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Closure Of LLP
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Closure Of LLP:
- A limited liability partnership duly registered under the act can be declared as defunct if it did not function or carry out any business, for which it was incorporated for a period of one year or more. Such a company can be easily struck off from the register of LLP
- LLPs other than those mentioned above, can be wound up in any one of the following two modes: (i) Voluntary winding up (ii) Winding up by the tribunal
- An LLP can be wound up voluntarily if it is approved by way of a resolution of not less than three-fourths of the total number of its partners. Further, if the LLP has either secured or unsecured creditors, winding up will not take place unless it is consented to by the creditors. The designated partners must file a declaration with the registrar that the LLP has no debt or that it will be able to pay its debts in full within one year. Such declaration must be accompanied by a statement declaring that the LLP is not being wound up to defraud any person, a statement of assets and liabilities, and a report of the valuation of the assets of the LLP prepared by a valuer
- Within fourteen days of the receipt of creditors’ consent, the notice of passing the resolution for winding up the LLP must be published in a newspaper circulating in the district where the registered office or the principal office of the LLP is situated
- A resolution must then be passed to appoint and fix the remuneration of the voluntary liquidators for the purpose of winding up the affairs of the LLP. A notice of such appointment of the liquidator must be given to the registrar
- Voluntary winding up of the LLP is a complicated and time-consuming activity. Legal Saheb can complete all the formalities and documentation required for voluntarily winding up your LLP. Fill up the form or send us a WhatsApp message and our team will be happy to assist you in all the formalities