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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.
In voluntary winding up partners may decide between themselves to wind up the operations of the business.
In compulsory winding up an LLP may be compulsorily wound up by the order of the tribunal. 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. There are certain circumstances for the LLP compulsory winding up. Eg. 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 the period of more than six months.
A Business Expert reviews the activities of the LLP and determines the documents required for commencing LLP winding up.
Application for Striking off of the LLP.
Partners Meeting Resolution for closure.
Consent of Partners
Statement of Assets and Liabilities.