Winding Up of LLP / Closure of LLP in India

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Winding Up of LLP / Closure of LLP in India

What is process for Winding up of LLP?

Winding up is the process, where all the assets of the business are sold to paying off creditors and distributing surplus if any, among the owners of the business. Winding up of Limited liability Partnership or Closure of LLP may be done by two modes viz.voluntarily winding up or compulsory winding up. In voluntary winding up partners may decide between themselves to wind up the operations of the business. In compulsory winding up an LLP may be compulsorily wound up by the order of the tribunal. There are certain circumstances for the LLP compulsory winding up. Eg. when LLP is unable to pay off its debts, where the number of partners of the limited liability partnership is reduced below two and it continues for the period of more than six months. Owner of LLP at any time decides to wind up their company, either voluntarily or compulsory. There is always an option to Closure of LLP in India.

It is always better to close LLP rather than not getting the mandatory ROC Compliances as it can put Designated Partner of LLP under legal issues. The time taken for LLP closure is approximate 4 weeks and it requires all the documents of LLP registration. Also all the existing partners of the LLP should give their consent to close LLP. LLP closure at MaxBusiness starts from Rs 6,500/-.

What is included in Closing LLP package?

Starting At 6,500/-

Partner’s affidavits for dues
Indemnity Bond
Board Resolution Drafting
Statement of Account Preparation
ROC Fees
Closure of LLP

Procedure for LLP Closure Service

Closure of LLP in India

Documents Required For LLP Closure?

Information about LLP
Affidavits drafted by MaxBusiness to be signed
No Dues documents to be signed by partners

Advantages of Closing LLP

Avoiding compliance

It is better for LLP to be closed rather than not filling the ROC compliances and MCA dues. It absolves partners from any legal actions which may arise later on.

Avoid Fines

A LLP that doesn’t file its compliance on time incurs fines and penalty, including debarment of the Partners from starting another LLP or Company.

Low Cost for Closure

LLPs can be wound up easily through us at low cost with expert advice. On the other hand, a dormant LLP or non-compliant LLP could potentially acquire more penalty, if compliance is not maintained every year.

Easy To Close

The formalities for winding up of a dormant LLP are relatively simple and easy to complete. Hence, its best to close an inactive LLP at the earliest.

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