Closure of LLP Striking off of LLP Form 24 Closure of Private Limited LLP closure procedure #LLp

Summary

In this detailed video guide, the process of closing an LLP (Limited Liability Partnership) is explained step-by-step. The presenter walks viewers through filing the necessary Form 24 on the MCA portal, attaching required documents such as identity proofs, consent forms from all partners, and a statement of assets and liabilities. Additional steps include obtaining affidavits, clearing tax returns, and handling creditor confirmations. The video emphasizes the importance of ensuring all documentation is in order before submission. Viewers are also encouraged to visit the channel for more related videos on business operations, GST, and tax filings.

Takeaways

• 😀 Visit the official MCA portal at www.mca.gov.in to begin the LLP closure process online.
• 😀 Navigate to the V3 Filing section on the MCA portal and select 'LLP Filing' to locate Form 24.
• 😀 Gather necessary documents, including Form 24, Statement of Solvency, and the latest Form 11.
• 😀 Upload identity proof and obtain consent from all partners for the closure process.
• 😀 Ensure that a Statement of Assets and Liabilities is accurately prepared, as any remaining value could halt the closure.
• 😀 Prepare affidavits for each partner confirming the LLP’s status, asset distribution, and absence of liabilities.
• 😀 If there are creditors, obtain their consent and provide relevant documentation.
• 😀 Write an application letter explaining the reason for closing the LLP, including the closure date.
• 😀 Attach the latest income tax return and ensure that all necessary regulatory approvals are obtained if the LLP is in a regulated sector.
• 😀 After completing the form and uploading all required documents, submit the application for review on the MCA portal.
• 😀 Once submitted, the application will be reviewed, and the LLP will be closed if all documentation is in order.

Q & A

What is the process for closing an LLP (Limited Liability Partnership) online?

The process for closing an LLP online involves filing Form 24 on the official MCA website (www.mca.gov.in) under the V3 filing section. You need to submit several attachments such as the Statement of Solvency, identity proof, consent from all partners, and a Statement of Assets and Liabilities.

What documents are required to close an LLP?

To close an LLP, you need to submit Form 24 along with attachments like the latest Income Tax Return, Statement of Assets and Liabilities, affidavits from all partners, identity proof, and consent letters from all partners confirming the closure.

How should partners submit consent for the LLP closure?

Consent from all partners is required and must be uploaded in the specified format. This consent confirms that all partners agree to close the LLP and acknowledges any potential disputes in the future.

Is there a specific format for submitting the Affidavit for LLP closure?

Yes, there is a specific format for the Affidavit, where the partner confirms their role in the LLP and provides details such as name, address, and confirmation that the LLP’s bank account and assets/liabilities have been settled.

What is the importance of the Statement of Assets and Liabilities?

The Statement of Assets and Liabilities is crucial as it provides a detailed report of the LLP’s financial status. This document must be certified and ensure that no outstanding liabilities or assets are left, as it is required for the closure process.

Can the LLP be closed if there are pending liabilities or assets?

No, the LLP cannot be closed if there are any pending liabilities or assets. These must be cleared or properly accounted for before proceeding with the closure.

What happens if there are any pending disputes or legal cases during the closure process?

If there are any pending disputes or legal cases, they need to be resolved before the LLP can be closed. A confirmation affidavit from the partners stating there are no pending litigations is required as part of the process.

Is there a fee associated with filing the closure form for an LLP?

Yes, there is a nominal fee for filing Form 24 for LLP closure. The exact fee is available on the official MCA website, and it is a necessary cost for completing the process.

How is the LLP closure process submitted and reviewed?

After submitting the required forms and documents, the application is reviewed by the relevant authorities. If everything is in order, the closure is processed, and the LLP is struck off from the records.

Are there any specific regulatory bodies involved in the LLP closure process?

Yes, if the LLP was regulated by any specific body (like a banking agency or an NBFC), you must obtain permission from that regulator before proceeding with the closure.