Closure of LLP

When can an LLP be Struck Off?

An LLP can apply for strike-off if:

• • It has not commenced business since its incorporation.
• • It has not been in business or operational for at least one year.
• • It has no outstanding liabilities.

Conditions for Strike-Off of LLP:

Before applying for the strike-off, the LLP must meet the following conditions:

• • All partners must consent to the closure of the LLP.
• • The LLP must have settled all outstanding debts, liabilities, and statutory obligations.
• • The LLP must not have any ongoing business operations or activity.

Documents Required for Strike-Off of LLP:

The following documents are required for the strike-off of an LLP:

• 1. Resolution of Partners: A copy of the resolution passed by the partners for closure.
• 2. Consent of Partners: Written consent from all partners agreeing to strike off the LLP.
• 3. Affidavit: A statement declaring that the LLP has no liabilities.
• 4. Indemnity Bond: An indemnity bond signed by all partners, ensuring no future liabilities.
• 5. Statement of Accounts A statement showing no transactions or liabilities in the last year.

Timeline for Strike-Off of LLP:

The process typically takes 3 to 6 months, depending on the completeness of documentation and the ROC's verification process.