Every entrepreneur wants its business to flourish more & generate profits, but there are multiple scenarios wherein an entrepreneur has to take the decision of closing down his business. In legal terms, we call it as winding up. It is the last stage of a company in which its presence for past several years is dissolved and all its assets are used to pay off the creditors, shareholders and other liabilities.
Importance of winding up of an LLP
- Avoid compliance
- Avoid any penalties or fines
- Low cost as compared to maintaining compliance for a dormant LLP
If your LLP is not operating properly or faces continuous business losses, it is advisable to close such LLP and look for some alternate business solutions to come up with. An LLP needs to be closed or windup when there are no activities since incorporation or the Partners of LLP are not willing to continue operations. An LLP normally can be shut down per below circumstances.
Conditions for winding up of an LLP
As per Limited Liability Partnership (Amendment) Rules, 2017, the procedure for winding up of an LLP can be initiated either
An LLP can be wound up by a Tribunal for any of the following reasons:
The decision of voluntary winding up of an LLP entirely depends on the shareholder’s decision. Before winding up an LLP, the partners must:
Procedure to wind up an LLP
Three Easy Steps to wind up an LLP
Decisions a Tribunal may Take
Corpseed Procedure for winding up an LLP
Step 1: - Corpseed received your request for winding up of LLP
Step 2: - We will assign a dedicated resource who is professionally skilled in regulations required to wind up an LLP. You can get in touch with the assigned resource at any point of time for consultation and assistance regarding winding up of your LLP.
Step 3: - Our experts will draft the affidavit and board resolution for winding your LLP and ask for your approval.
Step 4: - Our expert will file your latest financial statement, with MCA.
Step5: - Our resource will assist you till the Tribunal passed an order for dissolution.
Step 6: - Above 5 steps completes your request of winding up your LLP.
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