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.
At Corpseed, we are committed to offer our services to the entrepreneurs and businesses as a very cost-effective proposition. We believe that a customer is always right and the focus of any business activity should be to serve the customer with utmost loyalty. All our services come with SLAs (Service Level Agreements) for on-time service delivery and money back guarantee to ensure high level of customer satisfaction.
At Corpseed, our valued customers are always kept in the loop as far as service delivery timeline is concerned and we inform our customers every time a milestone is achieved during each stage of service request processing. But we also believe that we may come across a customer who is not satisfied with our efforts. For that we have a very responsive Customer Care Department which work 24x7 to attend to and solve customer complaints. We also have a money back guarantee for those, who want their service charges to be refunded.
At Corpseed, We believe it is our responsibility to protect our customer information from unauthorized access. We have put systems and processes in place to make sure that the customer information is safe with us during its storage and transfer between in house and third party servers. We continuously test our systems and processes for security breach and vulnerabilities are identified and fixed at a regular basis..
If a customer is not satisfied with the service we provided and if he contacts our customer care helpline and files a formal complaint within 15 days of service delivery date, Corpseed would refund the entire or partial amount of Professional Fee charged for that particular service.
If a customer is having issues with our service delivery process, he has various alternatives available at his disposal to register his grievance with us. He can either email his complaint at email@example.com or he can call our 24x7 Customer Care Helpline. Also, any customer is always welcome to visit our office to lodge a complaint with the senior management.
A customer can buy our services directly from our online platform, for which he need to make online payment. Once he clicks on "Apply Now", a new window will open, a customer is required to submit the information in the respective fields and click "Make Payment". A unique ticket number will be auto generated, the customer need to quote this number as reference for any enquiry regarding his service request.
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