
	Home About Us About the Firm Our Team Vision & Mission Why Us Career Registrations Start Your Business Compliances Tax Compliances Services Due Diligence of Company Transaction Advisory ITR Blog Regulatory Company Law RBI SEBI FEMA Income Tax Excise Matters Gallery Knowledge Bank Calculators GST Calculator Tax Calculator TDS Calculator Calculate Net Profit Calculate Net Worth Effective Capital HRA NSC EMI Auto Loan Calculator Home Loan Calculator Get No. Of Installment RERA Calculator Developers Calculator Home Buyer Delay Interest Home Buyer Refund Bulletins RBI SEBI Notification Circular Income Tax Service Tax Central Sales Tax Excise Matters Customs Company Law Labour Laws FEMA The LLP Act 2008 Accounting Standard (INDAS) Others GST VAT Delhi VAT Maharastra VAT Gujarat VAT Telangana VAT Tamil Nadu VAT IGST UTGST Compensation Cess IBC Regulation Utilities Rates of TDS TDS Rates for N.R.I us 195 Rates of Income Tax Depreciation Rates Companies Act Depreciation Rates Income Tax Act ROC Filing Fees (Cos Act, 2013) ROC Fee Structure (Cos Act, 2013) Cost Inflation Index IFSC Codes MICR Codes Rates of NSC Interest Gold and Silver Rates Rates of Stamp Duty LLP Fees National Industries Classification HSN Rate List Deduction u/s 80TTA Vs 80TTB Links Quick Links Important Links GST/VAT Links Ease Of Doing Business Acts Direct Tax Income Tax Act Wealth Tax Act Income Declaration Scheme 2016 Indirect Tax Service Tax(Finance Act, 1994) Central Sales Tax Act, 1956 The Central Excise Act, 1944 Customs Act, 1962 Entry Tax Act Corporate Laws Companies Act, 2013 Companies Act, 1956 LLP ACT SEBI Act, 1992 Company Secretaries Act, 1980 VAT Laws Delhi Value Added Tax Act, 2004 MVAT Act, 2002 West Bengal VAT Act, 2003 Tamilnadu VAT ACT, 2006 Karnataka Value Added Tax Act, 2003 Gujarat Value Added Tax Act, 2003 UP VAT Act, 2008 Rajasthan Value Added Tax Act, 2003 Punjab Value Added Tax Act Haryana Value Added Tax Act Telangana VAT Act 2005 Andhra Pradesh VAT Act, 2005 Bihar Value Added Tax Act, 2005 Other Statutes ESI Act, 1948 PF Act, 1952 Profession Tax Act The Indian Partnership Act, 1932 Societies Registration Act, 1860 Competition Act, 2002 Reserve Bank of India Act, 1934 MRTP Act, 1969 Equalisation Levy Act, 2016 Right To Information Act, 2005 FEMA, 1999 Maharashtra RERA RERA, 2016 Insolvency & Bankruptcy Code, 2016 Benami Property Act 1988 GST Laws IGST Act , 2017 CGST Tax Act, 2017 UTGST Act, 2017 GST (Compensation to States) Act Rules Direct Tax Rules Income Tax Rules Wealth Tax Rules 1957 Income Declaration Scheme Rules 2016 Indirect Tax Rules GST Valuation Rules , 2016 Service Tax Rules CST (Delhi) Rules, 2005 CST (Maharashtra) Rules Customs Valuation Rules Cenvat Credit Rules, 2017 Entry Tax Rules Corporate Laws Rules Companies Rules, 2014 LLP Rules, 2009 LLP Winding up Rules, 2012 Cos Unpaid Dividend Rules, 1978 VAT Laws Rules Delhi VAT Rules, 2005 Maharashtra VAT Rules, 2005 West Bengal VAT Rules, 2005 Tamilnadu VAT Rules, 2007 Karnataka VAT Rules, 2005 Gujarat VAT Rules, 2006 Uttar Pradesh VAT Rules, 2008 Rajasthan VAT Rules, 2006 Punjab VAT Rules Haryana VAT Rules, 2003 Telangana VAT Rules 2005 Andhra Pradesh VAT Rules, 2005 Bihar Value Added Tax Rules, 2005 Other Statutes Profession Tax Rules NBFC Deposits Directions, 1998 NBFC & Misc NBC (Advt) Rules, 1977 NBFC Auditor Report Directions, 2008 Delhi Labour Welfare Fund Rules, 1997 Cost records and audit Rules, 2014 Baggage Rules, 2016 Equalisation Levy Rules, 2016 NCLT And NCLAT Rules Insolvency & Bankruptcy Rules Benami Property Rules, 2016 GST Rules CGST Rules, 2017 IGST Rules 2017 Forms Income Tax Forms ROC Forms (Cos Act, 2013) ROC Forms (Cos Act, 1956) Income Declaration Forms Wealth Tax Forms Service Tax Forms Companies Unpaid Dividend Forms NBFCs Forms LLP Winding up FEMA Forms LLP Forms CGST Forms GST Forms Accounts and Records Advance Ruling Appeals and Revision Assessment and Audit Composition Demands and Recovery Input Tax Credit Inspection, Search and Seizure Offences and Penalties Payment of Tax Refund Registration Returns Transitional Provisions Value of Supply Admin Login Email Login Time Sheet Contact Us

Striking off of Limited Liability Partnership (LLP)

Summary Documents Procedures

Summary

We at VGC can help you close your LLP

LLP stands for Limited Liability Partnership. It is an alternative corporate business form that offers the benefits of limited liability to the partners at low compliance costs. It also allows the partners to organize their internal structure like a traditional partnership. A limited liability partnership is a legal body, liable for the full extent of its assets. The liability of the partners, however, is limited. Hence, LLP is a hybrid between a company and a partnership. It is not the same as limited liability company LLC.

For closing an LLP, a resolution has to be filed by directors of the company with the ROC, within 30 days of its passing. Within 15 days of passing the resolution the statement of assets and liabilities after the closure of accounts, to the date of winding up of the LLP, attested by at least two partners must be submitted. A report of the valuation of company assets must be prepared. Once this has been done, the majority of 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 winding up of the company.

In case of an existing LLP which is not carrying on any business or operation for a period of one year or more, it can make an application in Form 24 to the ROC, with the consent of all partners of the limited liability partnership for striking off its name from the register. Similarly, where the Registrar has reasonable cause to believe that a limited liability partnership is not carrying on business or its operation, in accordance with the provisions of this Act for a period of two years or more, the name of limited liability partnership may be struck off from the register of limited liability partnerships by ROC by taking suo moto action for striking off the name of the LLP. However, before striking off the name of the LLP by, the ROC shall give reasonable opportunity of being heard to the limited liability partnership and all its partners.

Top

Documents

Documents Required for Close LLP

An application is required to be made in e-Form 24 to remove the name of the LLP, including the followings:

Address Proof of LLP
NOC from the landlord If the registered office place is rented, rent agreement & one utility bill water bill, electricity bill, property tax bill, gas receipt etc.
Copy of the initial LLP agreement, along with changes thereof if entered into and not filed
NOC for strike-off to be obtained from secured creditors & Partners if any
Indemnity Bond
DSC of designated partners to file form 24
Statement of accounts duly certified by chartered Accountant in practice.
Latest ITR filed under Income tax Act.
Any other Document as required by concerned ROC.

Top

Procedures

Characteristics Benefits and characteristics of close LLP

1. Free From Compliance Burden
Certain legal compliance needs to be done even if the LLP does not do any business or is inactive. There is no relaxation from filing TDS or GST returns even if there is no transaction; similarly, annual compliance like filing of ITR, Form 11 and Form 8 with the ROC is a must. Any failure on these aspects results in a heavy penalty. By closing an LLP that does not intend to do business, it is relieved of compliance burden.

2. Save Money on Compliance
As already discussed, even if the LLP does not do any business, it must file various returns under the law. There is a substantial cost regarding the professional fee for doing several compliances. If a due date for the compliance is missed, then it leads to an additional fee payable at Rs. 100 for each day of delay. Therefore, In these circumstances closing an inactive LLP is always a wise decision that will ultimately result in saving money in the long term.

3. Move on in Life
The decision to make an LLP always starts with the hope of making it big, but everything planned may not meet the same fate. Business decisions can go wrong. Hence, if the plans are not going well or the team that started the journey together does not seem in sync, it is always better to conclude the LLP & move on in life.

Contact us today at info@vgccs.in to learn more about our services and how we can help your business grow.

Top

35739 Times Visited

Want to know more ?