CLOSURE OF LLP

When can LLP apply for closure:

  • The LLP has not commenced its business within 1 year of incorporation; or
  • The LLP is not carrying out any business or activity for a period of 1 year or more.

Conditions for closure of LLP:

  • Assets and Liabilities of the LLP as on the date of application shall be NIL. It shall pay of all its liabilities before making the application.
  • The current account of the company shall be closed.
  • The LLP shall file all its pending returns with the concerned authorities. (Income tax, ROC and other statutory liabilities)
  • All partner and creditors, if any shall give consent for closure of the LLP

List of documents required for closure of LLP:

  1. Statement of accounts by a Chartered Accountant.
  2. Bank certificate disclosing closure of the current account of the company.
  3. Latest copy of the Audited Balance Sheet and ITR Acknowledgement of the LLP.
  4. Self-attested copies of Id and Residence Proof of all the Partners.
  5. Copy of latest Form 8 and Form 11 of LLP.
  6. Certificate of Incorporation and LLP Deed.
  7. Digital Signature of any one director for processing the application.

Process of closure of LLP:

  • Hold Board Meeting to discuss and decide for closure of LLP .
  • File all pending returns of the LLP.
  • Pay off all the liabilities of the LLP.
  • File LLP-24 form alongwith following documents:
  • statement of accounts in form STK-8
  • affidavit in by every partner of the LLP
  • indemnity bond by all partners of the LLP
  • consent of all partners of the LLP
  • After application the Registrar of Companies will scrutinize the application, raise queries if any and approve the closure after fulfilling all the requirements.

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