Closing LLP
- Directors Affidavit for Dues
- Indemnity Bond
- Board Resolution Creation
- Statement of Account Preparation
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Procedure for Closing LLP
Complete our Simple Form
Complete our short form with your information and provide any necessary documentation.
Drafting Documents
In approximately 12 working days, our professionals will create the necessary documents for closing LLP.
Filing Your Documents
In about 2 working days, we will submit the paperwork to the Ministry of Corporate Affairs.
Receive Your Documents
In just 20–25 WORKING DAYS, we will mail your documents to you through courier.
Your Work is Completed
Congratulations. Finally, you may now formally close your LLP business.
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Closing LLP
The process of closing LLP entails selling all of the company's assets to
settle debts and distribute any remaining funds to the shareholders. A Limited Liability
Partnership (LLP) has the option of closing its doors voluntarily or under court order. In a
voluntary winding up, partners may agree among themselves to halt corporate operations. In
Forced Closure, LLP may be forcedly dissolved under a tribunal order. There are specific
conditions that apply to the mandatory winding up of an LLP.
For instance, when a limited liability partnership (LLP) is unable to pay its debts and the
situation persists for a period of more than six months with fewer than two partners.
Documents required for Closing LLP
Application for Closing LLP in Detail.
An affidavit signed by each Partner, either singly or collectively.
Agreement of all partners.
A statement of accounts with zero assets and liabilities, verified by a chartered accountant with at least 30 days of recent experience.
Income tax return acknowledgment.
First LLP Agreement and any other agreements that may be included.
Reasons for the Tribunal's Winding Up
- ✔ LLPs that have been closed for longer than six months cannot have fewer than two partners.
- ✔ LLP is unable to make its debt payments.
- ✔ LLP failed to submit annual returns or a statement of accounts to the registrar for any five consecutive fiscal years before closing LLP.
- ✔ The Tribunal has the opinion that winding up the LLP is just and equitable.
Closure Process of an LLP
1. Cancel the LLP's bank account.
2. Sell any assets you have left after paying off your debts.
3. Get the closing LLP's signed consent from each partner.
4. Drafting of the necessary documents for closing LLP.
5. Submit form 24 to the Registrar.
6. Once the LLP has sent the completed E-form 24 to the appropriate jurisdictional Registrar, it must wait for the Registrar to confirm whether or not all of the papers attached to the form are valid.
7. For his satisfaction, the registrar may require any extra documentation.
8. Once the Registrar is satisfied, he will transmit the name of the LLP for publication in the official gazette with a request for public comments.
9. If there are no objections, the Registrar will remove the LLP's name from its register and finish closing LLP.
Advantages of Closing an LLP
Closing LLP's key benefit is that it does away with any distinctions between general and limited partner firms. This is because the new firm treats all of its operations as being carried out by a single entity.
There are no longer any distinctions between your general and restricted partnerships as a result. Because you can now form an LLP in any state, your business is therefore more flexible overall.
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