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If you are looking to close down your Limited Liability Partnership (LLP), our expert team is committed to assisting you with the entire closure process. From filing necessary documents to handling legal formalities, we ensure a smooth and hassle-free dissolution of your LLP. Connect with us today for professional guidance.
The closure of a Limited Liability Partnership or LLP is the legal process of terminating the LLP and removing its name from the data of the Ministry of Corporate Affairs. This process is also known as the strike-off or winding up of an LLP and can be closed either by a compulsory winding-up or voluntarily by regulatory authorities.
The following documents are required to execute the closure process of an LLP –
The following documents are required to execute the closure process of an LLP –
When the LLP is not operating its business activities for at least one year and has no pending liabilities, it can apply for closure under Section 37(1) of LLP Rules, 2009.
Conditions for Voluntary Closure
Process for Voluntary Closure
The ROC can initiate the closure of an LLP if –
In the above-mentioned situation, the ROC will publish a notice to the LLP and, on being unable to respond, it proceeds with the closure.
The National Company Law Tribunal or NCLT will order an LLP to wind up in the following situations –
Yes, an LLP can be closed voluntarily by following the procedure outlined in the Limited Liability Partnership Act, 2008.
The process for voluntary closure of an LLP involves passing a resolution to wind up the business, appointing a liquidator, settling all debts and liabilities, selling assets, and filing necessary forms with the Registrar of Companies.
The timeline for closing an LLP voluntarily can vary depending on various factors such as the complexity of the business operations, the number of creditors, and compliance with legal requirements. On average, it may take around 6-12 months to complete the closure process.
Yes, an LLP can be closed due to financial difficulties by following either a voluntary or compulsory winding up procedure as specified in the Limited Liability Partnership Act, 2008.