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    About Winding Up – LLP

    A Limited Liability Partnership (LLP) is a business entity introduced in India by the LLP Act, 2008. Winding up an LLP involves selling its assets and paying its creditors. Any remaining profits or assets are distributed to the partners according to the LLP Agreement.
    To start winding up an LLP, a resolution must be passed and filed with the Registrar within 30 days. The winding-up process is considered to begin on the date the resolution is passed.

    Document required for Winding Up – LLP

    • PAN card for identity proof.
    • LLP Agreement with any amendments (if any).
    • NOC from landlord and address proof.
    • The final statement of LLP with the latest Income Tax Return.
    • NOC from creditors.
    • Certification from auditor/chartered accountant stating that the statements of LLP are true and correct.

    Procedure

    • Filing of Form 1.
    • Declaration of no debts or liabilities.
    • Filing of Form with the asset value of LLP.
    • Acquire permission from creditors for winding up.
    • Filing of Form 6.
    • Prepare the final statement of LLP.
    • Filing Form 9.

    Frequently Asked Questions

    • What is winding up an LLP?

      Winding up an LLP means legally closing the LLP and liquidating its assets. It involves settling debts, distributing remaining assets, and ending the LLPs operations organizationally. The partners can do it voluntarily or through a court order in specific situations.

    • What are the types of winding up?

      There are two ways in which a LLP may be wound up: by the LLP voluntarily (voluntary winding up), or by the court (compulsory winding up).

    • What are the steps involved in the compulsory winding up of an LLP?

      The compulsory winding up of an LLP can be initiated by the Tribunal based on certain grounds, and it involves filing a winding-up petition, appointing a provisional liquidator, conducting investigations, and settling debts.

    • How is the final balance sheet prepared during winding up?

      The liquidator prepares the final balance sheet after all debts are settled

    • How long does the winding-up process of an LLP usually take?

      The duration of the winding-up process depends on various factors, such as the complexity of the LLPs affairs, the cooperation of the partners, and any legal complexities involved

    • Can LLP be closed before one year from the date of incorporation?

      No, at least one year must have lapsed before closing a LLP voluntarily