Limited Liability Partnerships Act 2012 · Updated to 1 Aug 2022 · Part IX · General
69. Accounting and other records to be kept
Feedback & supportEvery limited liability partnership shall keep such accounting and other records as will sufficiently explain the transactions and financial position of the limited liability partnership and enable profit and loss accounts and balance sheets to be prepared from time to time which give a true and fair view of the state of affairs of the limited liability partnership.
limited liability partnership
“limited liability partnership” means a limited liability partnership registered under section 11 or a foreign limited liability partnership registered under section 45;
The limited liability partnership shall retain the accounting and other records referred to in subsection (1) for a period of not less than seven years from the end of the financial year in which the transactions
financial year
“financial year” means the period in respect of which any profit and loss account of a limited liability partnership is made up, whether that period is a year or not;
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or operations to which those records relate are completed.
The accounting and other records referred to in subsection (1)
shall be kept at the registered office or such other place as the partners think fit provided that the Registrar is duly notified of that other place and the accounting and other records shall at all times be open to inspection by the partners.
Registrar
“Registrar” means the Registrar designated under subsection 20A (1) of the Companies Commission of Malaysia Act 2001.
The Registrar may, by notice in writing to the limited liability partnership or any of its partners, require the limited liability partnership or that partner to produce the accounting and other records referred to in subsection (1) for his inspection within such time and at such place as may be specified in that notice.
partner
“partner”, in relation to a limited liability partnership, means any person who has been admitted as a partner in the limited liability partnership in accordance with the limited liability partnership agreement, and includes a salaried partner whether or not he is an employee of the limited liability partnership;
Subject to the limited liability partnership agreement, the accounts of a limited liability partnership shall not be required to be audited.
limited liability partnership agreement
“limited liability partnership agreement”, in relation to a limited liability partnership, means a written agreement between the partners of the limited liability partnership or between the limited liability partnership and its partners which determines the mutual rights and duties of the partners among themselves and their rights and duties in relation to the limited liability partnership;
If a limited liability partnership fails to comply with subsection (1), the limited liability partnership and every partner of the limited liability partnership commit an offence and shall, on conviction, be liable to a fine not exceeding fifty thousand ringgit or to imprisonment for a term not exceeding six months or to both.
If a limited liability partnership fails to comply with subsection (2) or (3), the limited liability partnership and every partner of the limited liability partnership commit an offence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit and, in the case of a continuing offence, to a further fine not exceeding five hundred ringgit for each day during which the offence continues after conviction.
Any person who fails to comply with subsection (4) commits an offence and shall, on conviction, be liable to a fine not exceeding fifty thousand ringgit or to imprisonment for a term not exceeding six months or to both.
54 Laws of Malaysia ACT 743