Dissolution of LLP

Dissolution of an LLP (Limited Liability Partnership) in India refers to the process of winding up or closing down the business. The process involves the following steps:

1. Hold a meeting of partners: All the partners of the LLP must convene a meeting and pass a resolution to wind up the LLP voluntarily.

2. Appoint a liquidator: The partners must appoint a liquidator to manage the affairs of the LLP during the dissolution process. The liquidator will also be responsible for distributing the assets and paying off the liabilities of the LLP.

3. File an application for winding up: File an application for winding up the LLP with the Registrar of Companies (ROC). The application must be signed by all the partners and must include the reasons for winding up, details of the liquidator, and a statement of assets and liabilities.

4. Publish a notice: Publish a notice of the winding up of the LLP in a newspaper that is widely circulated in the area where the LLP carries out its business. The notice must be published at least 14 days before the date of the meeting of creditors.

5. Meeting of creditors: The liquidator must convene a meeting of creditors and provide them with details of the LLP's assets and liabilities. The creditors may file their claims against the LLP at this meeting.

6. Distribution of assets: After settling all the liabilities of the LLP, the liquidator must distribute the remaining assets among the partners according to their respective shares.

7. File final documents: After the distribution of assets is completed, file the final documents with the ROC, including the statement of accounts, notice of dissolution, and consent of the creditors.

The following documents are required for the dissolution of an LLP:

1. Copy of the LLP Agreement
2. Statement of accounts
3. Notice of dissolution
4. Consent of the creditors
5. Proof of publication of the notice in a newspaper
6. Copy of the resolution passed by the partners
7. Copy of the appointment letter of the liquidator
8. Statement of assets and liabilities of the LLP
9. Any other documents as required by the ROC.