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Closure Of LLP
Closure of LLP refers to the process of winding up and dissolution of a Limited Liability Partnership (LLP).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.
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Overview of 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.
Advantages of Closure Of LLP
- Avoids Legal Complications: Closure of LLP avoids any future legal complications that may arise due to non-compliance with the regulatory requirements. It ensures that the LLP does not incur any penalties or fines for non-compliance.
- Efficient Use of Resources: Closure of LLP ensures that the resources of the LLP are efficiently utilized. It helps the partners to allocate their resources in more productive ventures.
- Ease of Business Closure: Closure of LLP is a simple process and can be completed quickly. It helps the partners to close the business without facing any hurdles.
- Better Credit Rating: Closure of LLP helps the partners to maintain a good credit rating. It shows that the partners have responsibly closed the business and have complied with the regulatory requirements.
- Reduced Liability: Closure of LLP ensures that the partners are not liable for any future claims or debts of the LLP. It helps the partners to avoid any personal liability in case of any future claims against the LLP.
Step 1: Document Preparation: A Business Expert reviews the activities of the LLP and determines the documents required for commencing LLP winding up. It will take around 3-4 working days
Step 2: Document Submission: The necessary documents are prepared by an Expert for winding up of the LLP. Documents will be prepared by the Expert based on the documents and information provided. It will take around 10-12 working days.
Step 3: Winding up Process LLP :winding up documents and application is submitted to begin the process. Throughout the process, the application is tracked and necessary filings are made to wind up affairs of the LLP. The whole process of winding up will generally take 20-25 days, subject to MCA processing time.
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.
FAQ's Closure Of LLP :-
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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