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The Limited Liability Partnership Act of 2008 requires necessary compliances in the event of a winding up of an LLP, even if it is inactive. At such times the cost of compliances are higher than the cost of winding up. To avoid compliance fee and fines or penalties for late filing, it is better to voluntarily make an application to striking-off the name of the LLP.
When an LLP has no activity and it desires to windup its business, it can make an application to the registrar for removing the name of the LLP from its register of LLP’s. Section 75 of The Limited Liability Partnership Act, 2008 read with Rule 37 of Limited Liability Partnership Rules, 2009 provides for strike-ff of LLP. Under these provisions application for striking off the name of LLP shall be made in LLP FORM 24 and upon successful scrutiny by the Registrar, the name of the LLP shall be struck off and it will cease to exist.
The MCA has launched LLP Form 24 to make it simple to dissolve an LLP by submitting a request to the Registrar to have its name removed.
The designated partners must sign the application for the closure of the LLP along with the approval of the other partners in the event that the LLP becomes inactive.