Accounting in limited liability company(LLC) in Poland

Accounting in LLC in Poland differs greatly from the way it is conducted in a single person business. There are also different ways to deal with tax authorities in Poland. The first major difference is that a LLC in Poland has no right to choose book-keeping method. Also, if you run a limited liability company, all the rules are much more restrictive and therefore the requirements imposed on LLC are much higher. Full accounting in LLC should be conducted in accordance with the Accounting Act, so every cashflow passing through the hands of the company must be reflected in the records. Moreover, with each tax year LLC in Poland should prepare the relevant financial statements, ie "profit and loss", "balance sheet" and "additional information".

The Profit and Loss Account in Poland is a compilation of all financial operations taking place in an enterprise over a given period. This report is the source of key information about the company, showing the financial results.

The Balance Sheet in Polandshows the structure of an enterprise's assets, reflecting the condition of assets (assets and liabilities) at the time of its preparation.

Additional information in Poland is a report that varies considerably depending on the type of activity. These are all not covered by other reports and are of major importance for the company.

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