Closure of LLP Firm Online
Complete Solution - Documentation, Filing, Approval
No business started since incorporation? Wind up your LLP and stop complying with routine compliances. LLP is closed by following a procedure provided in the Limited Liability Partnership Act, 2008.
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Get Closure of an LLP Done Online
You can get an LLP Closed Online by TaxMyTax with Ease.
Filling the Checklist
One of our team member will get in touch with you to collect your documents along with the information needed. You need to submit your documents for verification. Our team of experts will verify the documents provided by you and take the procedure further.
Application Strikeoff
We prepare the docs required and file the pending forms like LLP-3, LLP-11 and LLP-8. Once we file the documents and forms we will obtain a certificate of the chartered accountant stating NIL assets and NIL liabilities of the Limited Liability Partnership.
ROC Process
After receiving the documents, we will prepare an application of LLP strike off in E form 24 and then we will need consent of all the partners and then the same needs to be filed with the ROC The registrar will verify the documents and if satisfied he will approve the application and the name of the LLP will be struck off.
General Overview
Reasons of Closure
Conditions of Closure
Procedure
Required Documents
General Overview
Outline
LLP (Limited Liability Partnership) is one of the most popular legal entity in India due to its feature. LLP is a innovative form of corporate business structure that gives the benefits of limited liability of a company and the flexibility of a partnership. it incorporates the benefits of both partnership firm and company into a single form of organization.. Even in the last some years it’s a one of the most popular legal entity over the partnership firm. But sometimes there are of the reason faced by the Indian entrepreneur so they want to close the LLP.
Reasons of Closure
Reasons of Closure of LLP
Following are some of reasons of closure of LLP
- Some Startups just started with the idea but after the testing their ideas there is no profitability so they want to close the LLP.
- There is no business activity for a long time.
- Partners are not willing to continue the business or partnership.
- If the LLP is Registered for any specified project and it has been completed.
- LLP has become bankrupt.
- Only one partner is remained after the death of the partner and wants to close the business.
- By the Court order due to any circumstances.
Conditions of Closure
Conditions of Closure
Following are the conditions to close the LLP:
- LLP is inoperative from the date of incorporation or inactive for a period of at least one year
- LLP does not have any assets / liabilities as on the date of application.
- Closure of current account of the LLP has been done
- LLP Obtain the consent of the parties i.e any other authority, creditors and partners.
Procedure
Procedure
The following procedure can be followed for closing a LLP by filing Form 24:
Step 1: Cease Commercial Activity
LLP Form 24 can be filed only by LLPs that never commenced business or have ceased commercial activity. Hence, if the LLP is operational and the promoters wish to close the LLP, the LLP must first cease all commercial activity.
Step 2: Close Bank Account(s)
LLP Form 24 can be filed only by those LLP that have no creditors and no open bank account. Hence, prior to filing LLP Form 24, any bank account opened in the name of the LLP must be closed and a letter evidencing closure of the bank account in the name of the LLP must be obtained from the Bank.
Step 3: Prepare Affidavits & Declaration
All the Designated Partners of the LLP must first execute an affidavit, either jointly or severally, that the Limited Liability Partnership ceased to carry on commercial activity from (Date) or has not commenced business.Further, the LLP Partners must also declare that the LLP has no liabilities and indemnify any liability that may arise even after striking off its name from the Register. The liability of the Partners would not be extinguished even after closure of a LLP while using Form LLP 24.
Step 4: Prepare Documents
Along with Form LLP 24 the income tax return of the LLP and LLP deed must be enclosed. In case the LLP has not filed any income tax return and it has not carried on any business activity, then it is not required. Else, a copy of the acknowledgement of the latest Income-tax return filed must be attached with the application for closing the LLP.
Step 5: File Any Pending Documents
After incorporation of a LLP, the LLP agreement must be filed with the MCA within 30 days of registration. In case this compliance was missed and LLP agreement was not filed, then the initial LLP agreement, if entered into and not filed, along with any amendments must be filed.
Step 6: Obtain Chartered Accountant Certificate
Once all the documents for filing of LLP Form 24 is prepared, a statement of accounts disclosing NIL assets and NIL liabilities, that is certified by a Practising Chartered Accountant up to a date not earlier than thirty days of the date of filing of Form 24 must be obtained.
Step 7: File LLP Form 24 to MCA
The above mentioned documents along with LLP Form 24 can be then filed with the MCA to strike off name of LLP. On processing the application, if found acceptable, the concerned Registrar of Companies would cause a notice to be published on the MCA website announcing the striking off of the LLP.
LLP Form 24 can be filed only by LLPs that never commenced business or have ceased commercial activity. Hence, if the LLP is operational and the promoters wish to close the LLP, the LLP must first cease all commercial activity.
Step 2: Close Bank Account(s)
LLP Form 24 can be filed only by those LLP that have no creditors and no open bank account. Hence, prior to filing LLP Form 24, any bank account opened in the name of the LLP must be closed and a letter evidencing closure of the bank account in the name of the LLP must be obtained from the Bank.
Step 3: Prepare Affidavits & Declaration
All the Designated Partners of the LLP must first execute an affidavit, either jointly or severally, that the Limited Liability Partnership ceased to carry on commercial activity from (Date) or has not commenced business.Further, the LLP Partners must also declare that the LLP has no liabilities and indemnify any liability that may arise even after striking off its name from the Register. The liability of the Partners would not be extinguished even after closure of a LLP while using Form LLP 24.
Step 4: Prepare Documents
Along with Form LLP 24 the income tax return of the LLP and LLP deed must be enclosed. In case the LLP has not filed any income tax return and it has not carried on any business activity, then it is not required. Else, a copy of the acknowledgement of the latest Income-tax return filed must be attached with the application for closing the LLP.
Step 5: File Any Pending Documents
After incorporation of a LLP, the LLP agreement must be filed with the MCA within 30 days of registration. In case this compliance was missed and LLP agreement was not filed, then the initial LLP agreement, if entered into and not filed, along with any amendments must be filed.
Step 6: Obtain Chartered Accountant Certificate
Once all the documents for filing of LLP Form 24 is prepared, a statement of accounts disclosing NIL assets and NIL liabilities, that is certified by a Practising Chartered Accountant up to a date not earlier than thirty days of the date of filing of Form 24 must be obtained.
Step 7: File LLP Form 24 to MCA
The above mentioned documents along with LLP Form 24 can be then filed with the MCA to strike off name of LLP. On processing the application, if found acceptable, the concerned Registrar of Companies would cause a notice to be published on the MCA website announcing the striking off of the LLP.
Required Documents
Documents Reqired
Given below documents are required to close LLPCopy of consent of all partners (Mandatory)
- Pan card of LLP
- LLP Deed
- Bank closure Certificate
- LLP latest statement of Account
- Pan and Aadhar Card of partners
- Latest address proof of Partners
- DSC of atleast one Designated Partner
- Copy of consent of all creditors (Mandatory)
- Copy of the undertaking/ indemnity bond for striking off name (Mandatory)
- Copy of statement of assets and liabilities duly certified as true and correct by auditor/ chartered accountant in practice (Mandatory)
- Copy of acknowledgement of latest Income tax return (Mandatory)
Frequently Asked Questions
Normally, it takes 6 months to 1 year to remove the name of the LLP from the registrar records.
If after resubmission sent by department, the same is not filled then what will be the consequences?
If the resubmission has been raised by the department and it has not be filled with the time limit the application will be rejected automatically and the partners has to start with the fresh process and new form will be filed by the partners.
No, Registrar will not issue a certificate for closure of LLP. After scrutiny of application, the Registrar will approve the application form. The status of LLP will be changed to under the process of striking off’.
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