Article 81 - Financial year of an LLC

(1) The first financial year of an LLC starts from the day on which it is incorporated and lasts for the period ending on the financial year end date specified in the incorporation document falling not less than 6 months and not more than 18 months after incorporation of the LLC.
(2) The second and any subsequent financial year shall start with the day immediately following the end of the LLC's previous financial year and end on the financial year end date in the next calendar year.
(3) An LLC may by notice in the Prescribed Form given to the CRO specify a new financial year end date having effect in relation to:
(A) the LLC's current financial year and subsequent financial years; or
(B) the LLC's previous financial year and all financial years subsequent to that previous financial year
where, an LLC's "previous financial year" means that year immediately preceding its current financial year.
(4) The notice shall state whether the current or previous financial year:
(A) is to be shortened, so as to come to an end on the first occasion on which the new financial year end date falls or fell after the beginning of the financial year; or
(B) is to be extended, so as to come to an end on the second occasion on which that date falls or fell after the beginning of the year.
(5) A notice under Article 81(3), stating that the current or previous financial year is to be extended is ineffective, if given less than 5 years after the end of an earlier financial year of the LLC which was extended by virtue of this Article.
(6) A notice under Article 81(3) may not be given in respect of a previous financial year if the period allowed for laying and delivering accounts in relation to that year has already expired.
(7) An LLC's financial year shall not, in any case, be extended so as to exceed 18 months and a notice under Article 81(3) is ineffective if the current or previous financial year as extended in accordance with the notice would exceed that limit.
Amended (as from 5th April 2015).