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Reason to Close the LLP (Limited Liability Partnership) in India –
Some Startups just started with the idea but after the testing their ideas there is no profitability so they want to close the LLP.
There is no business activity from the long time.
Partners are not willing to continue the business or partnership.
If the LLP is Registered for any specified project and its has been completed.
LLP has become bankrupt.
Only one partner are remain after the death of the partner and want to close the business.
By the Court order due to any circumstances.
So above are the main reason for the Close a LLP in India. If any entrepreneur facing these issue after the registration then they are tried to close a llp so at least they can’t afford the legal penalties or compliance every year. Even they have to bear the huge professional for the maintenance through the chartered accountants or company secretary so the best is always close a LLP if you face above any kind of the reason.
Step 1 – Pass a Resolution –
Once you decide the Close a LLP in India then you have to pass a resolution by the at least 3/4th of the Partners.
Step 2 – Form 1 Filings –
After the passing a resolution you have to file form 1 with the resolution copy within the 30 days.
Step 3 – Declaration of the Debt
In the third step llp have to make a declaration that llp have no debt liability or if have any then it will be have sufficient amount so they can paid within the 1 year from the commencement of the winding up. Its has prepared by the majority of the partners (minimum 2) .
Step 4 – Form 4 & Value of the Assets
In the fourth step the above forms and affidavit has been submitted to the registrar within 15 days of the resolution along with the forms and a statement saying that such winding up is not being done to defraud anyone, form no .4 and a report of the value of the assets of the LLP. You can read here about the Annual Compliance for the LLP which also included these Forms.
Step 5 – Obtain consent from the Creditors
In the fifth step if you have the creditors in your llp then you have to obtain the consent from the creditors and it’s given by at least ⅔ of the unpaid creditors.
Step 6 – Filings and Appointment of Liquidator
File the consent from the creditors with the appropriate timelines. You have to provide advertisement also in the local newspaper within 14 days from the receiving creditors consent.
In case the LLP has liability increasing and assets the appointment of liquidator is required and a liquidator’s statement in form 6 needs to be filed..
Step 7 :- Finalization of the Accounts of LLP.
In the sixth step you have to prepare the finalisation of the accounts and submit along with the form 9. So once form 9 has been filed, all the formalities has been completed.
