C 27/111-O-1 Jagatganj,
Varanasi

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Description

The concept of LLP came into existence after the introduction of the LLP Act of 2008. Winding up or closing of the LLP business is selling off all the assets of the firm to pay off all the creditors and distributing the surplus among the members. Winding up of the business may be voluntary or compulsory. When the firm is unable to pay debts, the firm continues to operate for six months with only two partners.

Procedure

  1. Obtain affidavits from the partners of the LLP to wind up the firm and apply for the resolution of voluntary winding up of the firm.
  2. An LLP liquidator is appointed by the partners for the dissolution and liquidation of the firm's assets and partner rights.
  3. Getting the resolution of winding up passed by the liquidator and approval of reports.
  4. If the Tribunal is satisfied with everything, the firm is dissolved.

FAQ’s

1. What would be the provisions for the winding up of the LLP firm?

It is proposed to provide the provisions required by the Central Government passing of the LLP Act 2008 and all its requirements. The Act states the measures to be taken when the firm is being closed. The firms operating as LLP firms need to follow the rules stated in the act.

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