LLP is a partnership in which all the members (partners) have limited liabilities. Generally, an LLP is set up under legal terms and documents. A business may be required to be closed due to various reasons, like non-operation, closure of business, recurring losses, the passing of the key managerial person, the dispute among promoters, un-ability to pay debts of the LLP, etc.

REQUIREMENTS OF CLOSURE

1) LLP should not have carried on its business for a period of one year or more

2) A statement of account disclosing nil assets and nil liabilities made up to a date not earlier than thirty days from the date of filing should be submitted

3) LLP should not have any liabilities and assets

4) LLP should not have any active Bank Account.

5) All the Partners should consent for filing the application

6) All Designated partners shall have to execute an affidavit and Indemnity Bond agreeing to indemnify any liability that may arise after striking off its name from the Register

7) Copy of the latest Income-tax return filed by the LLP

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