What is the procedure to wind up an LLP?

What is the procedure to wind up an LLP?

A) Declaring the LLP as Defunct In case the LLP wants to close down its business or where it is not carrying on any business operations for the period of one year or more, it can make an application to the Registrar for declaring the LLP as defunct and removing the name of the LLP from its register of LLP’s. form 24 is required to be filed for striking off the name of LLP under clause (b) of sub rule 1 of Rule 37 of LLP Rules 2008. B) Winding up of LLP The LLP Act 2008 provides for following two modes for winding up the LLP i.e.: ◦ Voluntary winding up ◦ Compulsory winding up Voluntary Winding up Under this, the partners may among themselves decide to stop the business and wound up the operations of the LLP as per the terms of the agreement. Compulsory winding up - A limited liability partnership may be compulsorily wound up by the Tribunal,— ◦ if the limited liability partnership decides that limited liability partnership be wound up by the Tribunal; ◦ if, for a period of more than six months, the number of partners of the limited liability partnership is reduced below two; ◦ if the limited liability partnership is unable to pay its debts; ◦ if the limited liability partnership has acted against the interests of the sovereignty and integrity of India, the security of the State or public order; ◦ if the limited liability partnership has made a default in filing with the Registrar the Statement of Account and Solvency or annual return for any five consecutive financial years; or ◦ if the Tribunal is of the opinion that it is just and equitable that the limited liability partnership is wound up. We provide services for winding up of an LLP,


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