Limited Liability Partnerships Order, 2010 · As enacted
26. Accounts
Official textFrom Attorney General's Chambers, unchanged
Every limited liability partnership shall keep such accounting and other records as will sufficiently explain the transactions and financial position of the 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 partnership.
{2)
The limited liability partnership shall retain the records referred to in subsection ( 1) for a period of not less than 5 years from the end of the financial year in which the transactions to which those records relate are completed.
The records shall be kept at such place as the partners determine and shall at all times be open to inspection by the partners.
The Registrar may, by notice in writing to the limited liability partnership or any of its partners, require the partnership or that partner to produce the records referred to in subsection ( l) for his inspection within such time and at such place as may be specified in that notice.
If a limited liability partnership contravenes subsections (1), (2) or (3), the limited liability partnership and every partner is guilty of an offence and liable on conviction -
fa)
where the offender is an individual, to a fine not exceeding
$10,000, imprisonment for a term not exceeding 2 years or both;
fb)
in any other case, to a fine not exceeding $10,000.
Any person who fails to comply with a requirement under subsection (4) is guilty of an offence and liable on conviction-fa)
where the offender is an individual, to a fine not exceeding
$10,000, imprisonment for a term not exceeding 2 years or both;
in any other case, to a fine not exceeding $10,000.