Closure Of LLP

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Limited Liability Partnership

Closure of limited liability partnership in just 7 days

Whether or not the firm is in operation, an LLP or Limited Liability Partnership must file certain annual returns that are required. If the company does to submit the required returns, the LLP will be subject to fines and prosecution in accordance with the LLP Act, and any designated partners or directors will also be subject to the same fines and prosecution.

    Do you wish to dissolve an LLP?

    Since the ROC or MCA database needs to be updated and the LLP is free form, it is necessary to file a Closure of LLP with the ROC. For Closing, the Limited Liability Partnership Closure Application must be filed.






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Documents required for Limited Liability Partnership

Documents needed to file the appeal
ID Proof of Partners

ID Proof of Partners

At the time of LLP registration, all partners must supply their PAN. The PAN card is the main form of identification.

Address Proof of Partners

Address Proof of Partners

Any document, including an Aadhar Card, a passport, a voter ID, or a driver's license, may be submitted by the partner.

Residence Proof of Partners

Residence Proof of Partners

As a residential evidence, the most recent bank statement, phone bill, mobile bill, energy bill, or gas bill should be provided.

Digital Signature Certificate

Digital Signature Certificate

Since the authorized signatory will be digitally signing all documents and applications,of the digital signature certificate.

Utility Bill

Utility Bills

A utility bill is a statement of the amount owed for essential services for the LLP's intended registered office.

Rental Agreement

Rental Agreement

Copy of the lease agreement contract between the owner of a property (the landlord) and the tenant who takes it on rent.

Registration Procedure

The Detailed Procedure: Winding up of the LLP

According to the legislation, registered entities like LLP must be dissolved or wound up through a proper process.

Types of LLP Winding up process

The following options are available for terminating a Limited Liability Partnership:

Declaring LLP as Inactive.
Declaring LLP as Dissolving LLP.
Voluntary Winding-up of LLP

According to this procedure, the directors or partners have chosen to halt, wind up, and close an LLP.
The resolution must be approved by 3/4 of the entity's members or partners in order for the procedure to begin. Within 30 days of the Resolution's approval, a copy of the Resolution must be submitted with the Registrar in Form 1 and a copy of the authorization report must be delivered to the authority designated to handle the LLP's wind-up procedure.
Compulsory Winding-up of LLP

The court may order the winding up and dissolution of an LLP for the following reasons through the compulsory winding up of LLP process:

If an LLP determines the Tribunal should dissolve it.
If the firm's number of partners falls to 1 or below 2 for a period of at least six months.
If a Limited Partnership is unable to pay its debts and loans back.
If a Limited Liability Partnership has violated the security of the state or the laws governing the sovereignty and integrity of India.
If a Limited Liability Partnership has neglected to file a report, a statement of account and solvency, or an annual return with the registrar for any five consecutive financial years.

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Frequently Asked Questions

When the Limited Liability Partnership has been inactive or inoperative for at least a year following the date of incorporation or registration and when it has no assets, properties, or liabilities as of the date of practical application.

In the event that the Limited Liability Partnership wishes to cease operations or stops conducting any commercial activity for a period of at least one year. With the consent of all partners, the register may revoke the designation of Limited Liability Partnership by utilizing the electronic form 24 (e-Form 24).

A PAN is required, and the Limited Liability Partnership must be dormant or non-operational for at least a year after incorporation. At the time of incorporation, a live bank account should not exist. The LLP ought to have turned in the most recent IT returns.

A minimum of one year must have passed after the LLP was incorporated before submitting an application to have its name removed.

In case of closure of LLP, the designated partners have to sign the application for the closure of LLP along with the consent of other partners.

If the LLP fulfills the following condition, it can file an application for striking off its names from the register of LLP:

The LLP must have a PAN.

The LLP should be inactive for a period of at least one year or non-operational from the time of incorporation.

There should be no live bank account at the time of application.

The LLP should have filed the latest IT returns.

A statement of accounts revealing NIL assets & NIL liabilities, made up to a date not earlier than thirty days of the date of filing of Form 24 certified by a Chartered Accountant in practice. Copy of acknowledgement of latest ITR- Self Explanatory.

LLP. The LLP Rules, 2008, Rule 37(1)(b), contains the statutory provisions for striking out an LLP. According to the guidelines, there is no exception for filing the e-form (LLP-8 and LLP-11) for LLP strike off. Before an LLP may be struck out, Every LLP must complete annual filing before strike off of LLP.

In the absence of an agreement, a partner can resign by intimating the other partners with a notice. Such a notice must be issued 30 days prior to the date of resignation. Resignation from a LLP will not automatically discharge the liabilities of the Partner with respect to the LLP.

The accounts of every LLP shall be audited in accordance with Rule 24 of LLP, Rules 2009. Such rules, inter-alia, provides that any LLP, whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty five lakh rupees, is not required to get its accounts audited