Strike Off LLP
LLP means an alternative corporate business form that it gives the benefits of limited liability of a company and the flexibility of a partnership.
LLP means an alternative corporate business form that it gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name.
Ways of LLP Strike off
An LLP can strike off its business by adopting any of the following two ways:
A) Declaring the LLP as Non-functioning:
In case the LLP wants to close down its business or where it is not carrying on any business operations for a period of one year or more, it can make an application to the Registrar for declaring the LLP as defunct and removing the name of the LLP from its register of LLP’s.
B) Winding up of LLP:
It is a process where all the assets of the business are disposed off to meet the liabilities of the same and surplus any, is distributed among the owners. The LLP Act 2008 provides for the following two modes for winding up the LLP i.e.:
1. Voluntary winding up
2. Compulsory winding up
When the LLP has incorporated a Certificate of Incorporation is issued by the Registrar of Companies which acknowledges the existence of the LLP. Once the name of the LLP is entered into registrar it cannot be removed unless the LLP applies for it or processed by law. When the LLP fails to commence its business or fails to submit yearly returns, the registrar by its own may put the name of the LLP into strike off.
In case the LLP wants to close down its business or where it is not carrying on any business operations for the period of one year or more, it can make an application to the Registrar for declaring the LLP as defunct and removing the name of the LLP from its register of LLP’s. To know more on closing an LLP, you may get in touch with our compliance manager on 909-993-3788 or email info@carefortax.com for free consultation.
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Plus
(All Inclusive)
- Wind up an LLP with no transactions since incorporation
- One year annual filing of forms
- One year Income tax return
Premium
(All Inclusive)
- Wind up an LLP with upto worth Rs. 40 Lakh transactions
- One year annual filing of forms
- One year Income tax return
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