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Limited liability partnership

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21 May 2011 when LLP is liable to get audited and what are its requirments
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
21 May 2011 The accounts of every LLP shall be audited in accordance with Rule 24 of LLP, Rules 2009.

Such rules, inter-alia, provides that any LLP, whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty five lakh rupees, is not required to get its accounts audited. However, if the partners of such limited liability partnership decide to get the accounts of such LLP audited, the accounts shall be audited only in accordance with such rule.
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