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Closing LLP

  • Directors Affidavit for Dues
  • Indemnity Bond
  • Board Resolution Creation
  • Statement of Account Preparation
  • Online Process. Save 30% Cost
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Procedure
Definition
Documents
Process
Reasons
Benefits
FAQ

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


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.


What is Included In Our Package?


Directors Affidavit for Dues
Indemnity Bond
Board Resolution Creation
Statement of Account Preparation
Registration fees

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Frequently Asked Questions


The date of the Limited Liability Partnership's suspension of commercial operation, and any transactions after such date, marked the end of the Limited Liability Partnership's revenue-generating operations.

According to the 2017 LLP Amendment Regulations, yearly filing forms such as Forms 8 and 11 must be completed up until the end of the financial year in which the LLP ceases to conduct business or operate.

The LLP Amendment Rules, 2017, state that if the initial agreement is not completed and the LLP has been inactive since incorporation, an application for closing LLP Agreement must be submitted at the time of strike-off. However, if the LLP has started doing business and the LLP Agreement is not completed, the LLP must submit the LLP Agreement in Form 3 before submitting the strike-off application.

According to the 2017 LLP Amendment Regulations, income tax returns must be completed up to the date of the financial year in which the LLP ceased conducting business or operating. If an LLP hasn't started doing business since its incorporation, filing an IT return isn't necessary, and closing LLP is a direct option.

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