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Main Advantages of Registering a Close a Limited Liability Partnership
An LLP can apply for strike-off where it has not indulged into any business transaction since it incorporation.
If the LLP is non-operative for more than one year, is can proceed for closure LLP through striking off.
When bank account in the name of LLP is not opened. In case the account was subscribed, a declaration to be made after closure of same.
There is no Assets or Liabilities in books of Limited Liability Partnership.
The LLP has complied with all Annual Compliance requirements for the financial years in which business is carried on.
Filing of ITR is completed for the concerned period in which financial transactions are undertaken.
Frequently Asked Questions
The business carried under Limited Liability Partnership organisation can be closed at the will of Partners by any of the following way:
- Declare LLP as defunct; or
- Voluntary winding-up of the LLP; or
- Compulsory winding-up of the LLP (initiated by Tribunal)
The name of Limited Liability Partnership can be applied for strike off by way of declaring it as defunct for a period of one year or more. This is the easiest way to close the LLP as there is no involvement or requirement of the Liquidator or Tribunal. To choose this mode, few conditions are required to be fulfilled (prescribed below).
The LLP which has not commenced any business under its name since its incorporation or the LLP which has ceased to operate can make an application under this route. In both case, a period of one year shall be passed since the incorporation.
The Limited Liability Partnership can be declared as defunct if the following conditions are fulfilled:
1. The LLP has not carried any business or commercial transaction for a period of one year or more; 2. The LLP has complied with Annual Compliance requirements: 3. The concerned LLP shall have filed the Income Tax Returns; 4. Statements of Accounts (Nil Assets and Liabilities) not older than 30 days of filing the application; 5. Bank account(s) in name of LLP, if any, shall be closed before making an application for strike-off.
If the Limited Liability Partnership is yet operative, the Partners shall wait for a period of one year to be completed since last transaction in the name of LLP to opt for this method of closure of LLP. However, if Partners do not wish to continue LLP for a longer period, they can alternatively opt the winding-up procedure with the help of Liquidator.
The LLP shall fulfil all the Annual Compliance requirements since its incorporation. The compliance requirement shall be fulfilled for the period up to which the LLP was operating. If the LLP has not carried on a single transaction since its incorporation it does not require filing the Annual Return.
Yes, filing of ITR under Income Tax is mandatory as for the financial year(s) up to which the Limited Liability Partnership has carried on the business. The application of striking off the name of LLP shall accompany the latest Income Tax Return filed, if any.
The Limited Liability Partnership requires to first closing its books of accounts after distribution of assets and payment of the liabilities. The statement shall be duly certified by the chartered accountant in practice. The care should be taken that the application of striking off of the LLP shall be made within 30 days from the date of the statement prepared.
The procedure of striking off requires filing of prescribed form along with the documents as listed in next FAQ. The Registrar shall further file publish the application of striking off on the website of MCA for a period of 1 month for receiving any representation from general public. The application, once approved will affect the change of status of LLP as "Stuck off (defunct)" in the register and master data of LLP.
This application requires some simple documents as listed below:
1. Consent of all Partners; 2. Consent of Creditors (if any); 3. Indemnity bond by the Partners; 4. Document providing Authority to make an application; 5. Statement of assets and liabilities; 6. Latest ITR filed; 7. Original LLP Agreement with modifications, if any
No, the appointment of liquidator or an application before Tribunal is not required to be made. The appointment of liquidator is applicable in case of Dissolution of the LLP through voluntary or compulsory winding up only.
The payment of stamp duty and notary on the affidavit and indemnity bond will be required to be completed by the client form their concerned state or city.
Yes, application of the surrender of PAN Card is required to be made. This service is not included in our package.
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Number of circumstances lead to decision of closure of LLP. The Partners of the Limited Liability Partnership has options to either close the LLP through its strike off or winding up. In case of winding up of the LLP, the LLP will be dissolved wehereas in case of declaration as defunct, the name will be struck off from the Register maintain by the RoC. We at LegalWiz.in provide online assistance to close down or windup your Limited Liability Partnership. We guarantee highest quality standard backed by 100% customer satisfaction. Our qualified team of legal professionals, chartered accountants and company secretaries are always available to assist you with all the legal and administrative aspects of dissolution of the limited liability partnership. To wind up the limited liability partnership you would be required to follow certain quick and easy steps and provide LegalWiz with the required documents and we would assist you in closure of the LLP in India. Subject matter experts are available on call or via email to answer your queries. We also provide a full spectrum of services related to Dissolve a Private Limited Company, Dissolve a Partnership Firm, Dissolve a One Person Company, Personalized Legal Document Drafting Services, Personalized Legal Document Reviewing Service, Accounting and Bookkeeping Services, etc. We offer services through an online model and a network of trusted affiliates across all major cities in India including Mumbai, Delhi, Ahmedabad, Pune, Bangalore, Hyderabad, Vadodara, Kolkata, Chennai, Noida, Gurgaon, Surat, Rajkot and others.