LLP Closure

Get professional advice from our experts to close your inactive/inoperative Limited Liability Partnership (LLP).

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What is Limited Liability Partnership (LLP) Closure?

If things don't go as planned, a business can have to close. The Closure of the LLP is the final phase of the LLP's existence as a legal entity. A company may need to close for a number of reasons, including insolvency, business closure, recurrent losses, the death of a key executive, disagreements between the promoters, inability to pay LLP debts, etc.

For what reasons is the LLP being closed?
A company may have to close for a number of reasons, such as non-operation, closing down, recurrent losses, the death of a key executive, if the limited liability partnership (LLP) is registered for a project and it has been completed, disagreements between the partners, inability to pay LLP debts, etc.

When we can apply for LLP closure?

In case the LLP wants to close down its business or where it is not carrying on any business operations for the period of one year or more, it can make an application to the Registrar of Companies for declaring the company as defunct and removing the name of the LLP from its register of LLP’s. As per Rule 37 of LLP Rules if a LLP wants to strike off it should not carrying on any business operations for the period of one year or more.

Process Involved

Step-1

Close the Bank Account of the LLP

Step-2

Sell all the assets, if any and pay off all the liabilities of the LLP, if any

Step-3

Take the written consent of all partners for strike off the LLP

Step-4

Drafting of all the requisite documents for closure of LLP

Step-5

Filing of form 24 with the Registrar.

Step-6

Get Verified.

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