It comes into existence through legal proceedings and hence ceases to exist in the same manner. Winding up means closing up of a company’s concerns, which may be by the reason of Insolvency or otherwise, by the realization of Assets, payment of Liabilities and distribution of surplus if any amongst the partners of LLP.
Dissolution is an event wherein the name of LLP is removed from the register of LLP’s and the fact is notified. Dissolution puts an end to the company. There are many reasons behind winding up an LLP.
→ No Profitability & Idle Business Activities.
→ Voluntary Winding Up or Bankrupt.
→ Completion of project or Partner Death.
