{"id":26058,"date":"2025-03-26T12:41:04","date_gmt":"2025-03-26T12:41:04","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=26058"},"modified":"2025-03-26T12:41:04","modified_gmt":"2025-03-26T12:41:04","slug":"llp-form-24","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/","title":{"rendered":"LLP Form 24"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Introduction\" >Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Definition_What_is_LLP_Form_24\" >Definition: What is LLP Form 24?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Key_Features_of_LLP_Form_24\" >Key Features of LLP Form 24:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Application_When_is_LLP_Form_24_Required\" >Application: When is LLP Form 24 Required?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Who_Should_File_LLP_Form_24\" >Who Should File LLP Form 24?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Documents_Required_for_LLP_Form_24_Filing\" >Documents Required for LLP Form 24 Filing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Deadline_for_Filing_LLP_Form_24\" >Deadline for Filing LLP Form 24<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Benefits_of_Filing_LLP_Form_24\" >Benefits of Filing LLP Form 24<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#1_Legal_Closure_of_LLP\" >1. Legal Closure of LLP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#2_Avoids_Non-Compliance_Penalties\" >2. Avoids Non-Compliance Penalties<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#3_Saves_Compliance_Costs\" >3. Saves Compliance Costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#4_Protects_Partners_from_Legal_Liabilities\" >4. Protects Partners from Legal Liabilities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#5_Simplifies_Business_Exit_Strategy\" >5. Simplifies Business Exit Strategy<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Limitations_of_LLP_Form_24\" >Limitations of LLP Form 24<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#1_Cannot_Be_Filed_If_Liabilities_Exist\" >1. Cannot Be Filed If Liabilities Exist<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#2_Requires_Several_Legal_Documents\" >2. Requires Several Legal Documents<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#3_Time-Consuming_Process\" >3. Time-Consuming Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#4_Cannot_Be_Revoked_After_Approval\" >4. Cannot Be Revoked After Approval<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Process_of_Filing_LLP_Form_24\" >Process of Filing LLP Form 24<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Step-by-Step_Procedure\" >Step-by-Step Procedure<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Step_1_Pass_a_Resolution_for_Closure\" >Step 1: Pass a Resolution for Closure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Step_2_Prepare_Necessary_Documents\" >Step 2: Prepare Necessary Documents<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Step_3_Close_LLPs_Bank_Account\" >Step 3: Close LLP\u2019s Bank Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Step_4_Fill_in_LLP_Form_24_Details\" >Step 4: Fill in LLP Form 24 Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Step_5_Digital_Signature_of_Designated_Partner\" >Step 5: Digital Signature of Designated Partner<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Step_6_Submit_the_Form_and_Pay_Fees\" >Step 6: Submit the Form and Pay Fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Step_7_Approval_from_ROC\" >Step 7: Approval from ROC<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Comparative_Table_LLP_Form_24_vs_LLP_Form_17\" >Comparative Table: LLP Form 24 vs. LLP Form 17<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#FAQs_on_LLP_Form_24\" >FAQs on LLP Form 24<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#1_Can_LLP_Form_24_be_filed_if_the_LLP_has_outstanding_loans\" >1. Can LLP Form 24 be filed if the LLP has outstanding loans?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#2_What_is_the_penalty_for_not_closing_an_inactive_LLP\" >2. What is the penalty for not closing an inactive LLP?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#3_How_long_does_the_LLP_Form_24_approval_process_take\" >3. How long does the LLP Form 24 approval process take?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#4_Can_an_LLP_be_revived_after_filing_Form_24\" >4. Can an LLP be revived after filing Form 24?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#5_Can_LLP_Form_24_be_filed_online\" >5. Can LLP Form 24 be filed online?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#6_Is_it_mandatory_for_all_partners_to_agree_to_file_LLP_Form_24\" >6. Is it mandatory for all partners to agree to file LLP Form 24?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/#7_Do_LLPs_need_to_file_income_tax_returns_before_closure\" >7. Do LLPs need to file income tax returns before closure?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><strong>Introduction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>LLP Form 24 : <\/strong>Limited Liability Partnerships (LLPs) are a preferred business structure in India due to their <strong>flexibility, limited liability benefits, and lower compliance requirements<\/strong>. However, in some cases, LLPs may need to close their operations permanently. To do so, they must follow a legal process prescribed by the <strong>Ministry of Corporate Affairs (MCA)<\/strong>, which includes filing <strong>LLP Form 24<\/strong> for the closure of the LLP.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Definition_What_is_LLP_Form_24\"><\/span><strong>Definition: What is LLP Form 24?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>LLP Form 24 is a <strong>statutory form prescribed by the MCA<\/strong> that allows LLPs to apply for <strong>voluntary closure or strike-off<\/strong> under the <strong>Limited Liability Partnership Act, 2008<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Key_Features_of_LLP_Form_24\"><\/span><strong>Key Features of LLP Form 24:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Used for <strong>closing an LLP that is inactive or has no liabilities<\/strong>.<\/li>\n<li>Allows an LLP to apply for <strong>strike-off from the MCA\u2019s register<\/strong>.<\/li>\n<li>Ensures the legal winding-up process is <strong>compliant and transparent<\/strong>.<\/li>\n<li>Requires <strong>partners&#8217; approval, financial statements, and other documents<\/strong>.<\/li>\n<li>Reduces the compliance burden by <strong>legally dissolving the LLP<\/strong>.<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Application_When_is_LLP_Form_24_Required\"><\/span><strong>Application: When is LLP Form 24 Required?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Who_Should_File_LLP_Form_24\"><\/span><strong>Who Should File LLP Form 24?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An LLP must file Form 24 if it meets the following criteria:<\/p>\n<ol>\n<li><strong>Has not conducted business for at least one year<\/strong> OR <strong>never commenced business<\/strong>.<\/li>\n<li><strong>Has no pending debts, liabilities, or creditors<\/strong>.<\/li>\n<li><strong>All partners agree to the closure<\/strong>.<\/li>\n<li><strong>The LLP bank account (if any) has been closed<\/strong>.<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Documents_Required_for_LLP_Form_24_Filing\"><\/span><strong>Documents Required for LLP Form 24 Filing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>Consent letters from partners<\/strong> approving the closure.<\/li>\n<li><strong>Indemnity Bond<\/strong> signed by all partners.<\/li>\n<li><strong>Statement of assets and liabilities<\/strong> (not older than 30 days before filing).<\/li>\n<li><strong>Affidavit from partners<\/strong> declaring that the LLP has no liabilities.<\/li>\n<li><strong>Bank closure certificate<\/strong> if an LLP bank account was opened.<\/li>\n<li><strong>Income Tax Return (ITR) acknowledgment<\/strong> if filed.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Deadline_for_Filing_LLP_Form_24\"><\/span><strong>Deadline for Filing LLP Form 24<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>There is <strong>no specific deadline<\/strong>, but LLPs must ensure compliance before submission.<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_Filing_LLP_Form_24\"><\/span><strong>Benefits of Filing LLP Form 24<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Legal_Closure_of_LLP\"><\/span><strong>1. Legal Closure of LLP<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Ensures the LLP is <strong>legally closed and removed from government records<\/strong>.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"2_Avoids_Non-Compliance_Penalties\"><\/span><strong>2. Avoids Non-Compliance Penalties<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>If an LLP is inactive but not closed properly, it <strong>continues to incur penalties for non-compliance<\/strong>.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"3_Saves_Compliance_Costs\"><\/span><strong>3. Saves Compliance Costs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>No need to <strong>file annual returns, financial statements, or pay government fees<\/strong> after closure.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"4_Protects_Partners_from_Legal_Liabilities\"><\/span><strong>4. Protects Partners from Legal Liabilities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Legally closing an LLP ensures <strong>partners are not held accountable for future obligations<\/strong>.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"5_Simplifies_Business_Exit_Strategy\"><\/span><strong>5. Simplifies Business Exit Strategy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Helps entrepreneurs <strong>exit the LLP structure easily<\/strong> and focus on new ventures.<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Limitations_of_LLP_Form_24\"><\/span><strong>Limitations of LLP Form 24<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Cannot_Be_Filed_If_Liabilities_Exist\"><\/span><strong>1. Cannot Be Filed If Liabilities Exist<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>LLP Form 24 is <strong>only applicable to LLPs without pending debts<\/strong>.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"2_Requires_Several_Legal_Documents\"><\/span><strong>2. Requires Several Legal Documents<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Partners must arrange for <strong>affidavits, indemnity bonds, and financial statements<\/strong> before filing.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"3_Time-Consuming_Process\"><\/span><strong>3. Time-Consuming Process<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The <strong>ROC takes time to verify documents and approve dissolution<\/strong>, causing delays.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"4_Cannot_Be_Revoked_After_Approval\"><\/span><strong>4. Cannot Be Revoked After Approval<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Once the LLP is struck off, it <strong>cannot be revived unless restored through a legal process<\/strong>.<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Process_of_Filing_LLP_Form_24\"><\/span><strong>Process of Filing LLP Form 24<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Step-by-Step_Procedure\"><\/span><strong>Step-by-Step Procedure<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"Step_1_Pass_a_Resolution_for_Closure\"><\/span><strong>Step 1: Pass a Resolution for Closure<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>Conduct a <strong>meeting with all partners<\/strong> and pass a resolution approving the closure.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Step_2_Prepare_Necessary_Documents\"><\/span><strong>Step 2: Prepare Necessary Documents<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>Arrange for <strong>affidavits, indemnity bonds, financial statements, and ITR acknowledgment<\/strong>.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Step_3_Close_LLPs_Bank_Account\"><\/span><strong>Step 3: Close LLP\u2019s Bank Account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>If the LLP has a bank account, it must be <strong>closed before applying for dissolution<\/strong>.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Step_4_Fill_in_LLP_Form_24_Details\"><\/span><strong>Step 4: Fill in LLP Form 24 Details<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>Provide details about the LLP, <strong>partners, reason for closure, and supporting documents<\/strong>.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Step_5_Digital_Signature_of_Designated_Partner\"><\/span><strong>Step 5: Digital Signature of Designated Partner<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>One of the <strong>designated partners must digitally sign the form<\/strong> before submission.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Step_6_Submit_the_Form_and_Pay_Fees\"><\/span><strong>Step 6: Submit the Form and Pay Fees<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>File the form online through the <strong>MCA portal (<a href=\"http:\/\/www.mca.gov.in\/\">www.mca.gov.in<\/a>)<\/strong> and <strong>pay applicable fees<\/strong>.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Step_7_Approval_from_ROC\"><\/span><strong>Step 7: Approval from ROC<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>The <strong>Registrar of Companies (ROC) reviews and approves the closure application<\/strong>.<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Comparative_Table_LLP_Form_24_vs_LLP_Form_17\"><\/span><strong>Comparative Table: LLP Form 24 vs. LLP Form 17<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Feature<\/th>\n<th>LLP Form 24<\/th>\n<th>LLP Form 17<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Purpose<\/td>\n<td>Voluntary closure of LLP<\/td>\n<td>Conversion of LLP to Private Company<\/td>\n<\/tr>\n<tr>\n<td>Filing Deadline<\/td>\n<td>No specific deadline<\/td>\n<td>Within 30 days of conversion decision<\/td>\n<\/tr>\n<tr>\n<td>Required Documents<\/td>\n<td>Affidavit, indemnity bond, bank closure proof<\/td>\n<td>LLP agreement, approval documents<\/td>\n<\/tr>\n<tr>\n<td>Approval Authority<\/td>\n<td>ROC<\/td>\n<td>ROC<\/td>\n<\/tr>\n<tr>\n<td>Penalty for Late Filing<\/td>\n<td>None<\/td>\n<td>\u20b9100 per day<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Filing <strong>LLP Form 24<\/strong> is a crucial step in legally closing an LLP. It <strong>ensures that the LLP is struck off from government records, prevents compliance penalties, and simplifies the exit process<\/strong> for business owners.<\/p>\n<p>For LLPs that have ceased operations, <strong>timely filing of Form 24 helps avoid unnecessary compliance costs<\/strong>. Entrepreneurs planning to shut down their LLP should consult legal experts like <strong>Company Secretaries (CS) or Chartered Accountants (CA)<\/strong> for smooth processing.<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_LLP_Form_24\"><\/span><strong>FAQs on LLP Form 24<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Can_LLP_Form_24_be_filed_if_the_LLP_has_outstanding_loans\"><\/span><strong>1. Can LLP Form 24 be filed if the LLP has outstanding loans?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No, LLP Form 24 can only be filed if <strong>all liabilities and debts are cleared<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_What_is_the_penalty_for_not_closing_an_inactive_LLP\"><\/span><strong>2. What is the penalty for not closing an inactive LLP?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An inactive LLP that does not file annual compliance reports is subject to <strong>a penalty of \u20b9100 per day<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_How_long_does_the_LLP_Form_24_approval_process_take\"><\/span><strong>3. How long does the LLP Form 24 approval process take?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <strong>Registrar of Companies (ROC) takes 30-90 days<\/strong> to process and approve LLP Form 24.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Can_an_LLP_be_revived_after_filing_Form_24\"><\/span><strong>4. Can an LLP be revived after filing Form 24?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Once an LLP is struck off, it can only be revived by <strong>applying to the National Company Law Tribunal (NCLT)<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Can_LLP_Form_24_be_filed_online\"><\/span><strong>5. Can LLP Form 24 be filed online?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes, it must be filed through the <strong>MCA portal (<a href=\"http:\/\/www.mca.gov.in\/\">www.mca.gov.in<\/a>)<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Is_it_mandatory_for_all_partners_to_agree_to_file_LLP_Form_24\"><\/span><strong>6. Is it mandatory for all partners to agree to file LLP Form 24?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes, all partners must <strong>unanimously agree<\/strong> before applying for LLP closure.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Do_LLPs_need_to_file_income_tax_returns_before_closure\"><\/span><strong>7. Do LLPs need to file income tax returns before closure?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes, LLPs must ensure that <strong>all pending income tax returns are filed<\/strong> before submitting Form 24.<\/p>\n<hr \/>\n<p>Understanding <strong>LLP Form 24<\/strong> helps business owners <strong>legally close an LLP, avoid penalties, and focus on new opportunities<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>For further details access our website\u00a0<u><a href=\"https:\/\/vibrantfinserv.com\/\">https:\/\/vibrantfinserv.com\/<\/a><\/u><\/p>\n<p>To visit:\u00a0<a href=\"https:\/\/www.mca.gov.in\/\">https:\/\/www.mca.gov.in\/<\/a><\/p>\n<p>Contact:\u00a0\u00a0\u00a0\u00a0 8130555124, 8130045124<\/p>\n<p>Whatsapp:\u00a0\u00a0<u><a href=\"https:\/\/wa.me\/918130555124\" target=\"_blank\" rel=\"noopener\">https:\/\/wa.me\/918130555124<\/a><\/u><\/p>\n<p>Mail ID:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<a href=\"mailto:operations@vibrantfinserv.com\">operations@vibrantfinserv.com<\/a><\/p>\n<p>Web Link:\u00a0\u00a0\u00a0<u><a href=\"https:\/\/vibrantfinserv.com\/\">https:\/\/vibrantfinserv.com<\/a><\/u><\/p>\n<p>FB Link:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<u><a href=\"https:\/\/fb.me\/vibrantfinserv2\" target=\"_blank\" rel=\"noopener\">https:\/\/fb.me\/vibrantfinserv<\/a><\/u><\/p>\n<p>Insta Link:\u00a0\u00a0<u><a href=\"https:\/\/www.instagram.com\/vibrantfinserv2\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.instagram.com\/vibrantfinserv2\/<\/a><\/u><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction LLP Form 24 : Limited Liability Partnerships (LLPs) are a preferred business structure in India due to their flexibility, limited liability benefits, and lower compliance requirements. However, in some cases, LLPs may need to close their operations permanently. To do so, they must follow a legal process prescribed by the Ministry of Corporate Affairs\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":26059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53855,54],"tags":[54167,54163,54166],"class_list":["post-26058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-llp","tag-form-24","tag-llp-form","tag-llp-form-24"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LLP Form 24 - Knowledge Base | Vibrant Finserv<\/title>\n<meta name=\"description\" content=\"Understanding LLP Form 24 helps business owners legally close an LLP, avoid penalties, and focus on new opportunities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vibrantfinserv.com\/kb\/llp-form-24\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LLP Form 24 - 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