Closure Of Limited Liability Partnership (LLP) Online

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Closure of Limited Liability Partnership (LLP)

A limited liability partnership (LLP) is a legal business structure that combines the benefits of a partnership with the limited liability protection of a corporation. It is a popular choice for professional firms, such as law firms and accounting firms, because it allows partners to share profits and manage the business while protecting their personal assets from business debts and liabilities.

There may be a variety of reasons why an LLP may decide to close its business. These reasons may include the retirement or departure of one or more partners, the loss of key clients, financial difficulties, or a change in the business environment. It is important for the LLP to ensure that all debts and liabilities are settled and that the LLP’s affairs are properly wound up by following the proper legal procedures when closing its business, regardless of the reason.

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Conditions for Winding up of LLP

To close down a limited liability partnership (LLP), the following conditions must generally be met:

The LLP has not started any business activities after its incorporation.
The LLP has not conducted any business for the past year.
The LLP does not have any assets or liabilities.

Step by Step Process to Close LLP

To close a limited liability partnership (LLP) in India, the following steps must be taken:

A resolution for the closure of the LLP must be passed by all or three-fourths of the partners, agreeing to dissolve the partnership.
Form No. 1 must be filed with the Ministry of Corporate Affairs (MCA) within 30 days of passing the resolution, along with a copy of the resolution.
At least two members of the LLP must declare that it has no debts or liabilities, or that any debts will be settled within one year from the commencement of the winding up process.
Form No. 4 and a report on the value of the LLP’s assets must be submitted to the registrar within 15 days of filing the forms, along with a statement declaring that the LLP is not being closed to deceive anyone.
The consent of at least two-thirds of the LLP’s creditors must be obtained in order to wind up the business.
An advertisement must be filed in a local newspaper within 14 days of receiving consent from the creditors. If the LLP has assets or liabilities, a liquidator must be appointed and their statement must be filed using Form No. 6.
The LLP’s final account statement must be prepared and submitted along with Form No. 9 to complete the closure process.

Documents Required For Closing an LLP

To close a limited liability partnership (LLP) in India, the following documents must be submitted:

1. PAN cards of all partners and designated partners of the LLP
2. Aadhaar cards of all partners and designated partners of the LLP
3. Latest address proof of all partners of the LLP
4. A consent letter signed by all partners of the LLP
5. In addition to these documents, an application form and an indemnity form must also be submitted to the registrar, along with the appropriate fees.

Why Advisource

Advisource has a team of experienced and qualified professionals who are able to provide valuable assistance with closing your LLP. Each month, Advisource helps many companies and LLPs , using a combination of technology and the expertise of our legal professionals. We make the incorporation process easy and smooth by handling all the paperwork and providing clarity about what to expect. Advisource has a team of over 50+ experienced business advisors and legal professionals who are available to assist with legal services.

FAQs on closure of LLP

What is an LLP?

An LLP, or Limited Liability Partnership, is a type of business structure in which the partners have limited liability for the debts and obligations of the business.

Why might an LLP be closed?

An LLP might be closed for a variety of reasons, such as when the business has reached the end of its life cycle, the partners no longer wish to continue the business, or the business is no longer profitable.

How is an LLP closed?

The process for closing an LLP varies depending on the laws of the jurisdiction in which the LLP is incorporated. In general, however, the process may involve the following steps:
– Dissolving the LLP by filing the appropriate paperwork with the relevant government agency.
– Discharging any outstanding debts and obligations of the LLP.
– Distributing any remaining assets of the LLP to the partners or to other claimants as appropriate.

Are there any legal consequences of closing an LLP?

Depending on the laws of the jurisdiction in which the LLP is incorporated, there may be legal consequences to closing an LLP, such as tax liabilities or other obligations. It is important to carefully consider these consequences before deciding to close an LLP and to seek the advice of a qualified legal professional if necessary.

Can I close an LLP without the consent of all partners?

It may be possible to close an LLP without the consent of all partners if the LLP’s agreement allows for it or if the partners agree to dissolve the LLP by mutual consent. However, if the LLP’s agreement does not allow for it, or if the partners do not agree to dissolve the LLP, it may be necessary to seek legal advice about your options.