When LLP can be closed An LLP has the potential to undergo closure or dissolution in specific situations. 1.Voluntary Dissolution: The LLP can voluntarily dissolve when the partners unanimously decide to wind up its affairs and close the LLP. This decision is typically documented through a resolution passed by the partners, indicating their intention… Read More »
LLP can be dissolved The process for dissolving a Limited Liability Partnership (LLP) typically involves the following steps: 1.Partnership Agreement: Review the partnership agreement to understand the provisions related to dissolution. The agreement may outline the process and conditions for dissolution, including partner consent, notice periods, and the distribution of assets and liabilities. 2.Partner… Read More »
Winding Up of LLP Winding up of Limited Liability Partnership involves the process of closing down the business and settling its affairs. Here are the steps involved in winding up an LLP in India: 1.Firstly, Pass a resolution: The designated partners of the LLP must pass a resolution to wind up the business. This resolution… Read More »