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What is “Statement of Accounts and Solvency” and whether it has a prescribed format?

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What is “Statement of Accounts and Solvency” and whether it has a prescribed format?
posted Jun 16, 2017 by Durga Prasad

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Every LLP is required to file ‘Statement of Accounts & Solvency’ in prescribed LLP Form 8 which contains a declaration on the state of solvency of the LLP by the designated partners and also information related to statement of assets and liabilities and statement of income and expenditure of the LLP. This form has to be filed by the LLP on an annual basis.

STATEMENT OF ACCOUNT & SOLVENCY -
a) A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year. sub-section (3) of section 34.

b) The same is to b e filed in e-form - LLP8 (Due Date Form Filling - 30th October)

What is Form – 8?
It is declaration given by all the designated partners of LLP that whether they are able to pay its debts in full as they become due in the normal course of business or not. For the purposes of sub-section (3) of section 34, every limited liability partnership shall file the Statement of Account and Solvency in Form 8 with the Registrar, within a period of thirty days from the end of six months of the financial year to which the Statement of Account and Solvency relates.

Content of Form 8 Part A-
Statement of Solvency Part- B- Statement of Account, Statement of Income & Expenditure Form- 8 is to be signed by two Designated Partners and certified by CS, CA, CWA (in Whole Time Practice).

answer Jun 17, 2017 by Prachi
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