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Winding up of LLP | CA Divya Jain

To start the interaction for ending up of LLP, a goal for winding up of LLP should be passed and recorded with the registrar in 30 days of passing of the goal. On the date of passing goal, ending up of LLP, the shut down will be considered to follow.<br>

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Winding up of LLP | CA Divya Jain

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  1. What is the procedure for winding up of an LLP (Limited Liability Partnership)? Winding up an LLP (Limited Liability Partnership) is the process of closing down the business and liquidating its assets to pay off debts and distribute any remaining assets among the partners. LLP winding up procedure typically involves the following steps: ● Resolution: Partners of the LLP must pass a resolution to wind up the business, complying with the LLP agreement and legal requirements. Appointment of Liquidator: Appoint a liquidator who will oversee the LLP winding-up process and handle asset realisation and distribution. Notice to Registrar: File a notice of resolution with the Registrar of Companies (ROC) in the prescribed format . Creditors' Meeting: Convene a meeting of creditors, notifying them in advance. Creditors can present claims and vote on the LLP winding-up process. Public Notice: Publish a public notice in newspapers and official gazettes to inform potential creditors. Inventory and Valuation: The liquidator prepares an inventory of assets and liabilities and conducts asset valuation. Asset Realisation: Liquidator sells assets to pay off debts according to the priority of creditors. Asset Distribution: After settling all liabilities, remaining assets are distributed among partners according to their profit-sharing ratios. ● ● ● ● ● ● ●

  2. ● Final Accounts: Liquidator submits final accounts to the ROC, documenting the winding-up process. Dissolution: Upon completion, the ROC issues a certificate of dissolution, officially closing the LLP. ● Consult legal professionals and adhere to local jurisdiction-specific requirements, including tax and regulatory compliance, during LLP winding-up process. CA Divya will assist you while filing for winding up of LLP and gives you proper details about LLP winding up process.

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