It is not easy to start a Limited Liability Partnership and run it. However, it is even harder to move on and close the Limited Liability partnership. However, there are certain circumstances that make it a necessity close such a business entity. The reasons to winding up Limited Liability Partnership can be either of the following:
Any of the above circumstances can make it so that Strike of LLP is the only way. However, there can be other reasons as well.
Closing an LLP
There are two conditions under which you can close LLP in India, these are as follows:
How to close a LLP in India?
As for the question of How to close an LLP in India, the procedure of it is as follows:
As you can already gather, there is not much difference in the procedure to close LLP in India and the procedure to wind-up a company in India.
However, there are legal requirements that must be met. Therefore, you need legal assistance of our business experts.
At least a year should have passed from the date of incorporation before the Company files for closing to the Registrar of Companies.
A resolution of Directors approving the closing of the Company and the same being declared with the condition that there are no pending debts is a key requirement for filing the voluntary closing of the Company.
If the Company fails to comply with the timelines, a fine or penalty is incurred upon the Directors from starting another Company.
Within 7 days of application submission, the Private Limited Company must notify the creditors, shareholders, employees, trustees, and other directors.
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