The responsibility for the failure of financial reporting in the limited liability company

 The responsibility of submitting the annual financial statements, a copy of the resolution or provision on approval of annual financial statements and resolutions concerning the profit division or looses coverage to the National Court Register lies on the Company’s Management Board of the limited liability company within 15 days of approval of the Company’s financial statements. Annual financial reports shall be approved 6 months from the balance sheet date. Then, if in the company's financial year corresponds to the calendar year, the approval of the financial report should take place by the end of June and the last day of its submitting to the National Court Register - July 15. 

 The non-performance of the obligation to submit the financial statements relates to the responsibility, which is laid down in the Accountancy Law dated 29 September 1994, as well as in the Law of 20.08.1997 on the National Court Register. The consequence of failure to report in the National Court Register is sanctions that Court may apply in court proceedings. If documents are not submitted within the specified time limit, the court requests to submit them, setting a 7-day period under the threat of a fine. The penalty can be applied repeatedly. Another possible sanction is initiation of dissolution of the company, entered into the Register. Companies are being dissolved without going into liquidation, if the financial statements for  2 consecutive financial years  are not submitted. In addition, the failure to submit financial statements is a crime for which the members of the Board of Directors are punished with a fee or liberty limitation, in accordance with the provisions of the Criminal Code.  The penalty can be measured in daily fines. The lowest fine is 10, and the highest 540. The daily fine may not be lower than 10 PLN, and should not exceed 2 000 PLN. In turn, the liberty limitation may last at least one month, but no longer than 2 years, and also might consists of performance of unpaid social work goals or deduction from wages (10% - 25%) for social purposes.