Strike off of LLP
LLP is an alternative corporate business structure that gives the advantages of limited liability of a company and the flexibility of a partnership. The LLP can continue its subsistence regardless of changes in partners. It is equipped for going into agreements and holding property in its own name. Whenever Designated Partners needs to suspend the business then they can do so through strike off the LLP.
Grounds of strike-off
1) Voluntary winding up by the partners who themselves choose to stop and wrapped up the activities of the LLP.
2) Compulsory winding up by the Tribunal when the number of partners of the LLP is reduced below two for a period of more than 6 months.
3) When the LLP can't pay its obligations.
4) When the LLP has acted against the interests of the sovereignty and integrity of India, the trustworthiness of India, the security of the State.
5) LLP has made a default in documenting with the Registrar the Statement of Account and Solvency or Annual Return for any five consecutive fiscal years.
Documents required for strike off of LLP
1) Affidavit marked by the designated partners.
2) Statements of accounts certified by professionals.
3) Application unveiling the explanations behind strike off and the operative status of the Company.
4) KYC of all designated partners.
5) Closure of bank account certificate.
6) Copy of power to make the application properly signed by all the partners.
7) Copy of acknowledgment of the latest ITR.
8) Consent of all the partners.
The procedure of Strike Off of LLP
- Mandatory Striking of the LLP
Under mandatory striking off, the ROC will send a notice to the LLP of his intention to strike off the name of the LLP from the register and mentioning them to send their portrayal inside a time of one month from the date of the notice for the situation the LLP isn't continuing any business for a time of two preceding years.
Here note that the ROC will have a sensible reason to accept that the LLP isn't doing any business in the event that Form 8 and Form 11 are not petitioned for the past two years.
- Voluntary Striking off the LLP
Under wilfully striking off of LLP, the LLP may make an application in Form 24 to the Registrar with the assent of the considerable number of all the partners present in LLP for the purpose of strike off its name from the records of the registrar.
With the tremendous quantities of imaginary LLPs coming into the worldwide market for profiting the advantages of a separate legal entity and of limited liability, the ROCs along with the Ministry of Corporate Affairs is becoming vigil in eliminating the bogus ones which they appear to be dead for a long time or more. Here wilful strike off should likewise be possible by partners. NeuSource is consistently prepared to counsel you for business growth.
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