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Closing an LLP

If a company has not been involved in any sort of activity for an entire year, an LLP can be dissolved. With a mutual agreement of all the partners/ heads, a closure application needs to be filed to terminate the LLP.

Complisure can help you in the filing of the Termination form.

Closing an LLP.

A resolution is required to be filed with the Registrar of Companies by the designated partners within 30 days of its passing. At least two partners are supposed to submit the statements of liabilities and assets after the closure of the accounts. Valuation of Company Assets reports must be prepared.

You are required to file returns on a mandatorily basis regardless of the business operations if you choose to register your firm as an LLP. If you fail to file the returns under any circumstances, the partners will be liable for the consequences and LLP will be subjected to penalties under the LLP Act.

Process of closing an LLP

Form-24 LLP to filed

Registrar of Companies will file Form-24 along with partners’ declaration. Also, a confirmation is required, stating that the information is true to the knowledge of indemnity bonds.

Public Notice to be given

Registrar of Companies will publish a notice on its website which states the content of the application for a time-period of one-month.

Removal of LLPs Name

The Registrar of Companies will remove the LLPs name and also publishes in the Official Gazette, stating that the person is legally dissolving the LLP.