Akhilesh jaiswal (adminstrator) (25 Points)
26 July 2011Dear Experts,
I m here gain some knowledge from u all so please give ur valuable advices.
i want to know about auditing in LLP is it mandatory or it is requierd whn the turn over of the LLP is more then 60 lakhs.
And what amount of capital is required in sales and service firm if I want to register a LLP.
My business process will be sale and service what type type firm will be suitable for me.
Partnership Firm or LLP.
wating for your valuable comment..
Thanx in advance
CS Smriti Sharma
(ACS, B Samrish & Co.)
(880 Points)
Replied 29 July 2011
Hi,
No, Only the Limited Liability Partnership whose contribution exceed Rs. 25 Lakh or the Limited Liability Partnership whose turnover exceed Rs. 40 Lakh are required to annually get their accounts audited by any Chartered Accountant in practice.
LLP rules & LLP Act do not prescribe any minimum capital requirement.
As far as form of business is concerned ,we suggest LLP as partners do not incur unlimited liabilty.
Thanks & Regards :
Smriti Sharma
B. Samrish & Co.
Company Secretaries
R Satheeshkumar
(Company Secretary)
(21 Points)
Replied 16 October 2014
The accounts of every LLP shall be audited in accordance with Rule 24 of LLP, Rules 2009. -
CAclubindia
