial transactions, assets, liabilities, and inventory, and be preserved for eight years. LLPs must file a Statement of Account and Solvency with the Registrar within specified timeframes, signed by designated partners or authorized professionals in case of insolvency. LLPs with turnover or contributions below certain thresholds are exempt from mandatory audits, though partners may opt for one. Auditors, who must be Chartered Accountants, are appointed annually, with provisions for their removal and resignation.
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