Closure Of Private Limited Company
Section 248-252 of the Companies Act, 2013 read with Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 deal with removal of names of companies for winding up of company from the Register of Companies.
Closure Of Private Limited Company
Section 248-252 of the Companies Act, 2013 read with Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 deal with removal of names of companies for winding up of company from the Register of Companies. These provisions for winding up of company have been applicable / effective from 26th December, 2016. Earlier, striking off of name of companies was governed by Section 560 of the Companies Act, 1956 and the procedure was more or the less similar except that earlier board resolution was sufficient but now special resolution is desired. This facility of striking off of name of company for winding up of company is a very cost effective, easy and hassle free way of closing down of company by corporates which are not carrying on any business, due to any reason whatsoever or defunct.
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Procedure For Winding Up of Company
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Submit all the Documents
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Reasons for Winding Up of Company
A company can also be closed under the fast track exit scheme quickly in about 90 days, whereas traditional methods take longer and are more cumbersome. Hence, winding up of company under fast track exit scheme is faster and easier.
A company that doesn’t file its compliance on time incurs fines and penalty including debarment of the Directors from starting another Company. Hence, it is better to officially for winding up of company that is inactive and avoid potential fines or liabilities in the future.
When compared to maintaining compliance for a dormant company, it might actually be cheaper to wind up a company and incorporate again when the time is right.
The fast track exit scheme was specifically introduced by the Government to make it easy for inactive companies that have NIL assets and liabilities to close down or wind up. Hence, the formalities for winding up of company under fast track exit scheme is easy to complete.
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Frequently Asked Questions
What is the validity period of the name approved for LLP?
Is there any qualification to become a director or shareholder in a Private Limited Company ?
Can a LLP undertake Not-for-Profit activities?
Will the assets and liabilities of the firm be transferred automatically to LLP?
Can the losses or unabsorbed depreciation of the proprietorship concern be carried to the LLP?
What are the compliance requirements for LLPs?
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