What is Closing a Limited Liability Partnership?

To close down a limited liability partnership (LLP), the resolution to do so must be filed with the Registrar within 30 days of its passing. Once this has been done, the majority of the partners need to make a declaration to the effect that the LLP has no debts or that it is in a position tso pay all debts within a specified period not exceeding one year from the date of commencement of winding up of LLP.

Within 15 days of the passing of the resolutions, statement of assets and liabilities for the period from the last accounts closure to the date of winding up of LLP must be submitted, attested by at least two partners. A report of valuation of the assets of the LLP must be prepared.

Winding Up by Tribunal

  • The LLP wants to be wound up.
  • There are less than two Partners in the LLP for a period of more than 6 months.
  • The LLP is not in a position to pay its debts.
  • The LLP has acted against the interests of the sovereignty and integrity of India, the security of State or public order.
  • The LLP has not filed with the Registrar Statement of Accounts and Solvency or LLP Annual Returns for any five consecutive financial years.
  • The Tribunal is of the opinion that it is just and equitable that the LLP should be wound up.

Process

  • 4 Working DaysWe will file form 24 with the RoC along with the declaration from the partners. Along with the main application, you need to submit indemnity bonds and affidavit stating that the information is true to the knowledge of all the partners.
  • 30 Working DaysAfter completing the above steps, the Registrar will publish a notice on its website containing the substance of the application for a period of one month.
  • 10 Working DaysAfter one month, the registrar will remove your LLP's name from the register and publish a notice in the Official Gazette, thereby legally closing/dissolving the LLP.

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