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 must approve under at least three-fourths of the total number of partners.
2.Appoint a liquidator:
A liquidator must be appoint to oversee the winding Up of LLP process. The liquidator can be a partner or an external professional, such as a chartered accountant or company secretary.
3.File a notice with the Registrar of Companies:
The LLP must file a notice of its intention to wind up with the Registrar of Companies within 30 days of passing the resolution.
4.Publish a notice:
The LLP must also publish a notice of its intention to wind up in a newspaper circulating in the area where the registered office of the LLP is located.
5.Settle both debts and liabilities:
The LLP must settle all its debts and liabilities before proceeding with the winding up process. Any remaining assets must distribute among the partners in proportion to their capital contributions.
6.File final accounts and returns:
The LLP must file its final accounts and returns with the Registrar of Companies within 30 days of the completion of the winding-up process.
7.Dissolution:
Once all the steps are completed, the LLP will be dissolved, and its name will be struck off from the Register of LLPs.
To visit: https://www.mca.gov.in
The process of winding up an LLP can be complex and may require professional assistance. It recommend that the designated partners seek the advice of a qualified professional, such as a chartered accountant or company secretary, to ensure that all legal and regulatory requirements are met.
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