An LLP which has never started business or is not carrying any business for the past one year and has no assets and liabilities can make an application to the Registrar for striking off its name from the register with consent of all partners of the LLP. As LLP is a separate legal entity, it is created by following a legal proceeding hence when it comes to its closure there is a proper legal procedure to be followed. An LLP may be closed through winding-up or through striking off its name from Register of LLP. The winding-up may be a costly or time-consuming affair for many LLPs as it includes approval from Tribunals and involvement of Liquidators. Therefore, the LLP that has been non-operative since its formation or for more than a year, may proceed the easy way of exit i.e. Strike-off. The LLP will be declared struck-off after the publication of notice by Ministry. Once it is struck-off, the LLP cease to be in existence in eyes of law.
To avoid compliance and filing responsibilities for the LLP’s which are not active.
To avoid fines and penalty for late filing, it is better to officially Wind Up LLP’s which are inactive.
Collection of information. Submission. Approval.
Arranging the Documents
Close the bank account if available and arrange to provide closure certificate.
To Get NIL statement of accounts from CA & prepare documents as required to be attached for filing.
To Filing of LLP Form 24 within 30 days from date for which the NIL statement is givenby the CA.
The books of accounts and company documents
LLP Agreement along with any modifications made therein
Address Proof of firm
NOC from Creditors
Statement of assets and liabilities of the LLP certified as true and correct by auditor/chartered accountant in practice.
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