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Terminate the LLP Overview
Within 30 days following the resolution's passage, the company's directors must register it with the Registrar of Companies in order to close an LLP. A statement of assets and liabilities from the date of account closure to the date of the LLP's dissolution, attested by at least two partners, must be submitted within 15 days after the resolution's passage. It is necessary to compile a report on the asset appraisal of the organisation. Once this has been accomplished, the majority of partners must sign a declaration stating that the LLP has no debts or is able to settle all debts within a time limit no longer than one year following the date of the company's dissolution.
You can choose from a variety of alternatives when registering a business, such as LLP or Limited Liability Partnership. Whether or not your firm is conducting business, you must file necessary returns if you registered it as an LLP. If you don't file the returns, the LLP will face LLP Act penalties, and the partners in the company will also be subject to such penalties. Thus, in the case of LLP, filing returns becomes a requirement.
Documentation Needed for LLP
- PAN Card of Partners: For the closing of an LLP, you must additionally present the PAN cards of all the partners and designated partners in addition to the application form and indemnification that must be submitted to the registrar.
- Similar to the PAN card, another document required for the closure of an LLP is the Aadhaar card of each of the partners and designated partners.
- Latest Address Proof of Partners: In addition to the two documents indicated above, the most recent address proof for each LLP partner must be supplied.
- Permission letter: In order to close an LLP, you must also obtain the consent letter's signature from each partner and submit it with the appropriate paperwork and costs.
FAQ
Can an LLP function as a separate legal entity?
Yes, a limited liability partnership (LLP) is regarded as a distinct legal entity that has been registered with the law.
What transpires if an LLP is inactive for a year or more?
An LLP is considered to be inactive if it has been dormant for longer than a year. An LLP may be wound up voluntarily or a limited liability partnership may be required to be wound up in order to do this.
The limited liability partnership firm is governed by which law?
The Limited Liability Partnership Act of 2008 and its implementing regulations, the Limited Liability Partnership Rules of 2009, govern limited liability partnership firms.
Is it possible to count a body corporate as a partner in a limited liability partnership?
In a limited liability partnership firm, a body corporate may be regarded as a partner.
An international limited liability partnership firm is what?
A foreign limited liability partnership firm is any such limited liability that was created, incorporated, or registered outside of India yet locates its place of business there.
What steps must be taken to close a failing LLP?
A closed limited liability partnership can be dissolved by submitting an application to the Registrar with the approval of the LLP's partners to have its name removed from the register.
Who is authorized to sign the LLP closing application?
Along with the approval of all the partners, the chosen partners may sign the application for the closure of a disbanded limited liability partnership.
Is the closure of an LLP subject to the approval of all partners?
Yes, it is believed that all partners must agree before a defunct limited liability partnership can be closed.
After an LLP has closed, does the Registrar still issue certificates?
No, a certificate for the dissolution of a limited liability partnership will not be issued by the Registrar.
What time frame is necessary to strike an LLP s name
The name of an LLP may be removed from the register after a month has passed.