CLOSURE OF LLP

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CLOSURE OF LLP



The Wind up of LLP is taken forward by the court. We adhere to the Companies Act 2013 and analyze the important points before coming to the conclusion. Right from the day one, we work with our expert legal advisers and make sure to take the case forward with perfection and transparency. We monitor the reason behind the wind up and conclude the case by giving reasoning in the court. We legal services are genuine and follow the lawful procedures along-with government polices. We also offer the legal service at cost-effective rates.

EASILY CLOSE A LLP

Winding up of an inactive or dormant LLP is an ideal scenario to avoid annual compliance formalities and penalty for non-compliance. Only a professional firm can help in winding up of a limited liability partnership easily.

THREE WAYS TO WIND UP A LLP

Voluntary Winding Up: Around 3/4th of the partners approval is required to easily wind-up LLPs. In the initial stages of LLP liquidation process, the designated partners have to make a declaration that the LLP has no debt or that it will pay all the debts within one year from the start of winding up procedure. The LLP partners must also declare that there is no intention to defraud any person or persons in the decision of winding up. Along with the declaration of LLP winding up, a statement of assets and liabilities until the most recent date before the making of winding up declaration must be prepared. In case there are assets in LLP, these must be valuated and the assets valuation statement must be submitted. The voluntary winding up will start on the date of passing of resolution for the reason of voluntary winding up.

Striking Off: Limited Liability Partnership (Amendment) Rules, 2017 was introduced by making amendments in Limited Liability Partnership Rules, 2009 by The Ministry of Corporate Affairs. MCA also introduced LLP Form 24 to make the LLP winding up process simpler, by making an application to the Registrar for striking off name of LLP. The LLP winding process before the introduction of Limited Liability Partnership (Amendment) Rules, 2017 was longer and Before the introduction of the Limited Liability Partnership (Amendment) Rules, 2017, the procedure for winding up a LLP used to be long and complicated. The procedure with the introduction of LLP Form 24 has been made simple.

Winding Up by Tribunal: There can be many reasons to wind up LLP by a Tribunal, for instance: The partners have decided to wind up the LLP. There are less than two Partners for over six months. The LLP can not pay its debts. The LLP has acted averse to the interests of the the security of State, public order or sovereignty and integrity of India. The LLP failed to file with the Registrar Statement of Accounts and Solvency or LLP Annual Returns for any five consecutive financial years.

REASONS TO WIND UP LLP

Avoid Compliance: LLP must be closed, if it is not active or avoiding compliance responsibilities.

Avoid Fines: Fines and penalties are incurred upon a LLP, if it does not file its compliance on time.

Easy to Close: A dormant LLP can be closed by completing simple formalities. Winding up an inactive LLP at the earliest is the best option.

Low Cost: Winding up procedure must be followed in order to avoid penalty for not maintaining compliance every year by a dormant LLP or non-compliant LLP.

Easy Process: The LLP liquidation or winding up process is simplified by the Ministry of Corporate Affairs.

FAQ's About CLOSURE OF LLP


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