Close Limited Liability Company

For closing an LLP, a resolution has to be filed by directors of the company with the Registrar of Companies, 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.

While registering for a business, you have different options like LLP or Limited Liability Partnership. If you have registered your company as LLP, then you would be required to file mandatory returns whether it is doing business or not. In case you fail to file the returns, then the LLP will be subjected to penalties under the LLP Act, and the partners in the firm will be liable to the same penalties. Hence, filing returns becomes a mandatory act in the case of LLP.

So, if you are not planning to file the return and close the LLP for certain reasons, then it must be closed as per the LLP Act. Vakilsearch is a popular name when it comes toregistration or closure of the LLP.

If you are willing to close the LLP, then it must meet the following conditions:

- The LLP should be inactive for a period of at least 1 year, or it should be inoperative from the date of establishment.

- The second condition is that the LLP should not have any assets on the date of application. Moreover, there is detailed paperwork that needs to be done. The first thing that you need to do is to submit the application along with the required fees and affidavit along with consent from all partners of LLP. In addition, for the closure of LLP, you need to submit the IT return and a Statement of Accounts (of the last 30 days) from the date of application.

At this point, you must know that the closure of LLP can take up to two months, provided the partners are quick to complete the procedures involved.

 

How “The Account Masters” will help you in close limited liability company?

The Account Masters will do satisfying close limited liability company. We are providing close limited liability companyservices in Zirakpur Punjab, India