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In Limited Liability Partnership, all the partners have limited liabilities while setting up it follows certain legal terms and conditions. There are many occasions where people even don’t know how to initiate winding up voluntarily. On such situation, the LLP must pass a resolution to wind up the LLP with approval of at least three-fourths of the total number of Partners.
Any LLP can close down its business by adopting any of the following two ways:
A) Declaring the LLP as Defunct
In case the LLP wants to close down its business or where it is not carrying on any business operations for one year or more, it can make an application to the Registrar for declaring the LLP as defunct and removing the name of the LLP from its register of LLP.
B) Winding up of LLP
The LLP Act 2008 provides for the following two modes for winding up the LLP which is stated below:
The process of winding up an LLP includes huge paperwork. So, we at Online Legal India™ can help you and make this process simple and easy. We have served more than 1,20,000 happy customers and have the finest legal minds in the business who would give you assistance across the country
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