What does mean by Closure of LLP?

A LLP winding up can be initiated voluntarily or by a Tribunal. If a LLP is to initiate winding up voluntarily, then the LLP must pass a resolution to wind up the LLP with approval of at least three-fourths of the total number of Partners. If the LLP has lenders, secured or unsecured, then the approval of the lenders would also be required for winding up of the LLP.

To begin the process for winding up of LLP, a resolution for winding up of LLP must be passed and filed with the Registrar within 30 days of passing of the resolution. On the date of passing of resolution of winding up of LLP, the voluntary winding up shall be deemed to commence. IndiaFilings can help you wind up your LLP quickly and easily.

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  • Voluntary Winding Up:
      LLP can be wound up by Passing a Resolution.
      The Resolution should be Approved by minimum 3/4th of the Total Number of Partners.
      Resolution Must be Filed within 30 days of Passing Date with some Other Legal Formalities.
  • Compulsory Winding Up:-
      If number of Partners are below 2 for more than 6 months.
      If LLP is unable to pay it's debt
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