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WINDING UP OF LLP

An LLP is an artificial person who can’t die as a natural death.
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Winding Up of LLP

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.

Documents which are mandatory to close an LLP in India:

→ PAN Card

→ LLP Agreement along with any modifications made therein.

→Address Proof of Firm.

→Accounting Information.

→ NOC From Creditors.

→ Statement of assets and liabilities of the LLP certified as true and correct by auditor/ chartered accountant in practice.

These are the stepwise procedure for the closing of an LLP in India:

→ Closure of Bank Account.

→ Prepare a Statement of Accounts.

→ Partners Meeting and Consent.

→ Drafting of Affidavit and Indemnity Bond.

→ Digital Signature of at least one designated partner.

→ Application filing for the closure of LLP.

Tradenfill is here to help you to wind up of your LLP. If you want some advice regarding the Winding up of LLP then you can contact our advisor through either mail: info@tradenfill.com or call at +91-9654 533433.

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