Sometimes it becomes necessary to close down one’s business owing to a number of reasons. Are you wondering how to close LLP? Our experts are there to help you out.
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Frequently asked questions.
The following procedure can be followed for closing a LLP by filing Form 24:
Step 1: Cease Commercial Activity.
Step 2: Close Bank Account(s).
Step 3: Prepare Affidavits & Declaration.
Step 4: Prepare Documents.
Step 5: File Any Pending Documents.
Step 6: Obtain Chartered Accountant Certificate.
Step 7: File LLP Form 24.
To close an LLP you have to file an application with the consent of partners and creditors, indemnity bond, statement of assets and liabilities, acknowledgement of ITR, resolution and other documents. The LLP must not have executed its business or commercial operations for the span of one year or more.
An LLP gets dissolved in the following circumstances: Death or Bankruptcy of one or more partners. By Order of Court / compulsory judicial decision. Expiry of term.
If a limited liability partnership does not start with its business operations or continue its business for a certain period of time, it becomes dormant in the eyes of law and its name is struck off from the register.