{"id":256,"date":"2019-04-21T05:28:31","date_gmt":"2019-04-20T23:58:31","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=256"},"modified":"2020-01-15T16:58:24","modified_gmt":"2020-01-15T11:28:24","slug":"voluntary-wind-up-limited-liability-partnership","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/voluntary-wind-up-limited-liability-partnership\/","title":{"rendered":"Voluntary Wind up of a Limited Liability Partnership"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Limited Liability Partnership<\/span><span style=\"font-weight: 400;\"> or LLP can be wind up after filing required documents to ROC. As compared to the closure of a company, The compliance is closing of <a href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/\">LLP<\/a> is trickier; Consult our Experts to get the best possible way to wind up<\/span> <span style=\"font-weight: 400;\">LLP<\/span><span style=\"font-weight: 400;\"> without any hassles. We will ensure it could be done in minimum possible expenses and timeline. We also offer to follow up services to ensure all due diligence are done so that you can complete assurance and peace of mind<\/span><b>.<\/b><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-709 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Voluntary-Wind-up-of-a-Limited-Liability-Partnership.jpg\" alt=\"Voluntary Wind up of a Limited Liability Partnership\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Voluntary-Wind-up-of-a-Limited-Liability-Partnership.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Voluntary-Wind-up-of-a-Limited-Liability-Partnership-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Voluntary-Wind-up-of-a-Limited-Liability-Partnership-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><b><a href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnership-procedure-advantages\/\">Limited Liability Partnership<\/a> or LLP is a kind of partnership with limited liability concepts. We have explained about it is step no-1.\u00a0 An LLP can be dissolved if:-\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There is no business activity from quite some time<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Partners are not willing to continue<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The purpose (Like project or work) for which LLP was formed is completed<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The LLP has become bankrupt<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The LLP has defunct due to non-filing of compliance documents<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There is only one partner remained after the death of other partner and no other partners are added.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">By court order<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Whatever may be the reason, once you decided to close an LLP, You should file the required documents within 30 days of such events. In case of failure to do so, you and your partners may face penal action from ROC and concerned departments.<\/span><\/p>\n<h2><b>Procedure to close an LLP voluntarily:<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If partners have decided to<\/span> <span style=\"font-weight: 400;\">wind up an LLP<\/span><span style=\"font-weight: 400;\">, then it is called Voluntary dissolution or Windup. The following are steps that need to be taken to<\/span><span style=\"font-weight: 400;\"> close an <\/span><span style=\"font-weight: 400;\">L<\/span><span style=\"font-weight: 400;\">LP<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Step 1:-<\/b><span style=\"font-weight: 400;\">Pass a resolution with confirmation from at least 3\/4<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> of Partners<\/span><\/p>\n<p><b>Step2:- <\/b><span style=\"font-weight: 400;\">File Copy of Resolution to the registrar within 30 days in form1<\/span><\/p>\n<p><b>Step3:- <\/b><span style=\"font-weight: 400;\">Majority of Designated partners (Minimum 2) Shall Make a declaration that LLP has no debt or if there is any debt it will be paid within one year of commencement of winding up.<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/start-a-business\/limited-liability-partnership-registration\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2035\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Register-your-Limited-Liability-Partnership.png\" alt=\"Register your Limited Liability Partnership\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Register-your-Limited-Liability-Partnership.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Register-your-Limited-Liability-Partnership-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Register-your-Limited-Liability-Partnership-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><b>Step4:-<\/b><span style=\"font-weight: 400;\"> The above Form and affidavit are to be submitted to the registrar within 15 days of the resolution along with form a statement saying that such winding up is not being done to defraud anyone, form no .4 and a report of the value of the assets of the LLP.<\/span><\/p>\n<p><b>Step 5<\/b><span style=\"font-weight: 400;\">:- If there are unpaid creditors then obtain consent from at least 2\/3<\/span><span style=\"font-weight: 400;\">rds <\/span><span style=\"font-weight: 400;\">of the creditors in terms of value.<\/span><\/p>\n<p><b>Step 6:<\/b><span style=\"font-weight: 400;\">-File the creditors&#8217; consent within an appropriate timeline. Advertise in Local Newspaper within 14 days of receiving such consent. In case the LLP has liability increasing and assets then the appointment of a liquidator is required and a liquidator\u2019s statement in form 6 needs to be filed.<\/span><\/p>\n<p><b>Step 7:-<\/b><span style=\"font-weight: 400;\">File finalized Accounts in form 9 once all the formalities are completed.<\/span><\/p>\n<h2><b>It seems too complicated? Take the expert services<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Consult with our experts to get your LLP wind up done without much hassle<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Limited Liability Partnership or LLP can be wind up after filing required documents to ROC. As compared to the closure &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Voluntary Wind up of a Limited Liability Partnership\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/voluntary-wind-up-limited-liability-partnership\/#more-256\">Read more<span class=\"screen-reader-text\">Voluntary Wind up of a Limited Liability Partnership<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Voluntary Wind up of a Limited Liability Partnership AKT Associates<\/title>\n<meta name=\"description\" content=\"Limited Liability Partnership or LLP can be wind up after filing the required documents to ROC. 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