Closure Of Limited Liability Partnership (LLP)
A winding up of LLP can be initiated voluntarily or by striking off or by a Tribunal. If a LLP is to initiate winding up of LLP voluntarily, then the LLP must pass a resolution for winding up the LLP with approval of at least three-fourths of the total number of Partners.
Closure Of Limited Liability Partnership (LLP)
A winding up of LLP can be initiated voluntarily or by striking off or by a Tribunal. If a LLP is to initiate winding up of LLP voluntarily, then the LLP must pass a resolution for winding up the LLP with approval of at least three-fourths of the total number of Partners. If the LLP has lender’s, secured or unsecured, then the approval of the lenders would also be required for winding up of LLP.
To begin the process for winding up of LLP, a resolution must be passed and filed with the Registrar within 30 days of passing of the resolution. On the date of passing of resolution, the voluntary winding up of LLP shall be deemed to commence. Registration Arena can help you with winding up of LLP quickly and easily.
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Procedure For Closure Of Limited Liability Partnership (LLP)
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Steps ForClosure Of Limited Liability Partnership (LLP)
LLP Form 24 can be filed only by LLPs that never commenced business or have ceased commercial activity. Hence, if the LLP is operational and the promoters wish to close the LLP, the LLP must first cease all commercial activity.
LLP Form 24 can be filed only by those LLP that have no creditors and no open bank account. Hence, prior to filing LLP Form 24, any bank account opened in the name of the LLP must be closed and a letter evidencing closure of the bank account in the name of the LLP must be obtained from the Bank.
All the Designated Partners of the LLP must first execute an affidavit, either jointly or severally, that the Limited Liability Partnership ceased to carry on commercial activity from (Date) or has not commenced business.
Further, the LLP Partners must also declare that the LLP has no liabilities and indemnify any liability that may arise even after striking off its name from the Register. The liability of the Partners would not be extinguished even after closure of a LLP while using Form LLP 24
Along with Form LLP 24 the income tax return of the LLP and LLP deed must be enclosed. In case the LLP has not filed any income tax return and it has not carried on any business activity, then it is not required. Else, a copy of the acknowledgement of the latest Income-tax return filed must be attached with the application for closing the LLP.
After incorporation of a LLP, the LLP agreement must be filed with the MCA within 30 days of registration. In case this compliance was missed and LLP agreement was not filed, then the initial LLP agreement, if entered into and not filed, along with any amendments must be filed.
Once all the documents for filing of LLP Form 24 is prepared, a statement of accounts disclosing NIL assets and NIL liabilities, that is certified by a practising Chartered Accountant up to a date not earlier than thirty days of the date of filing of Form 24 must be obtained.
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