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Closure Of LLP

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Unlike Company closure, it is mandatory for an LLP to file certain compulsory returns, no matter, the business is operating or not. Penalties and legal action are imposed under the LLP Act to the designated partners for non-filing of due returns on time. LLP continues to exist until there is a formal closure of LLP. LLP must be inactive since one year or does not possess any liability or assets on the date of filing for the closure of LLP. With the consent of all the partners of LLP, an application must be made to the registrar for removing the name from the register of companies. If the LLP possess the assets and bank balance, it can not be removed from the register.
Once, the application for closure of LLP is filed, the process takes 3 to 6 months to completely remove the name from the register of companies. Once approved, the ministry puts up the application for the general public for about one month and later issue an order regarding name removal from the register. The notice of removal is published in the official gazette later by the ministry of corporate affairs. It is mandatory for all the partner to consent for the closure and provide executed affidavits and indemnity stated under LLP guidelines.
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Overview

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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FAQ

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.

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