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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.
Any LLP looking to cease operations, dissolve its legal entity, or stop business activities needs to follow the proper closure procedure.
Closing an LLP properly provides several advantages for partners and businesses.
The following documents are required to close an LLP:
The process follows a defined sequence of steps to legally close an LLP.
Call a meeting of all partners to discuss and approve the closure of the LLP. Pass a resolution authorizing the closure.
Settle all outstanding debts and liabilities of the LLP. Prepare a statement of assets and liabilities from the date of account closure to the date of dissolution.
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 dissolution.
Compile a report on the asset appraisal of the organisation. This report must be submitted with the closure application.
Within 30 days following the resolution's passage, file Form 24 with the Registrar of Companies along with all required documents and fees.
Upon approval, the LLP is officially dissolved and the records are updated on the MCA portal.
We manage every step, document, and filing with the ROC so you can focus on your transition.
We verify your eligibility and ensure all required documents are complete and valid.
Assistance in drafting resolutions for LLP closure.
Guidance on partner meetings and consent compliance.
Complete filing of Form 24 with the Registrar of Companies.
We respond to any queries or clarifications raised by the ROC.
Regular follow-up with ROC to ensure timely processing of your application.
Help preparing and organizing all required documents for the closure.
Guidance on preparing asset appraisal reports for the closure.
Ensuring the LLP's dissolution is reflected on the MCA portal.
Talk to a First Auditor specialist today — get a clear fee quote and document checklist before you start.
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