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Closure of Company

Closure of company is removing the name of the company from the register under the registrar of companies which is applied before the ministry of corporate affairs. There are few conditions mentioned under the ministry of corporate affairs which need to be fulfilled in order to close a company. In order to apply for company closure, affidavit and indemnity bonds needs to be given by both the directors, which must be stamped and notarized. So, for the closure of the company, a company must be approved by passing through board resolution. Ministry of Corporate affairs will examine the form for closure and upon satisfaction, closure gets approved within six to eight months. In order to liquidate the assets of the company. The company before closure must sell its assets in order to repay its liabilities and obligations. In order to wind up the company, it is required to have various reasons for the closure of the company such as unwillingness to continue with the operations, insolvency and so on. The outstanding balance after settlement to the creditors, gets circulated among the shareholders of the company after the liabilities are met. Compulsory winding up and Voluntarily winding up are the two ways by which a company can wind up. It is mandatory to close company when it is directed by the central government. Debt free, free from legal action against the company, Liquidation cost-effective, cancelled lease agreements and creditors benefit are benefits of closure of company.

Benefits

  • Closure of company cause no personal liability of the debts of the company.
  • It also provides time to re-evaluate the future businesses prospects.
  • No further legal action against company after the closure of company.
  • Closure of company provides redundancy pay to the staffs of the company.

Documents required for Closure of Company

  1. All ITR and Returns Filed with ROC
  2. Board Resolution Authorising the Closure
  3. Affidavit from all the Directors
  4. Indemnity Bond from all the Directors
  5. Bank A/c Closure Proof
  6. Financial Statement with NIL Liabilities

FAQ

1What is LPP?

The LPP stands for Limited Liability Partnership it is a better version of a general partnership firm. It is governed by limited liability partnership act 2008.

2 What are the minimum required partners to start LPP?

Minimun 2 Partners are required to start a LPP. There are no limit on the mximum number of in a LPP.

3How much investment is required to start a LPP?

Unilike a private ltd company no minimum capital required to start a LPP.

4 What is the legal proof of LPP Firm?

A legal proof of LPP is certificate incorporation as well as LPP agreement.

5 What is LPP agreement.?

LPP agreement is similar to a partnership deed where all the rights, liabilities and share of profit and loss are mentioned/drafted.

6Can I name my LLP whatever I want?

Name allotment as desired by you is wholly a discretionary power of ROC. Normally ROC is allot your desired business name if it is unique and not resemblinding with any existing company/LPP.

7 Is DSC required for LPP firm?

Yes, DSC of an authorised director is required while in corporating an LPP.

8 Do you provide this service in my town?

Yes, Charted Help is an online platform serving all over india no matter wherever you are doing your business all you need is internet connection on your mobile or desktop and we are ready to get your done.

9 Do i need to physically present to for the process?

No, You don't need to be a physically present for the process.E-startupindia is an online catering platform all you need is internet connection in your phone/desktop and required document with and we can get the job done no matters even you are present at remotest location of the india.