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Limited Liability Partnership or LLP is an alternative corporate business form that was introduced through the LLP Act, 2008. An LLP provides the dual benefit of limited liability of a company and the flexibility of a partnership. An LLP is a separate legal entity i.e. It is capable of entering into contracts and responsible solely for its action and shields its partners from joint liability
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Currently, the Limited Liability Partnership (Winding up and Dissolution) Rules, 2010 govern the rules for winding up an LLP. These rules comply with the Limited liability Partnership Act, 2008.
An LLP is allowed to wind up through the following two ways:
Voluntary winding up
By a Tribunal
If a tribunal finds that the LLP willingly decides to cease its operations or can no longer pay its obligations. Further, a tribunal can also wound up an LLP if there are less than two LLP partners for more than half a year. If an LLP has acted against the interest of India's sovereignty and integrity, then a tribunal may direct the LLP to cease its operation. A tribunal may also direct to wind up if LLP fails to comply with regulatory requirements like filing annual returns with the registrar for 5 consecutive financial years.
Detailed Application form and indemnity need to be submitted for the closure of LLP
PAN Card of Partners
Aadhaar Card of Partners
Address Proof of Partners
NOC – to be obtained from creditors, if any
DSC of any one Partner
Consent letter of all the partners
Statement of accounts not older than 30 days from the date of filing of the application
Acknowledgement copy of latest Income Tax Return, If Available
Affidavit Execution (By Partners)
Winding up of a LLP may be necessary when the LLP is no longer viable, is unable to pay its debts, or its partners wish to dissolve the LLP.
A LLP can be wound up through a court-supervised process or by passing a resolution among the partners. The process involves appointing a liquidator, collecting and selling the assets of the LLP, and distributing the proceeds among the creditors and partners.
There are two types of winding up for LLP; Voluntary winding up and Compulsory winding up. Voluntary winding up is carried out by the partners, while compulsory winding up is carried out by the court.
The time taken to wind up a LLP may vary depending on the complexity of the LLP's affairs and the court's schedule.
Yes, a LLP can be wound up voluntarily by passing a resolution among the partners or by the agreement of all partners.
During the winding up process, the partners will be required to assist the liquidator in the collection and distribution of the LLP's assets. They may also be required to contribute to the LLP's liabilities if there are not enough assets to cover them.