1. Fill Form
Fill out the form to get started.
Closure Of LLP
@ Rs. 5999/-
If you are looking to wind up your Limited Liability Partnership (LLP), our expert team can assist 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. Contact us today for professional assistance.
HOW DOES IT WORKS?
WHY KAAGZAAT
1200+ STARTUPS TRUST US
FAQ's
1. Can an LLP be closed voluntarily?
Yes, an LLP can be closed voluntarily by following the procedure outlined in the Limited Liability Partnership Act, 2008.
2. What is the process for voluntary closure of an LLP?
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.
3. How long does it take to close an LLP voluntarily?
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.
4. Can an LLP be closed due to financial difficulties?
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.
5. What are the consequences of not properly closing an LLP?
If an LLP is not properly closed according to legal requirements, it may result in penalties imposed by regulatory authorities, continued liability for debts and obligations, and potential legal actions against directors or partners.
6. Do all partners need to agree on closing down an LLP?
In most cases, all partners need to agree on closing down an LLP unless there are specific provisions in the partnership agreement that allow for a different decision-making process.
7. Can I reopen a closed LLP in the future?
Once an LLP is closed and its name is struck off from the register of companies, it cannot be reopened. However, you can start a new business entity if desired.
8. Are there any tax implications when closing down an LLP?
There may be tax implications when closing down an LLP such as capital gains tax on asset sales or settlement of outstanding taxes with revenue authorities. It is recommended to consult with a tax advisor for guidance.
9. Can I transfer assets from my closing down LLP to another business entity?
Yes, you can transfer assets from your closing down LLP to another business entity as long as proper documentation and approvals are obtained during the closure process.
10. Is it necessary to notify creditors and employees before closing down an LLP?
Yes, it is necessary to notify creditors and employees before closing down an LLP as part of fulfilling legal obligations and ensuring smooth transition during winding up proceedings.