LLP Closer Procedure – Fast Track Exit Scheme

LLP closer Procedure under Fast Track Exit Scheme, for that your LLP must meet certain conditions as par recent rules notified by Ministry of Corporate Affairs. Here are the details of  conditions required to be fulfilled by LLP

Step by Step Procedure for LLP Closer under Fast Track Exit Scheme :

1. Make Sure that LLP has Nil Assets and Nil Liabilities
2. Make Sure that the Limited Liability Partnership has not commenced business or where it commenced business, it ceased to carry on such business from a particular date.
3. Make sure that the limited liability partnership has no liabilities and indemnifying any liability that may arise even after striking off its name from the Register
4. A declaration that the Limited Liability Partnership has not opened any Bank Account and where it had opened, the said bank account has since been closed together with a certificate(s) or statement from the respective bank demonstrating closure of Bank Account.
5. A declaration that the Limited Liability Partnership has not filed any Income-tax return where it has not carried on any business since its incorporation, if applicable.(c) a copy of the acknowledgment of the latest Income-tax return filed under the Income-tax Act,1961
6. LLP is required to file form 24 with ROC.
7. LLP is required file overdue returns in Form 8 and Form 11 up to the end of the financial year in which the limited liability partnership ceased to carry on its business or commercial operations before filing Form 24.

Explanation.—The date of cessation of commercial operation is the date from which the Limited Liability Partnership ceased to carry on its revenue-generating business and the transactions such as receipt of money from debtors or payment of money to creditors, subsequent to such cessation will not form part of revenue-generating business.”

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