Closure of LLP
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Closure of LLP
Is your LLP inactive for long ??? Are you facing the heavy burden of filing annual compliances even if your LLP is not functioning , ??? Don’t want to run the business any more ??? Close your LLP and save money on compliances. Free yourself.
A situation may arise when your business decision can go wrong and your plan of making LLP is a big failure things have starting collapsing and its now very difficult to maintain smooth function of your LLP. In such a case it is always better to wind up LLP by following the proper ROC procedures as prescribed under LLP Act to avoid future complications.
Legal Solutions to Close LLP
Following are the valid legal solutions to close your LLP:
- Declaring the LLP Defunct:
Under Section 37(1)(b), company has to file eform 24 to the Registrar stating that LLP is no more in functional position or is defunct . Once verified and approved, name of the LLP is strike off from the LLP’s register.
- Winding Up the LLP:
Winding up of the LLP is done in two stages:
- Winding Up:
Section 63, 64 and 65 of the LLP Act 2008 regulates the winding up of LLP:
- Voluntary Winding Up:
- Voluntary winding up is carried out by partners when they take a decision to close the LLP. A resolution has to be passed with consent of at least 3/4th of the total number of partners. Copy of this resolution then need to be submitted to Registrar within 30 days of passing a resolution.
- Winding Up with Creditors:
- Once the resolution to wind up the LLP has been passed, majority of the partner must announce using Form 2 about sum unpaid or payment of their debts.
- Publication of Winding Up the Resolution:
- LLP should give a notice of its resolution by advertisement in a newspaper within 14 days after passing of resolution and receiving the consent from the creditors for winding up.
- Appointment of LLP Liquidator:
- A voluntary liquidator has to be appointed by passing a resolution with the approval of the majority of partners. Tribunal will appoint a liquidator if not appointed by partners.
LLP Liquidator creates a report using form 9 which states the way used to wind up the LLP, final closing of accounts, property disposed etc. Approval of partners and creditors is required for dissolution.
LLP Form 24
Introduction of LLP form 24 with effect from 20th May, 2017, made closing of LLP very easy and simple. Rs. 100 per day would be charged if any LLP failed to file any statutory return. Thus it is always a best option to close your dormant or defaulting LLP. Following are the essential steps to file form 24.
Fast Track Exit (FTE)
MCA initiated a Fast Track Exit Scheme for easy and faster closure of LLP which are inoperative for more than 1 year or incorporated for more than one year and have no business. Closure of such LLPs may be rejected by ROC if form 11 & form 8 are not filed.
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- Application for Striking off of the LLP
- Partners Meeting Resolution for closure
- Consent of Partners
- Partners’ Affidavit
- Indemnity Bond
- Statement of Assets and Liabilities
Why Choose Us
ENVIZI is a trusted name among entrepreneurs and professionals for event based compliances. Many reputed businesses and entrepreneurs relied on us for their event based compliances like add a director, remove a director, add a partner, change in name, change in address, agreement modifications, closure of company etc. due to our timely, cost-effective and transparent legal services. We are well familiar with all the event based compliances arising . Submitting compliances correctly and on time is most important thing behind any legal conversion. Many companies have trusted ENVIZI by signing an Annual Maintenance Contract (AMC) packages with us as per their needs and have being able to concentrate on increasing their sales and expansion rather than worrying about the compliance. We will assign a dedicated Legal Manager to maintain the track of your closure application. You can get in touch with your legal manager at any time for your legal needs through Email / Skype / Whatsapp.
Hurry Up !! Contact Envizi now and get your closures done without any legal hassles.