Calling a meeting for closing limited liability partnership.
Fill necessary details
Close the company
The penalty for failing to file any statutory return for LLPs is Rs.100 per day, without any overall cap. Therefore, it is also best to windup dormant LLPs so that each financial year there is no need to file LLP Form 11, LLP Form 8 and Income Tax Return for the LLP to maintain compliance and escape punishment.
(1) Limited liability protects the member’s personal assets from the liabilities of the business. LLP’s are a separate legal entity to the members.
(2) The LLP is deemed to be a legal person. It can buy, rent, lease, own property, employ staff, enter into contracts, and be held accountable if necessary.
(3) Corporate ownership. LLP’s can appoint two companies as members of the LLP. In an LTD company at least one director must be a real person.
(4) Designate and non-designate members. You can operate the LLP with different levels of membership.
(1) Cease Commercial activity
(2) Close bank accounts
(3) Prepare documents
(4) File any pending documents
(5) Obtain charted accountant certificate
(5) File LLP form 24
(1) Statement of accounts.
(2) Income tax return.
(3) Application for Clouser with the reasons for the closure
(4) A copy of authority to make the application signed by all the desinated partners.
(1) What is Closing limited liability partnership?
(2) What if initial LLP agreement is not filled?
(3) What if income tax is not filled?
(3) Whether up to date annual filling is required for closure of LLP?
