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Two primary avenues beckon when deciding to wind down your LLP:
1. Voluntary Winding Up:
This established route applies to solvent LLPs capable of settling all outstanding debts and liabilities. It follows a meticulously defined legal procedure outlined by the Limited Liability Partnership Act, 2008, ensuring a thorough dissolution process.
2. Striking Off the Name:
This streamlined option caters to dormant LLPs, those that haven’t commenced business or haven’t filed annual returns for a specific period. The Ministry of Corporate Affairs (MCA) offers the “Fast Track Exit” scheme, a significantly accelerated path to closure for such cases.
Choosing the most suitable route hinges on your LLP’s specific context:
● Financial Standing: Voluntary winding up becomes mandatory for LLPs burdened with debts or liabilities. If you’re debt-free, striking off the name might be a faster and simpler option.
● Operational Activity: Actively operating LLPs require winding up, while dormant ones qualify for strike off.
● Compliance Status: Consistent compliance with filing requirements facilitates strike off, while discrepancies necessitate winding up.
Voluntary winding up involves a multi-step journey:
1. Board Resolution: Initiating the process commences with a formal resolution passed at a partners’ meeting, appointing a Liquidator to oversee the dissolution.
2. Creditor Notice: Transparency reigns supreme as creditors are informed about the winding up and invited to submit their claims within a designated timeframe.
3. Asset Realisation: To settle liabilities, the Liquidator skillfully navigates the terrain of asset disposal and outstanding receivables collection.
4. Debt Payment: With meticulous attention to priority and capital contributions, creditors and partners receive their rightful dues.
5. Final Statement and ROC Filing: Once all claims and liabilities are settled, a comprehensive final statement is filed with the ROC, marking the completion of the financial chapter.
6. Name Removal: Upon ROC approval, the curtain closes on your LLP’s journey, its name formally removed from the register, signifying its dissolution.
Dormant LLPs can bypass the winding-up formalities and embrace the speedier “Fast Track Exit” scheme:
1. Form 24 Submission: This crucial document, along with requisite documents and fees, paves the way for your formal application to the ROC.
2. Public Notice: Transparency remains paramount as a notice inviting objections is published in two newspapers and the LLP’s registered office, ensuring stakeholders are informed.
3. Objection Period: A 30-day window opens for potential objections from stakeholders, allowing for any concerns to be addressed.
4. Name Removal: If no objections surface, the ROC grants its approval, officially removing the LLP’s name from the register, marking its closure.
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The procedure involves obtaining partners' consent, settling debts and liabilities, filing necessary forms with the Registrar of Companies (RoC), and obtaining RoC approval
LLPs that have ceased operations and have no liabilities or assets, or those that have completed their objectives, are eligible for closure.
Failure to close down an LLP properly may result in penalties, legal liabilities, and continued compliance obligations, even if the LLP is no longer active.
Yes, an LLP can be closed down voluntarily by following the prescribed procedure for closure as per the Limited Liability Partnership Act, 2008.
Documents such as board resolution, consent of partners, statement of accounts, indemnity bond, and Form 24 are required for closure.
The closure process typically takes around 3 to 6 months, depending on various factors such as the completeness of documentation and RoC processing time.
The closure process typically takes around 3 to 6 months, depending on various factors such as the completeness of documentation and RoC processing time.
Yes, Avenue Advisory provides expert assistance for the closure process, including filing applications, preparing documents, and liaising with regulatory authorities.
Avenue Advisory ensures compliance by guiding clients through the process, preparing accurate documents, and facilitating timely filings with the RoC.
Outsourcing to Avenue Advisory ensures efficiency, accuracy, and peace of mind, allowing LLPs to close down smoothly while adhering to all legal requirements.
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