Section 21Part 1 — Exempted Limited Partnership Act
Accounts
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A general part ner 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 exempted limited partnership an d matters in respect of which the receipt of expenditure takes place; Section 22 Exempted Limited Partnership Act (2025 Rev ision)
all sales and purchases of goods by the exempted limited partnership; and
the assets and liabilities of the exempted limited partnership.
For the purposes of subsection (1), proper books of account shall not be deemed to be kept 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 exempted limited partnership and to explain its transactions.
Where the general partner keeps the books of account described in subsection (1) at any place other than at the registered office of the exempted limited partnership or at any other place within the Islands, the general partner shall, upon service of an order or no tice by the Tax Information Authority pursuant to the Tax Information Authority Act (2021 Revision) , make available, in electronic form or any other medium, at its registered office copies of its books of account, or any part or parts thereof, as are speci fied in the order or notice.
A general partner 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 they are prepared.
A person who, being a general partner, knowingly and wilfully contravenes subsection (1) or (4) shall be subject to a penalty of five thousand dollars.
A person who, being a general partner, defaults in complying with an order or notice under subsection (3) without reasonable excus e, shall incur a penalty of five thousand dollars and a further penalty of one hundred dollars for every day during which the non - compliance continues.