With KNAP Advisory, closing a LLP that has had no commercial operations since its incorporation or no transactions in the preceding two fiscal years, is no longer a difficult task.
A firm may be compelled to close for a variety of reasons, including as non-operation, business closure, recurring losses, the death of a key management, a dispute amongst promoters, or the LLP's failure to pay its obligations. Closing or winding up an LLP is a tough process, since the designated partners and all partners must first agree on the most suitable method of dissolution under the LLP Act, 2008.
If the LLP has no obligations or debts to pay, it can be voluntarily dissolved by a majority vote of all of its partners, followed by an application to the registrar to have its name removed from the register. However, if the LLP has outstanding debts or creditors/liabilities, it must file petition to the National Company Law Tribunal for dissolution.
By utilising a team of competent experts and Chartered Accountants, we guarantee complete client satisfaction and quick service delivery. KNAP Advisory India will shut your LLP upon permission from the ministry of corporate affairs and other necessary ministries.
Listed below is a detailed procedure:
- Include a declaration indicating that the LLP was not founded with the goal to deceive any individual or individuals.
- Accompanied by a Form No. 4 Statement of Assets and Liabilities for the period ending on the day the accounts are produced, attested by two authorised partners.
- Accompanied by a valuer-prepared report of asset appraisal.
- In the best interests of Creditors and Partners, the LLP must be dissolved by its Partners.
- If the LLP cannot satisfy its obligations through the sale of its assets during winding up and creditors request that the LLP be dissolved, the LLP will be dissolved by creditors.
- If the LLP is unable to satisfy its obligations through the sale of its assets in winding up and proposes to be wound up by the Tribunal, the LLP will be wound up by the Tribunal and an application for the same must be filed within fourteen days.
Within thirty days of-
Although partners designate the liquidator, if the consent of two-thirds of creditors is not obtained, creditors may propose another liquidator and determine compensation, and the liquidator nominated by creditors will serve as the liquidator. If creditors do not consent to or pick a different liquidation, however, the liquidator designated by the partners is presumed to be the liquidator. In addition, the Tribunal may appoint the liquidator and determine the remuneration for the liquidator. The tribunal has the authority to dismiss the liquidator given an adequate hearing opportunity.
Following his appointment, the Liquidator must file Form No. 6, disclosing any conflicts of interest or lack of independence to partners or creditors, if appropriate.
The liquidator is responsible for settling the creditors' or partners' list, maintaining accounting books and records, paying debts, and distributing assets to the partners.
The Limited Liability Partnership needs to meet some conditions for winding up. Consider following points:-
In order to dissolve or dissolve the LLP, the following documents must be submitted by the partners:-
A corporate business vehicle that permits the integration and operation of professional skills and entrepreneurial initiative in a flexible, inventive, and efficient way, while offering limited liability and permitting members to organise their internal structure as a partnership.
Detailed instructions for dissolving an LLP are listed above. KNAP Advisory may efficiently dissolve an LLP at a reasonable cost.
At least two months are required to dissolve or dissolve an LLP.
Penalties may be assessed if an LLP fails to file the required returns. Partners are accountable for the same breach of contract.
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