Amendment of General and Limited Partnership and Trade Names Law Cap.116

 

General and Limited Partnership and Trade Names Law Cap. 116 was amended on the 4th of November 2011 by the amendment Law No.146(1)/2011.

Provisions of the Company Law Cap.113 regarding the Annual Financial Statements and Financial Statements and Audit shall apply to partnerships which were incorporated in Cyprus provided that one or all of the partners are:

1. Limited Liability Companies incorporated according to provisions of the Company Law Cap.113;

2. Companies of EU Member States within the meaning of section 2 of the company Law Cap.113;

3. Third Countries Companies, which have identical legal form with the above mentioned companies;

4. Partnerships, incorporated under the provisions of the Law;

5. Partnerships and Private Companies of other EU Member States, which are expressly stated in the Law.

 

Partnerships shall Prepare and Submit to the Company Registrar the Annual Financial Statements according to the provisions of sections 118-122 of the Company Law Cap.113.

The following rules apply:

Financial statement shall be submitted within 6 months after the end of the financial year;

It is not necessary to enclose any documents to the annual Statement, presented to the General Meeting provided that :

(a) The Public has access to this documentation at the office of the Company;

(b) Copies of this documentation are available to the public.

Comply with the provisions of the Company Law Cap.113, regarding the Preparation of the Annual Financial Statements  (sections 142-143) and present true ans fair picture of the Company.

Comply with the provisions of the Company Law Cap.113, regarding the Publication of the Financial Statements (section 150).

Comply with the provisions of the Company Law Cap.113, regarding Preparation of Report of the Directors, which is enclosed into the financial statements. (section 151).

Present Financial Statements and Reports of the Directors to the General Meeting according to section 152 of the Company Law, where all partners or their legal representatives are present.

Present Financial Statements and Reports of the Directors for Verification.

 

The Law Imposes Penalties for the Non - Compliance with the New Provisions of the Law as Stated Above:

Partnerships:Failing to prepare and submit to the Company Registrar the requested Annual Financial Statements, and

1. Not complying with the provisions of sections 118-122 of the company law are liable to 'The Penalty of Omission'.

According to section 375 of the Company Law, the Penalty of Omission shall be estiated for every day where omossion, refusal or violation is continued. It shall not exceed the amount defined by specific provision or if it is not prescribed it should not exceed the penalty of 42.72 euros.

2. Not Complying with the provisions of sections 142 of the Company Law,, regarding Preparation of Annual Financial Statements, commit criminal offence and in case of conviction it is liable to imprisonment not exceeding one year or to a fine not exceeding 1700.00 Euros or both.

3. Not complying with provisions of section 150 of the Company Law, regarding Publication of Financial Statements, commit criminal offence and in case of conviction it is liable to a fine not exceeding 850.00 Euros.

4. Not complying with provisions of section 151 of the Company Law, regarding Requirements of Preparation of Report of the Directors, which is enclosed to financial statements, commit criminal offence and in case of conviction is liable to imprisonment not exceeding one year or to a fine not exceeding 17000.00 euros or to both.

5. Not complying with provisions of section 151 of the Company Law, regarding the Publication of Report of the Directors, which is enclosed to financial statements, commit criminal offence and in case of conviction it is liable to a fine not exceeding 850.00 Euros.

6. Not complying with provisions of section 152 of the Company Law, regarding the Presentation of Financial Statements and Reports of the Directors to the General Meeting, it is liable to a fine not exceeding 170.00 Euros.