What is the procedure to close LLP?

The following procedure can be followed for closing a LLP by filing Form 24:

1. Step 1: Cease Commercial Activity.
2. Step 2: Close Bank Account(s)
3. Step 3: Prepare Affidavits & Declaration.
4. Step 4: Prepare Documents.
5. Step 5: File Any Pending Documents.
6. Step 6: Obtain Chartered Accountant Certificate.
7. Step 7: File LLP Form 24.

Who may petition for winding up of LLP?

Any creditor or creditors of the company may present a petition to the Court for winding up, alleging that the company is unable to pay the debts of the creditor in the manner specified in section 433 or 434.

Can an LLP go into liquidation?

To start the liquidation process for a LLP, a greater part of the designated partners, will have to make a declaration that the LLP has no debt or that it will be competent to pay the debts in full within a period of not more than 1 year from the start of winding up.

Which of the following reasons would be the basis for winding up of a company by the Tribunal?

In case the company does not pay the debts, the debt of the creditor exceeding Rs 1 lakhs is due and unpaid by the company within 21 days from the due date, or any execution decree is passed in favour of the creditor or tribunal has a reason that company will not pay off any debts then company would be liable for …

What do you mean by winding up of a company distinguish between winding up and dissolution?

Meaning. Winding up means appointing a liquidator to sell off the assets, divide the proceeds among creditors, and file to the NCLT for dissolution. Dissolution means to dissolve the company completely. Any further operations cannot be done in the company name. Process.

How much does it cost to close an LLP?

5. What are the expenses and cost involved in Closing an LLP? The filing fees for Form FTE is Rs. 1000.