Accounting obligations of a limited company

Limited companies must keep orderly accounts and, in accordance with the provisions of the Commercial Code, must keep the following compulsory books.

These books must be kept for at least 6 years from the last entry made in them. It is part of the obligations of limited liability companies to observe this period. In addition to these books, companies may, on a voluntary basis, keep and present other types of books and registers, such as the general ledger, which is necessary for the preparation of balance sheets and the trial balance.

Inventory Book and Annual Accounts

This book opens with the detailed opening balance sheet of the company and contains, at least quarterly, the year-end balance sheets and the annual accounts, which in turn include the balance sheet, profit and loss account and notes to the financial statements.

Day book

In this book all transactions relating to the business activity of the company are recorded on a day-to-day basis. A joint entry may also be made of the totals of transactions for periods not exceeding one month, provided that the details are reflected in other books.

Minute book

The minutes of the shareholders’ meetings held within the company must be recorded in this book, duly signed and authenticated by the relevant Commercial Registry.

Register of members

This book shall record the number of shares held by each partner in the company.

Contract register book

In the case of a single-member private limited company.

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