Limited Liability Partnerships Act 2005 · 2020 Revised Edition · Part 5 · Management and Administration
31. Accounts
Feedback & supportLast amended by an amending law of 2007.
Every limited liability partnership must keep such accounting and other records as will sufficiently explain the transactions and financial position of the limited liability partnership and enable profit and loss accounts and balance sheets to be prepared from time to time which give a true and fair view of the state of affairs of the limited liability partnership.
limited liability partnership
“limited liability partnership” has the meaning given by section 4(1);
The limited liability partnership must retain the records referred to in subsection (1) for a period of at least 5 years from the end of the financial year in which the transactions or operations to which those records relate are completed.
financial year
“financial year”, in relation to a limited liability partnership, means the period in respect of which any profit and loss account of the limited liability partnership is made up, whether that period is a year or not;
The records referred to in subsection (1) must be kept at such place as the partners think fit and must at all times be open to inspection by the partners.
The Registrar may, by written notice to the limited liability partnership or any of its partners, require the limited liability partnership or that partner to produce the records referred to in subsection (1) for the Registrar’s inspection within the time and at the place specified in that notice.
Registrar
“Registrar” means the Registrar of Limited Liability Partnerships appointed under section 3(2)(a) and includes any Deputy Registrar or Assistant Registrar appointed under section 3(2)(b);
If a limited liability partnership contravenes subsection (1), (2) or (3), the limited liability partnership and every partner of the limited liability partnership shall be guilty of an offence and shall be liable on conviction —
partner
“partner”, in relation to a limited liability partnership, means any person who has been admitted as a partner in the limited liability partnership in accordance with the limited liability partnership agreement;
in the case where the offender is an individual, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both; or
in any other case, to a fine not exceeding $10,000.
Any person who fails to comply with a requirement under subsection (4) shall be guilty of an offence and shall be liable on conviction —
in the case where the offender is an individual, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both; or
in any other case, to a fine not exceeding $10,000.[25