Winding Up LLP

LLP Closure is the process of Winding Up LLP and dissolving all its operations. The LLP closure process needs to be followed to officially wind up a partnership business and set all its partners free from the burden of filing annual returns as well as other essential compliances. Even in the condition of inactivity of the LLP, its partners have to follow compliance requirements as failing to do may result in penalties, or legal actions that may turn out to be expensive as well as time-consuming. However, following the process of Closure of LLP is a one-time task that sets each partner free from compliance requirements and fear of penalty as well as disqualification!

In case you want your LLP closure, an application to the registrar of companies in e-form 24. This form is for declaring the status of the LLP defunct and removing the name of the LLP from its register of LLP. If your business is not running since incorporation or in past 1 year, you can file the form. Closing of LLP can only be possible if the LLP has done its LLP annual compliances. Although it is not mandatory if no business done since incorporation. Before striking off LLP, closure of the existing current account of the LLP is mandatory.

LLP strike-off applications must have mandatory attachments of an affidavit and indemnity bond. ROC post satisfaction will publish LLP in the journal for public comments. Authority will allow it if there is no public opposition to the closure of LLP.