Explained: LLP Form 24 for Closing an LLP Seamlessly
- adityas41
- Feb 21
- 3 min read
Are you looking to wind up your Limited Liability Partnership (LLP) in India? If so, it's crucial to understand the process of filling out and filing LLP Form 24. This form is a key requirement for striking off the name of your LLP from the register of the Registrar of Companies (ROC). In this blog post, we'll break down everything you need to know about LLP Form 24 to ensure a smooth and compliant closure of your LLP.
What is LLP Form 24?
LLP Form 24, also known as the "Application for striking off the name of Limited Liability Partnership (LLP)," is a statutory form under the Limited Liability Partnership Act, 2008. This form must be filed with the ROC to initiate the process of closing down an LLP in India.
Filing Form 24 is a voluntary action taken by the partners of an LLP when they decide to wind up the business. It's important to note that before filing this form, the LLP must have completed all necessary closure formalities, such as settling accounts, distributing assets, and resolving any outstanding liabilities.
Who Can File LLP Form 24?
LLP Form 24 can be filed by any designated partner of the LLP. A designated partner is an individual appointed from among the partners of the LLP who is responsible for compliance with the provisions of the LLP Act.
To file Form 24, the designated partner needs to have a valid Digital Signature Certificate (DSC). The form must be digitally signed by at least one designated partner of the LLP.
When to File LLP Form 24?
The decision to file Form 24 is voluntary and can be taken at any time after the partners have agreed to wind up the LLP. However, before filing the form, the LLP must ensure that:
All assets have been disposed of and liabilities have been settled.
No prosecution or legal proceeding is pending against the LLP.
The LLP is not being wound up under any other provisions of the LLP Act.
It's advisable to file Form 24 as soon as possible after completing all closure formalities to avoid any delays or complications in the striking off process.
How to File LLP Form 24?
LLP Form 24 must be filed electronically on the MCA portal following these steps:
Log in to the MCA portal using the credentials of the designated partner.
Navigate to the LLP Forms section and select Form 24.
Fill in all required details in the form, including the LLPIN, name of the LLP, and reasons for closure.
Attach necessary documents such as a copy of the resolution passed by the partners for winding up the LLP.
Pay the requisite filing fee online.
Digitally sign the form using a valid DSC.
Submit the form on the MCA portal.
After filing Form 24, the ROC will scrutinize the application. If satisfied, the ROC will strike off the name of the LLP from its register and publish a notice in the Official Gazette. The LLP will be formally dissolved from the date mentioned in this notice.
Documents Required for Filing LLP Form 24
While filling out LLP Form 24, the following documents must be attached:
A copy of the resolution passed by the partners approving the winding up of the LLP.
A statement of accounts disclosing no assets and liabilities as on the date of application.
An affidavit signed by the designated partners stating that the LLP has no liabilities and is not involved in any legal proceedings.
Proof of payment of the requisite filing fee.
Ensuring that all necessary documents are in order will help expedite the processing of your Form 24 application by the ROC.
How Fiscal Flow Can Help
Navigating the process of closing an LLP and filing Form 24 can be complex and time-consuming, especially if you're not well-versed with the legal requirements. This is where Fiscal Flow, a leading tax and compliance firm in India, can help.
Our team of expert professionals can guide you through the entire process of winding up your LLP, from completing the necessary closure formalities to filing Form 24 with the ROC. We'll ensure that all documents are in order and that your application is filed accurately and on time.
Additionally, Fiscal Flow can help you with other aspects of LLP compliance, such as filing annual returns, maintaining books of accounts, and complying with tax requirements. By outsourcing your compliance needs to us, you can focus on your core business activities while we take care of the rest.
Conclusion
Filing LLP Form 24 is a crucial step in the process of closing down an LLP in India. By understanding the requirements and following the proper procedure, you can ensure a smooth and compliant closure of your business. And if you need assistance, don't hesitate to reach out to Fiscal Flow – we're here to help you every step of the way.