Know Your Compliance for
Closing Limited Liability Partnership
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Know About LLP Form 24 – Easily Close A LLP
Winding Up A LLP
Filing LLP Form 24
Step 1 : Cease Commercial Activity
LLPs that have never done business or stopped can file Form 24. Thus, to close the LLP, the promoters must first stop all commercial activity.
Step 2: Close Bank Account(s)
LLPs without creditors or bank accounts can file Form 24. Thus, before filing LLP Form 24, the LLP’s bank account must be closed, and the bank must provide a closure letter.
Step 3: Prepare Affidavits & Declaration
The LLP’s Designated Partners must first sign an affidavit, either jointly or severally, stating that the LLP has not done business since (Date).
After striking off its name from the Register, the LLP Partners must also declare that the LLP has no liabilities and indemnify any liability that may arise. Form LLP 24 does not release Partners from liability after LLP closure.
Step 4: Prepare Documents
LLP deed and income tax return must accompany Form LLP 24. It is optional if the LLP has not filed an income tax return or conducted business. The LLP closing application must include a copy of the latest income-tax return acknowledgement.
Step 5: File Any Pending Documents
The MCA must receive the LLP agreement within 30 days of registration. If this compliance was missed, the initial LLP agreement and any amendments must be filed.
Before filing LLP Form 24, any overdue Form 8 and Form 11 returns from the financial year in which the limited liability partnership ceased business or commercial operations must be filed. The Limited Liability Partnership’s revenue-generating business ceased on the commercial operation date, so any transactions after that date, such as debtor payments or creditor payments, are not revenue-generating.
Step 6: Obtain a Chartered Accountant Certificate
After preparing all LLP Form 24 documents, a statement of accounts with NIL assets and NIL liabilities must be certified by a practising Chartered Accountant within 30 days of filing Form 24.
Step 7: File LLP Form 24
The MCA can strike off LLP names with the above documents and LLP Form 24 (Download LLP Form 24). The Registrar of Companies would publish a notice on the MCA website announcing the LLP’s dissolution if approved.
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