Strike Off LLP

AGRAWAL KANHERE ASSOCIATES

Strike Off LLP

All you need to know

Before we understand LLP Strike off, let us have a brief idea on LLP (Limited Liability 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 name.

The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP.

LLP 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.

An LLP need to be closed down / LLP Strike off can be done on the following conditions:

  • LLP is inoperative from the date of incorporation or inactive for a period of at least one year
  • LLP does not have any assets / liabilities as on the date of application.
  • Closure of current account of the LLP has been done
  • LLP Obtain the consent of the parties i.e any other authority, creditors and partners.

Reasons why an LLP may close its business / Reasons for LLP Strike off?

  • The statutory compliance of maintaining an LLP are higher than the cost of winding up. If the LLP is dormant it’s better to wind up than fulfill the compliance.
  • To avoid fines and penalty for late filing, it is better to officially Wind Up LLP’s which are inactive.

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 strike off or it is processed by law. When the LLP fails to commence its business or fails to submit yearly returns, the registrar may suo motto strike off the LLP.

Why caagrawalkanhere as Service Provider for Striking off your LLP?

caagrawalkanhere is a group of intellectuals. The entire team of caagrawalkanhere consists of Highly qualified CA, CS, Lawyers and business administrators. caagrawalkanhere would be a one stop destination for your LLP Strike Off Procedures. We also provide services like Start up advisory, Secretarial compliance services, PAN / TAN application, DIN registration, GST registration, Trademark registration, GST / Income tax return filing and many more. You may get in touch with our compliance manager on 0755 276 1432 or email info@caagrawalkanhere.com for free query and to know more about the services provided by us.

Easily Strike off LLP

Points to make your decision easy

Close LLP

By submitting an application with the MCA in between three and six months, an LLP may also be closed. There is a quick exit procedure. It is simple and hassle-free to complete the entire process online. .

Cost of closing llp

It is advised to wind up a dormant LLP rather than complying with different rules like filing, auditing, etc. if an LLP is inactive or doemant. Annual compliance expenditures are reduced as a result. .

Avoid Penalties

A noncompliant LLP will pay fines and penalties, including the partners' ability to form another LLP being barred. Therefore, it is wise to formally dissolve an LLP that is inactive or dormant. .

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Documents Required for LLP Strike off

Quick Checklist

  • A statement of account disclosing nil assets and nil liabilities, certified by a Chartered Accountant in practice made up to a date not earlier than 30 days of the date of filing of Form 24.
  • Copy of acknowledgement of latest Income tax return- Self-Explanatory
  • A Copy of the initial limited liability partnership agreement, if entered into and not filed, along with changes thereof.
  • Copy of Detailed Application- Mention full details of LLP plus reasons for closure
  • A Copy of Authority to Make the Application- Duly signed by all the Partners.

Specific Requirements

  • An affidavit signed by the designated partners, either jointly or severally, to the effect:
    1. That the LLP has not commenced business or where it commenced business, it ceased to carry on such business from ………….(dd/mm/yyyy);
    2. That the LLP has no liabilities and indemnifying any liability that may arise even after striking off its name from the Register;
    3. That the Limited Liability Partnership has not opened any Bank Account and where it had opened, the said bank account has since been closed together with certificate(s) or statement from the respective bank demonstrating the closure of Bank Account;
    4. That the LLP has not filed any Income-tax return where it has not carried on any business since its incorporation, if applicable.

How to Close an LLP in India / Closure of LLP in India?

5 Easy Steps

1

Complete 1 simple form

2

Submit Documents

3

Application of Strike Off

4

Processing of Application

5

Your LLP is under Strike Off Procedure

Fill in the Simple Checklist

A compliance manager will contact you to collect your paperwork and provide a brief checklist. You must complete that checklist and submit it with your supporting documentation for validation. The process will continue after the documents you submitted have been verified by our team of specialists. Compliance manager will keep you informed of the status at every stage of the procedure. .

Filing of Pending documents

We will generate documents like affidavits and declarations, among other things, as soon as we have all the paperwork and information from your end. We will also submit to ROC any documents and forms that are still outstanding. Once the paperwork has been submitted, we will receive a certificate from a certified accountant declaring that the Limited Liability Partnership has no assets and no obligations. .

Application for LLP Striking Off

After receipt of the paperwork, we will create an E form 24 application for LLP strike off, which requires the approval of all partners. This application must then be submitted to the ROC along with all the other paperwork in order to have the LLP name struck off from the registrar. The name of the LLP will be removed after the registrar reviews the paperwork and, if satisfied, approves the application. .

FAQs On Strike Off LLP

Get answers to all your queries

A defunct LLP indicates an LLP that has not started any business or is not carrying on any business for the immediate past one year and has no assets and liabilities.
A defunct LLP can be closed by making an application to the Registrar with the consent of all partners of the LLP for striking off its name from the register.
E-Form 24 is used for making an application to the Registrar of Companies for striking off the name of the LLP.
Normally, it takes 6 months to 1 year to remove the name of the LLP from the registrar records.
The LLP can be closed if the LLP is inoperative from the date of incorporation or inactive for a period of at least one year immediately preceding the filing of the application.
Yes. Consent of all the partners is required to file the application for closure an LLP
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