Section 63Part 11 — MISCELLANEOUS
Accounts and Records
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Every limited liability company shall 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 lim ited liability company and matters in respect of which the receipt and expenditure takes place;
all sales and purchases of goods by the limited liability company; and
the assets and liabilities of the limited liability company.
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 limited liability company and to explain its transactio ns.
Every limited liability company shall maintain or cause to be maintained in any country or territory, a record of the amount and date of the contribution of each member and the amount and date of any payment representing a distribution or, otherwis e, a return of the whole or any part of the contribution of any member, which records shall be updated within twenty - one days of the date of any change in particulars.
Where the limited liability company causes the books of account described in subsection (1) or records described in subsection (3) to be kept at any place other than at the registered office of the limited liability company or at any other place within the Islands, the limited liability company shall, upon service of an order or notice by the Tax Information Authority pursuant to the Tax Information Authority Act (2021 Revision) , cause to make available, in electronic form or any other medium, at its registered office copies of its books of account or records, or any part or parts thereof, as are specified in such order or notice.
A limited liability company 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 limited l iability company that contravenes subsection (1) or (5) shall be subject to a penalty of five thousand dollars, which penalty shall be a debt due to the Registrar.