CMA Intermediate · Business Laws and Ethics · Limited Liability Partnership Act, 2008
Under the Limited Liability Partnership Act, 2008, within what period from the end of each financial year must an LLP prepare its Statement of Account and Solvency?
An LLP must prepare its Statement of Account and Solvency within six months from the end of each financial year. It is made as at the last day of that year and is signed by the designated partners, as the Act provides.
- AThree months
- BSix monthsCorrect
- CNine months
- DTwelve months
Explanation
Section 34(2) requires every LLP to prepare the Statement of Account and Solvency within six months from the end of each financial year, as at the last day of that year, and it is signed by the designated partners. The other periods are not stated in the Act.
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