03-07-2007, 03:59 PM
For the purpose of fulfilling the requirements of another institution, like banks, or government institutions, u can make a balance sheet on any date...
Like most of the banks ask companies of an audited balance sheet before granting a loan. Its not that the companies wait till year end. They make a balance sheet from the start of their financial year upto the date at which they make it.
But the auditor will specify in his report that, it is a special purpose audit.
So, u shud incorporate a partnership ASAP, continue one month of operations. Make a profit/loss account for that one month and balance sheet at the end of that month and submit it...
Like most of the banks ask companies of an audited balance sheet before granting a loan. Its not that the companies wait till year end. They make a balance sheet from the start of their financial year upto the date at which they make it.
But the auditor will specify in his report that, it is a special purpose audit.
So, u shud incorporate a partnership ASAP, continue one month of operations. Make a profit/loss account for that one month and balance sheet at the end of that month and submit it...
