Section 11Part 2 — Nature of a Limited Liability Partnership
Accounts and audit
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A limited liability partnership shall keep or cause to be kept proper books of account including, where applicable, material underlying documentation including contracts and invoices, with respect to —
all sums of money received and expended by the limited liability partnership and matters in respect of which the receipt of expenditure t akes place;
all sales and purchases of goods by the limited liability partnership; and c Revised a s at 1st January, 2025 Page 19
the assets and liabilities of the limited liability partnership.
For the purposes of subsection (1), proper books of account shall not be considered to be ke pt if there are not kept such books as are necessary to give a true and fair view of the business and financial condition of the limited liability partnership and to explain the limited liability partnership ’ s transactions.
A limited liability partners hip shall cause all books of account required to be kept under subsection (1) to be retained for a minimum period of five years from the date on which the books of account are prepared.
A limited liability partnership which knowingly and wilfully contr avenes subsection (1) or (3) commits an offence and is liable on summary conviction to a fine of five thousand dollars.
Subject to any express or implied term of the partnership agreement, each partner may demand and shall receive from the limited liability partnership true and full information regarding the state of the business and financial condition of the limited liability partnership.
Unless it is a requirement under the regulatory laws or the partnership agreement of a limited liability partnership, it is not necessary for a limited liability partnership to appoint an auditor or to have the accounts of the limited liability partnership audited.
Where a limited liability partnership keeps the books of account described in subsection (1 ) at any place other than at the registered office of the limited liability partnership or at any other place within the Islands, the limited liability partnership shall, upon service of an order or notice by the Tax Information Authority pursuant to the T ax Information Authority Act (2021 Revision), make available, in electronic form or any other medium, at the registered office of the limited liability partnership copies of the books of account of the limited liability partnership, or any part or parts th ereof, as are specified in the order or notice.