Strike off LLP
Better to close an LLP rather than paying more government fees and penalties
Know more about Striking off an LLP
If the partners do not wish to continue the business then it is the time to think about closing an LLP. It is a wise decision to close down the entity rather than bearing the cost of compliance. One has to close an entity legally. Though an LLP is not doing any business, it is mandatory to file the annual forms with MCA. If the partners do not file the annual compliance then they will get disqualified and MCA will also charge penalties for non-filing of forms.
The partners can voluntarily apply for strike off of an LLP in two situations. One, if the partner never started the business since its incorporation. Another situation is when the partners do not carry on any business for more than one year.
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Required Documents for Strike off LLP
Documents required for striking off an LLP
- PAN of LLP
- PAN of all Partners
- Consent from Partners
- CA certified Statement of Assets & Liabilities
- Acknowledgement of latest income tax return
- Acknowledgement for closure of bank account (if any)
- NOC from creditors (if any)
How to close an LLP?
- Collection of information & documents
- Drafting of required documents
- Filing of form with MCA
- Notice for strike off issued by MCA
- Strike off of LLP
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Strike off LLP
For voluntary striking off an LLP, it has not started its business since its inception or not carrying on its business for more than one year.
Yes, it is mandatory to file an income tax return for the last financial year.
The LLP must file its annual returns with MCA. It must also file if it is a nil return.
The striking off an LLP is a lengthy process and it might take approx. 6 months subject to MCA approvals.
Once the LLP is struck off, it must surrender its PAN and TAN. Partners shall apply for surrender of other registration in the name of LLP such as GST, Professional Tax, etc.
Yes, it is mandatory to close all the bank accounts of an LLP before applying for striking off an LLP.
Yes, you can close your business by appointing a Liquidator and setting off all the assets and liabilities.
MCA shall also strike off an LLP, if an LLP has not filed its annual return for more than 5 consecutive financial years or LLP is unable to pay its debts or LLP has less than 2 designated partners for more than 6 months or for just and equitable reason.
MCA may issue a notice for show cause hearing otherwise strike off the LLP and it may charge the penalties. Also, the DIN of all the designated partners will be disqualified. Such a person will not be able to be appointed as designated partner or director in any LLP or company.
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