CLOSING A LIMITED LIABILITY PARTNERSHIP

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CLOSING A LIMITED LIABILITY PARTNERSHIP

Closing an LLP can take up to two months, provided the partners are quick to complete the many procedures required.

CLOSING AN LLP

To close down a limited liability partnership (LLP), the resolution to do so must be filed with the Registrar within 30 days of its passing. Once this has been done, the majority of the partners need to make a declaration to the effect that the LLP has no debts or that it is in a position to pay all debts within a specified period not exceeding one year from the date of commencement of winding up of LLP. Within 15 days of the passing of the resolutions, statement of assets and liabilities for the period from the last accounts closure to the date of winding up of LLP must be submitted, attested by at least two partners. A report of valuation of the assets of the LLP must be prepared.

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4 WORKING DAYS

We will file form 24 with the RoC along with the declaration from the partners. Along with the main application, you need to submit indemnity bonds and affidavit stating that the information is true to the knowledge of all the partners.

30 WORKING DAYS

After completing the above steps, the Registrar will publish a notice on its website containing the substance of the application for a period of one month.

10 WORKING DAYS

After one month, the registrar will remove your LLP's name from the register and publish a notice in the Official Gazette, thereby legally closing/dissolving the LLP.