Compliance for LLP
Reason to Close the Winding-up LLP (Limited Liability Partnership) in India –
- Some Startups just started with the idea but after the testing their ideas there is no profitability so they want to close the LLP.
- There is no business activity for a long time.
- Partners are not willing to continue the business or partnership.
- If the LLP is Registered for any specified project and it has been completed. LLP has become bankrupt.
- Only one partner is remained after the death of the partner and wants to close the business.
- Powers to enter into all types of legal contracts.
So above are the main reason for the Close an LLP in India. If any entrepreneur facing these issue after the registration then they are tried to close winding-up LLP so at least they can’t afford the legal penalties or compliance every year. Even they have to bear the huge professional for the maintenance through the chartered accountants or company secretary so the best is always close to an LLP if you face above any kind of the reason.