The LLP which is not carrying on any business operation since incorporation or ceases to carry on the business for a period of one year or more can apply with ROC to strike off the name of the LLP. There could be several reasons for the closure of LLP which can range from voluntary winding up to compulsory winding up.
The ministry of corporate affairs introduced LLP Form 24 via an amendment in the Limited Liability Partnership Rules, 2009. However, the application for closure of LLP is subject to certain criteria.
The LLP can be easily closed if it is inoperative for more than one year and all the filing till date is completed.
LLP needs to follow certain compliances which will have to be adhered to even if your firm is non-operative. Closing the LLP will free you from these compliances.
Arrange to provide the documents as per the checklist shared.
Close the bank account if available and arrange to provide closure certificate.
Get NIL statement of accounts from Chartered Accountant and prepare documents as required to be attached for filing.
Filing of LLP Form 24 within 30 days from the date for which the NIL statement is provided by the Chartered Accountant.
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No, at least one year must have lapsed before closing a LLP voluntarily.
Yes, the LLP which has not carried on any operation since incorporation is not required to fulfil the criteria of one year.
No, all the overdue returns in Form 8 and Form 11 up to the end of the financial year in which the limited liability partnership ceased to carry on its business is required to be completed.
No such attachment is required if there is no bank account for LLP instead the designated Partners can give a declaration for the same.
Yes, the required Form for strike off is expected to be filed within 30 days from the date for which the NIL statement is provided by the Chartered Accountant.
Form 24 LLP is required to be filed to close LLP.
Any LLP that has ceased to operate or one which has not commenced business since incorporation can apply for strike off. In either case, a period of one year from the date of incorporation shall be required.
No, a liquidator is not required, and there is no need to make an application to Tribunal while closing an LLP in India.
You can wait for a period of one year from the date of the last transaction becoming opting for the standard LLP closure procedure. Alternatively, the LLP can be also be closed with the help of liquidator if partners do not wish to continue the business.
You will have to make an application for the surrender of the PAN card.
Law requires you to first close the books of accounts after distributing the assets and making payments for all liabilities. The final statement for nil assets & liabilities will have to be certified by a practising chartered accountant.