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Closure of a Limited Liability Partnership
Closure of a Limited Liability Partnership
Closure of a Limited Liability Partnership is possible by two route one is order of Tribunal and second is Voluntarily LLP Winding up. As LLP formation and winding up come under ministry of corporate affairs. There can be number of reasons for LLP closure that can be no business, there is no activity in business, business loss, dispute among partners etc. LLP Closure procedure is time consuming task. Where it needs approvals from at least three fourth of partners. Where LLP also having secured or unsecured lenders then documented approval from lender also required for LLP Closure. LLP need to apply online to MCA for LLP Strike off. Where LLP is non operative for more than a year, may apply for simple strike of LLP.
The Limited Liability Partnership closure procedure in India is given by MCA. Now Online LLP Strike off can be completed within 1 month time. BH SOALNKI employs qualified company secretaries and chartered accountants, who ensure highest customer satisfaction and timely delivery of service. Our procedure of LLP Closure is complete online well managed with communications.
LLP Closure Form 24
Procedure for winding up of LLP is done through Form No. 24. LLP which not started business or have ceased it business activity can file this form 24. If LLP is operational then LLP need to close business activities, apply for closure of bank account. LLP Closure Form 24 can be filed for LLP which have no lender/creditors. Firm need to submit consent letter from partners. Along with this latest ITR filed copy also need to be enclosed. Statement of account need to be certified by Chartered Accountant. Before applying for LLP Closure firm need to submit annual return if any overdue. Once Form 24 is uploaded if register found the documents are acceptable, then it shall publish on the MCA website announcing the striking off of the LLP.
Important Point in LLP Closure
- Need to wait for 1 Year for LLP Strike off
- Form 8 and Form 11 need to be Up to date
- Need Approval From Three Fourth Of Partners
- Need Approval From Lenders Of LLP
- Apply For Bank Account Closure Of LL
- Digital Signature Of Designated Partner Required
- DIN Need To Be Active For Partners
- Process Take Appx 1 Month Time
Reasons for dissolution/Wind up of LLP in India
Avoid Compliances
Mandatory Compliances of LLP Annual filing of Form 8, Form 11 and Income Tax need to do if LLP is active. For dormant LLP it’s better to strike off LLP.
Avoid Late Fees
All LLP who not doing business still not to do annual filing. In case of non-filing late filing fees applicable. For dormant LLP it’s better to strike off LLP.
Easy Process
Procedure for winding up of LLP is simple. Partners need to sign few documents and submit online to MCA. No physical presence required for Closure.