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Closing a Limited Liability Partnership

It will take at least two to three months to complete the procedure of closure of LLP. But it can take much more time, if partners delay the procedures involved.

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Closing a Limited Liability Partnership

A resolution to close down a limited liability partnership (LLP) should be filed with the Registrar within 30 days of its passing. After filing of resolution, all of the partners need to ensure that LLP has no debts or it can pay all the debts in stipulated time not exceeding one yearfrom the date of commencement of closing up of LLP by making a declaration. The statement of assets and liabilities for the period from the last accounts closure to the date of closing up of LLP need to be submitted, attested by at least two partners within 15 days of passing of all resolutions. A report which will consist the valuation of all the assets of the LLP should be prepared.

Procedure for Winding Up

  • Form 24 along with the declaration from the partners will be filed with RoC.With this Form 24, you need to submit indemnity bonds and affidavit which will state that the information is true to the knowledge of all the partners.
  • After filing of form 24, a notice will be published by the registrar on its website which will consist the substance of the application for a period of one month.
  • After one month, your LLP's name will be removed from the register by the registrar and a notice will be published in the Official Gazette. Hence, it will legally close/dissolve the LLP.

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