Winding up of LLP
Are you having trouble paying winding up your business?
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Need help in winding up your LLP?
What is Winding up of LLP?
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A Limited Liability Partnership (LLP) is the business type where the liability of the partner is limited. LLP is a separate legal existence different from its partner and so it enjoys perpetual succession. Each partner is protected from their liability; also protected by the joint liability created by the other partner’s wrong business decision or misconduct. LLP Registration is covered under the Limited Liability Partnership Act, 2008 & a separate LLP agreement has to be filed. LLP shall be registered with the ROC.
Table Of Contents
An Overview
An LLP winding up can be started by choice or by a Board. If a LLP is to initiate winding up by choice, then the LLP must pass a resolution with approval of at least 3/4th of the total number of partners. If the LLP has creditors, secured or unsecured, then the consent of the creditors would also be required.
Reasons for winding up
- Unable to fulfil the limit of number of partners
- Voluntary winding up
- LLP is unable to clear the debts owed
- Avoiding penalties for late filing
- LLP has not filed the annual returns for five consecutive financial years
Related read: How To Choose Between A Private Ltd. Company And LLP?
The procedure of winding up
- Step 1 - Pass the resolution
- Step 2 - Filing of Form 1
- Step 3 - Declaration of no debts or liabilities
- Step 4 - Filing of Form 4 with the asset value of LLP
- Step 5 - Acquire permission from creditors for winding up
- Step 6 - Filing of Form 6
- Step 7 - Prepare the final statement of LLP
- Step 8 - Filing Form 9
Documents required for winding up
- PAN card for identity proof
- LLP Agreement with any amendment (if any)
- NOC from landlord & Address proof
- The final statement of LLP with the latest Income Tax Return.
- NOC from creditors
- Certification from auditor/chartered accountant as statements of LLP were true and correct
Related read:Income Tax Returns (ITR) AY 2021-22: Which ITR Form Should You File?
How can we help you?
- Submit a service request by clicking here
- Our team will connect with you, to understand your requirements based on which we will provide you with a simple checklist
- Once you fill-up the checklist & provide us with the required documents, our team shall verify them
- We shall then start with the winding up process. Throughout the process, our dedicated manager will keep you updated on the progress
- In case of any query(s) from the department, our experts shall respond to them on your behalf
FAQs
Yes, the LLP can wind up if it is inactive from the date of incorporation for at least one year immediately preceding the filing of the application.
LLP must pass a resolution with approval of at least 3/4th of the total number of partners for voluntary winding up.
» Voluntary winding up.
» Mandatory winding up.
Winding up of LLP takes approximately 14-20 days.
Speak to our experts who shall solve all your doubts.
Call us at +91 7738 066 334 or Mail us at info@indiacompanyincorporation.com
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