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Close a LLP

In India, every year more than tens of thousand of LLPs get registered and majority of them do not even start their business. The Founders of these LLPs go back to their jobs or get aside leaving the business as it is.

Did you know? It may cause you (as Designated Partners) troubles from the Regulatory Department like Income Tax, Registrar of Companies and others. Yes, you read it right. It is a prudent idea to close down the LLP to get relief from litigation and at the same time saving your DPIN getting disqualified.

We at Compliance Calendar LLP have a team of Experts who can help you close your LLP hassle free. You just have to share your LLP details, assist us in complying with the Fast Track Exit Scheme for closure of LLP and leave the rest on us. We have helped plenty of LLPs in successful closure like yours.

We can be reached at info@ccoffice.in or +91-9988424211 on Call/WhatsApp.

Fast Track Exit (FTE) can be done in two ways:

A Limited Liability Partnership is created by law; therefore, it can be closed under the guidelines framed under statute only.

As per the section 37 of the Limited Liability Partnership Act, 2008 and the rules framed thereunder, a LLP which has been non-operational for more than 1 year and has no business can apply for closure subject to the conditions that its annual returns are filed with the Registrar of Companies along with the ITR.

Documents Required for Close a LLP

An Indemnity Bond towards any liability which may arise even after striking off the name.
Statement of Account duly certified by a chartered Accountant in practice or auditor of the LLP.
Board Resolution showing authorization for filing the form.
A Declaration that the LLP has not filed any Income Tax return where it has not carried on any business since its incorporation, if applicable.
A copy of the acknowledgment of the Latest Income-tax return filed under the Income-tax Act, 1961.
Digital Signature Certificate (DSC) of Designated Partners to file Form 24; and
Any other documents as may be required by the concerned ROC.

Legal Procedure of Close a LLP

Any LLP desirous to get its name struck off from the register shall file an application in the prescribed form with the ROC with the below procedures:

LLP should have Nil Assets and Liabilities and indemnifying any liability that may arise even after striking off its name from the register.
LLP is required to file form 24 with ROC.
Fee for filing for FTE is INR 500/-
LLP is required file overdue returns in Form 8 and Form 11 up to the end of the financial year in which the LLP ceased to carry on its business or commercial operations before filing Form 24.
The concerned ROC may ask for some additional information/clarifications depending on the case to case basis.

Features & Benefits of Close a LLP

Faster Route: The best feature of LLP closure under FTE Scheme is that you need not comply with the lengthy winding-up procedure which is not only time taking procedure but also cost much more than what it costs in FTE Scheme which ultimately helps you save every year compliance cost.
No Record Keeping: Once your LLP gets closed and the name of your LLP is removed from the register from ROC, you need not keep any records and documents year on year basis.
No more Default: You save your DPIN and later on you can join any other Company/LLP and also incorporate other Companies/LLPs if your DIN/DPIN is not in default due to non-filing in other Companies/LLPs.
Save from Income Tax: If you do not close your LLP properly, the Income Tax Department can send you notice for not filing returns or may even come up with unnecessary IT demands.
Peace of mind: You live worrying less as your mind would be productive. It is always wiser to shut down something which starts becoming liabilities for you and disturb your peace of mind and health.

Frequently Asked Questions

What is Closure of LLP and how can it be closed?

When the purpose of the LLP is not served and it is not able to generate profits for its partners, the existence of the LLP is closed legally by filing necessary forms to the Govt. Dept. The MCA has launched a new scheme for those who could run their LLPs due to any reason and now want to close the LLP by spending less and be relieved.

Which LLPs can file for LLP Closure Scheme?

Any LLP which has been inoperative for more than 1 year from the date of its incorporation or has not done any business can apply for Closure of LLP under FTE scheme.

How to close a LLP which is inoperative and not having any business?

A LLP which is eligible under Fast Track Exit (FTE) Schemes can apply for closure by filing Form 24 with the concerned ROC with necessary documents as required under the LLP Act, 2008.

My LLP did not have any business and not have even current account, can it be closed under the fast track exit scheme?

Yes, just make sure first that your DPIN is active and the LLP has already not been struck off by the ROC. You can share your LLP details and we will provide a free consultation to assist your further in this matter.

What is the procedure to remove a LLP name from register of ROC?

To do this, we file form 24 for the removal of your LLP name from the Register of Companies and which are non-functional over a period of time. It is the quickest and easiest way of Exit Called Fast Track Exit which saves the LLP from going into lengthy liquidation process involving Court/Tribunal Intervention.

What are the cost involved in closing of the LLP under FTE Scheme?

The form filing fees of form 24 is Rs. 5,000/- and rest is all about the documentation charges and professional fees. Get in touch with us to get a free quotation from CCL. Our Compliance Manager would be more than happy to provide you all the information you may require.

How can Compliance Calendar LLP can help you in LLP closure?

We are the market experts in compliance and keep you informed with all the changes taking place in the LLP Act, 2008. We can help you with end to end services in getting your LLP closed legally and save you from any non-compliance. It is a legal process so it is prudent to assign the work to a professionally managed firm.

Any confusion or query bothering you?

Not to worry at all! Someone from our experienced team will resolve all your queries. Our LLP Closure Experts will help you to give you the best advice without any consultancy fees. Get in touch with us. Write to us at info@ccoffice.in or WhatsApp/Call us +91-9988424211.

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