Closure Of LLP

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Closure Of LLP

An LLP may decide to wind up its business by two modes, either by voluntarily winding up or compulsory winding up. Involuntary winding up partners may decide between themselves to wind up the operations of the business. Following are some requirements for voluntary winding of LLP:

• 3/4th approval of Partners.
• Declaration by partners that LLP has no debt or that it will be competent to pay full debts within not more than 1 year from the start of winding up.
• The declaration that LLP is not wound up for defrauding any person.
• Statement of assets & liabilities up to date.
• Valuation of assets.
• Resolution for the reason of voluntary winding up.

To begin the process for winding up of LLP, a resolution for winding up of LLP must be passed and filed with the Registrar within 30 days of passing of the resolution. In compulsory winding up an LLP may be compulsorily wound up by the order of the tribunal. There are certain circumstances for the LLP compulsory winding up. For example, when LLP is unable to pay off its debts, where the number of partners of the limited liability partnership is reduced below two and it continues for more than six months.

In 2017, MCA introduced LLP Form 24 for making the procedure of winding up easy & simple. An LLP who wants to wound up can apply for striking off its name by applying LLP Form 24.

LLP Closure Process

Documents required

1. Application for Striking off of the LLP.

2. Partners Meeting Resolution for closure.

3. Consent of Partners

4. Partners' Affidavit

5. Indemnity Bond

6. Statement of Assets and Liabilities.

Frequently Asked Questions

It is necessary to file Closure with the ROC as ROC or MCA database need to be updated and the LLP is free from all its legal compliances as it is officially closed. Even though the business of the company is closed unless closure documents are filed and approved by the ROC, the company is not legally closed and the LLP needs to file all the regular returns.

The Form has to fill with the ROC office within 30 days from the date of Signing of the Statement of Assets and Liabilities.

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