LLP (Limited Liability Partnership) is a new form of business entity presented in India through the LLP Act, 2008. Winding up is the process, where all the assets of the business are sold to paying off creditors and distributing surplus if any among the owners of the business. An LLP may decide to wind up its business by two modes either by voluntarily winding up or compulsory winding up. In case the LLP wants to close down its business or where it is not carrying on any business operations, it can make an application to the Registrar of Companies for declaring the company as defunct and removing the name of the LLP from its register of LLP’s.
The procedure for closure of LLP is easy and flexible. The formalities for winding up of a dormant LLP are relatively simple and easy to complete. Hence, it is best to close an inactive LLP at the earliest.
Closure of LLP has became one of the best option where an LLP is not carrying on any business or activity in order to avoid various annual legal compliances required to be complied as required by regulatory bodies.
Where an LLP does not comply with the legal compliances then it attracts various finesand penalties. Also it may debare partners from starting another LLP or a Company.
Winding up of LLP is the process where all the assets of the business are disposed off to meet the liabilities of the same and surplus any, is distributed among the designated partners i.e the owners.
LLP may be wound up if it is defunct i.e not carrying on any business or an activity for a period of one year or more, such LLP is liable to get wound up.
There are twomodes for Winding up of a LLP-
Just log on to our website and provide your Contact details, our team experts will revert you as soon as possible and guide you in the process.
Atleast 3/4th i.e. 90% of the partners must give there approval for winding up of an LLP. Unless and until such approval is not accorded there cannot be winding up of an LLP.
In case the LLP wants to close down its business or where it is not carrying on any business operations for the period of one year or more, it can make an application to the Registrar for declaring the LLP as defunct and removing the name of the LLP from its registerof LLP’s.
Winding up of an LLP is completely an online procedure wherein our experts will file necessary forms and documents with the Ministry of Corporate affairs (MCA) and take timely follow ups for the same.
Yes, there is no such rules under Limited Liability Partnership Act, 2008 that a person cannot incorporate LLP after winding up. Thus, a new LLP can be incorporated.
Winding up of a LLP will be carried out by Start Up Set up by filling of E form 24 along with declaration from partners.
An Expert reviews the Business Activity to assure whether the LLP is eligible for closure or not.
For closure of LLP, experts will prepare documents Application, Indemnity bonds, Affidavits, declaration from partners, Statements of Accounts, etc. All the documents will be sent by us for your Confirmation.
All the documents will be submitted by our team to Registrar of Companies to strike off the name of LLP from the register.
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