Closing an LLP
LLP Act 2008, Sec 63, 64 and 65 regulates the process of winding up. LLP can be wound up voluntary or by tribunal. In case of LLP wants to close down its business voluntary or business operations are not carrying on for the period of one year or more, then an application can be made to Registrar of companies along with resolution passed by three fourth of total numbers of partners, for declaring company as defunct company.
LLP can be wound up voluntary by passing resolution with majority and submit a copy of resolution to registrar within 30 days. After passing resolution, a declaration is sanctioned by majority of partners which specifies that LLP has no debts or within one year from the date of winding up, it will be in a position to pay all its debts. Statement of assets and liabilities for period from last accounts closure to the date of winding up of LLP, attested by at least two partners shall be submitted within 15 days of the passing of the resolutions. A report of valuation of the assets of the LLP must be prepared.
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No hidden cost
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Promise of quality and commitment
We assure you to provide quality of service and commitment to our service. We take all your responsibilities related to government regulations and will fulfill all compliances and paperwork on your behalf.
Team of professionals and experienced legal advisors
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Procedure for Winding Up
4 working days for preparing documents
We will assist you in preparing of legal documents for quick closure of your business. Besides the main application, a indemnity bond and a affidavit declaring that all the information containing in documents are true to the knowledge of all partners. We will submit Form 24 to the ROC.
30 working days for getting application status
After submission of above documents, a notice on Registrar’s website will publish which specifies substance of application for a period of one month.
10 working days for legally closure of LLP
Registrar will remove your LLP’s name from the register after one month of application. A notice will be published in Official Gazette, which confirms legally closure of your LLP.