Winding up of LLP

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What is Winding up of LLP?

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

Related read: How To Choose Between A Private Ltd. Company And LLP?

The procedure of winding up

Documents required for winding up

Related read:Income Tax Returns (ITR) AY 2021-22: Which ITR Form Should You File?

How can we help you?

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.

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