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Close a Limited Liability Partnership

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Closure of LLP in India

As an LLP is a creation of law, it can be closed by procedures established by statute only. The reasons for closure could be many. However, the circumstance in which an LLP is being closed is what matters for the process which needs to be adopted.
A business may be required to be closed due to various reasons, like non-operation, closure of business, recurring losses, the passing of the key managerial person, the dispute among promoters, un-ability to pay debts of the LLP, etc. Closing or winding up of an LLP is a
challenging task, where the designated partners and all partners must first decide on the best method available under the LLP Act, 2008 to wind up the LLP. In case the LLP does not have liabilities or debts to pay it can be closed voluntarily by a unanimous decision of all the partners of the LLP and after that, an application can be filed with the registrar to strike down the name of LLP from its register. However, where the LLP have debts to pay, or there are creditors/liabilities, the LLP must approach National Company Law Tribunal for closure.

REASONS FOR DISSOLUTION OF LLP IN INDIA

All LLPs registered in India have to file the annual returns and statement of accounts for each Financial Year irrespective of annual revenue or profit disregard of its working. LLP that hasn’t opened a bank account or commenced business activity would have to file the following filings each year to maintain LLP compliance and avoid penalty.

HOW TO WIND UP OR STRIKE OFF COMPANY?

Documents Required to close LLP in India

1. PAN Card -All partners are required to submit their and the firm’s PAN number as
identity proof.
2. LLP Agreement along with any modifications made therein
3. Address Proof of firm -If the registered office place is rented, rent agreement and
one utility bill (electricity bill, water bill, property tax bill, gas receipt etc.) have to be
submitted. Also, NOC from landlord will be submitted.
4. The financial statement of the LLP with Copy of acknowledgment of latest INCOME
TAX RETURN.
5. NOC from Creditors – NOC for strike-off to be obtained from secured creditors, if any
6. Statement of assets and liabilities of the LLP certified as true and correct by
auditor/chartered accountant in practice.

PACKAGE INCLUDES:

  1. Drafting of documents
    2. CA assisted Filing of application with Registrar
    3. Stamp duty charge upto Rs. 700*
    4. Government fees
    5. Follow-up with ROC
    6. Notary charges to be borne by applicant

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Frequently Asked Question

A defunct LLP indicates an LLP that has not started any business or is not carrying on any business for the immediate past one year and has no assets and liabilities.

A defunct LLP can be closed by making an application to the Registrar with the consent of all partners of the LLP for striking off its name from the register.

E-Form 24 is used for making an application to the Registrar of Companies for striking off the name of the LLP.

Normally, it takes 6 months to 1 year to remove the name of the LLP from the registrar records.

The LLP can be closed if the LLP is inoperative from the date of incorporation or inactive for a period of at least one year immediately preceding the filing of the application.

Yes. Consent of all the partners is required to file the application for closure an LLP

No. Registrar will not issue a certificate for closure of LLP. After the scrutiny of application, the Registrar will approve the application form. The status of LLP will be changed to ‘under the process of striking off’.

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