Apply for Complete LLP Winding Up & Get Approval from the Govt. of India and Registrar of Companies (ROC)

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Registration for Winding Up Process

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The Govt. of India has enacted the Limited Liability Partnership (LLP) Settlement Scheme, 2020, that overviews the LLP related issues in the country. Get the country’s recommended CA Panel’s assistance from Online Legal India™ to complete the LLP Closure / Winding Up procedure following the provisions of the Scheme, LLP Act, 2008, and the Registrar of Companies (ROC).

By filing the Form-24 of Limited Liability Partnership (Amendments) Rules, 2017, a concerned personnel can close down an LLP. The frequent reasons are namely:

  • Not having 2 Directors/Partners on the Board
  • Economic Condition
  • Low Profits
  • Tough Competition
  • Management Issue
  • Lack of Capital
  • Unanticipated Event
  • Country’s most Efficient CA panel will be Managing LLP Winding Up Procedure
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The LLP winding up process can be initiated by carrying out the followings:

  • Ceasing all business operations
  • Close bank accounts opened in the name of the LLP
  • Paying all the creditors
  • Chucking out all the properties/ assets to pay the liabilities
  • Must not own any liability

The winding up process of a registered LLP can be initiated in two ways:

  • Voluntarily Winding Up

    Here the partners of the concerned LLP can decide by themselves and close down the LLP by following the necessary legal steps as per the ROC. The decision should be authorized by 3/4th of the total numbers of partners.

  • Compulsory winding up by Tribunal

    The ROC can initiate the process of closing down a particular LLP that has not executed any business operation and Appliance filing for more than one year. It also takes place in case the particular LLP is convicted of being associated with any illegal or fraudulent instance.

Required Documents for LLP Closure/Winding Up Process

As per the provisions of the Ministry of Corporate Affairs (MCA) & Registrars of Companies (ROC), the required documents and activities are likewise:

  • DSC of the authorized Partner
  • NOC (If the LLP is associated with any regulatory body)
  • PAN Card of the LLP & the Partners of that entity
  • Aadhaar Card of the LLP Partners
  • Copy of LLP Agreement
  • Acknowledgement of the Partners regarding closure of the LLP
  • Address Proof of all the Partners
  • Indemnity Bond signed by the Partner(s)
  • Copy of authority to make the application duly signed by all the Partners
  • Copy of Acknowledgement of latest Income-tax Return
  • Affidavit signed by the designated Partners [sub-clause(b) of clause (II) of sub-rule (1A) to rule 37

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FAQ

The LLP winding up process can be done by either the LLP’s 3/4th of the total number of partners or the Registrar of Companies (ROC) in case the particular LLP is convicted of being associated with any illegal or fraudulent instance.

In India, the Registrar of Companies (ROC) and the Ministry of Corporate Affairs (MCA) overviews the LLP winding up procedure as per the provisions of the LLP Act, 2008, the Limited Liability Partnership (Amendments) Rules, 2017, and the Limited Liability Partnership (LLP) Settlement Scheme, 2020.

Form-24 is utilized to apply for the LLP winding up process in the Registrar of Companies (ROC).

 

In the LLP winding up process, the following documents are required:

  • DSC of the LLP Directors / Partners
  • NOC (If the LLP is associated with any regulatory body)
  • PAN Card of the LLP & the Partners of that entity
  • Aadhaar Card of the LLP Partners
  • Copy of LLP Agreement
  • Acknowledgement of the Partners regarding closure of the LLP
  • Address Proof of all the Partners
  • Indemnity Bond signed by the Partner(s)
  • Report of Valuation of the Assets
  • Copy of last income-tax return filed
  • Declaration that the LLP is not liable of payment due to the creditors/employees
  • CA Certificate stating Closed Bank Account, Zero Assets, Zero Liabilities of the LLP

In prior to the closing up procedure, the concerned Limited Liability Partnership authority is needed to complete the followings:

  • Ceasing all business operations
  • Close bank accounts opened in the name of the LLP)
  • Paying all the creditors
  • Chucking out all the properties/ assets to pay the liabilities
  • Must not own any liability