Closing a Limited Liability Partnership (LLP)

In case the LLP wants to close down its business or where it is not carrying on any business operations for the period of one year or more, it can make an application to the Registrar for declaring the LLP as defunct and removing the name of the LLP from its register of LLP.

In the case of winding up the LLP all the assets of the business are disposed of to meet the liabilities of the same and surplus any, is distributed among the owners. The LLP Act 2008 provides for following two modes for winding up the LLP i.e.: Voluntary Winding up - Under this, the partners may between themselves decide to stop and wound up the operations of the LLP.

And Compulsory Winding up - A limited liability partnership may be compulsorily wound up by the Tribunal,

• if the limited liability partnership decides that limited liability partnership be wound up by the Tribunal;
• if, for a period of more than six months, the number of partners of the limited liability partnership is reduced below two;
• if the limited liability partnership is unable to pay its debts;
• if the limited liability partnership has acted against the interests of the sovereignty and integrity of India, the security of the State or public order;
• if the limited liability partnership has made a default in filing with the Registrar the Statement of Account and Solvency or annual return for any five consecutive financial years; or
• if the Tribunal is of the opinion that it is just and equitable that the limited liability partnership be wound up.

Closing-LLP Documents Required For close LLP Latest Financial Statements Latest Bank Statement Signatures on Some Documents and Affidavits provided by us.