Call Us +91-72 9006 9080

Multiple Lines - 9:30 am to 6:30 pm

setindiabiz-logo

Limited Liability Partnership (LLP) Closure

As an LLP is a creation of law, it can be closed by procedures established by statute only. The reasons for closure could be many. However, the circumstances in which an LLP is being closed is what matters for the process which needs to be adopted.

We are Trusted by Most Promising Startups in India

Limited Liability Partnership(LLP) Closure

A business may be required to be closed due to various reasons, like non-operation, closure of business, recurring losses, the passing of the key managerial person, the dispute among promoters, un-ability to pay debts of the LLP, etc. Closing or winding up of an LLP is a challenging task, where the designated partners and all partners must first decide on the best method available under the LLP Act, 2008 to wind up the LLP. In case the LLP does not have liabilities or debts to pay it can be closed voluntarily by a unanimous decision of all the partners of the LLP and after that, an application can be filed with the registrar to strike down the name of LLP from its register. However, where the LLP have debts to pay, or there are creditors/liabilities, the LLP must approach National Company Law Tribunal for closure.