An application can be made to the registrar for declaring that LLP is not functioning anymore and so to remove the LLP name from the register of LLP when LLP wants to close down its business or the business operations are not being carried out for one year or more. An LLP is closed down for avoiding fines and penalty for late filing since the statutory compliance of maintaining an LLP are higher than the cost of winding up. LLP cannot be removed once it had entered into registrar unless an application has been made for strike off or it is processed by the law. The registrar may suo motto strike off the LLP if LLP fails to commence its business or fails to submit yearly returns.
- An application for striking of LLP.
- Consent of related parties.
- Undertaking/ indemnity bond.
- Statement of assets and liabilities and report of valuation of the assets.
- Acknowledgement of income tax return.
- NOC from the concerned authority.
- Copy of Resolution by at least 3/4th of the partners.
- Cease Commercial Activity.
- Close Bank Accounts.
- Prepare Affidavits & Declaration.
- Prepare Documents – ITR along with the application.
- File any pending documents.
- Obtain Chartered Accountant Certificate.
- File LLP Form 24.