LLP Closure

LLP Closure

Winding up is the process, where all the assets of the business are sold to paying off creditors and distributing surplus if any, among the owners of the business. An LLP may decide to wind up its business by two modes, either by voluntarily winding up or compulsory winding up.

In voluntary winding up partners may decide between themselves to wind up the operations of the business. In compulsory winding up an LLP may be compulsorily wound up by the order of the tribunal.

There are certain circumstances for the LLP compulsory winding up. Eg. when LLP is unable to pay off its debts, where the number of partners of the limited liability partnership is reduced below two and it continues for the period of more than six months.

Document Required

  1. Copy of consent of all partnersCopy of consent of all creditors
  2. Authorization to make Application to Strike off the Name of the LLP to ROC
  3. Application For Closure of LLP as per rule 37(1)(b) Of The Limited Liability Partnership Rules,2009
  4. Indemnity Bonds and Affidavits
  5. Copy of statement of assets and liabilities
  6. Latest ITR

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