E-form 24 is required to be filed for striking off the name of the LLP under clause (b) of sub-rule 1 of Rule 37 of LLP Rules 2008. Winding up of an LLP may be voluntarily or compulsorily.
Voluntary Winding-up
• The partners may decide to stop and wound up the operations of the LLP voluntarily.
Compulsory Winding-up
• The Limited Liability Partnership may be wound up by the order of a Tribunal or Court.
• If the LLP is unable to pay its debts.
• If there is no business activity for the continuous period of 1 year or more.
• If the LLP has acted against the interest of the sovereignty and integrity of India, the security of the state.
• If the LLP has made a default in filing of Statement of Account and Solvency or annual return with the Registrar for any five consecutive financial years.
Section 63, 64 and 65 of LLP Act 2008 governs the process for Winding up of LLP.
DOCUMENTS REQUIRED TO WIND UP LLP
• Board Resolution
• Affidavits from the Designated Partners
• Consent of the creditors
• Report regarding the current valuation of the assets of the LLP, by a recognized valuer.
• Statement of Accounts
• Statement of Assets, liabilities, Debts, etc.
• Indemnity Bond from the Designated Partners
• Authorization to make an Application
• Application of Closure
• Consent of the Designated Partners to strike off the LLP
PROCEDURE TO WIND UP LLP
• An application to the ROC in e-form 24 along with the consent of all partners for striking off the name of the LLP.
• The LLP must pass a resolution in favor of at least ¾ of its total number of partners.
• The majority of the designated partners shall make a declaration in the form of affidavit that LLP does not have any dues towards Income Tax, Sales Tax etc. and there is no litigation pending against the LLP and the Information furnished is true to the best of my knowledge and belief.
• Then the registrar will send a notice to the LLP
• The registrar shall publish a notice on its website for a period of one month for the general public.
• If no reply is received within the prescribed period, the registrar may strike off the name of the LLP as it deems fit.
Thank you
Disclaimer:
1. The sole intention of this email/document is to educate the stakeholders about the provision of the Company’s Act and its timely compliance / good corporate practice and do not intent to promote or market any services.
2. The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Though utmost efforts have been made to provide authentic information, it is suggested that to have a better understanding kindly cross-check the relevant sections, rules under the Companies Act, 2013, Income Tax Act, Rules, Regulations, and all other Acts applicable to Companies. The observations of the author are personal views and this cannot be quoted before any authority without the written consent of the author.