Winding up of an LLP

LLP Winding Up

LLP winding up can be initiated voluntarily by partners or by tribunal order as per LLP Act, 2008.

Voluntary Winding Up

• Obtain approval of 3/4th partners
• Designated partners declare no debts or ability to pay within 1 year
• Declare no fraudulent activity
• Prepare statement of assets and liabilities
• File resolution with ROC within 30 days
• Publish advertisement in newspaper within 14 days
• Appoint LLP liquidator with creditor approval
• Liquidator prepares final report
• Apply to tribunal for dissolution

Striking Off (Form LLP-24)

Simplified process for LLPs that are:

• Not operative since incorporation or inactive for 1 year
• Have no assets or liabilities