How to Legally Close Your LLP in Chennai: A Complete Process Explained

Closing a Limited Liability Partnership (LLP) in Chennai involves following legal procedures to ensure compliance with government regulations. Whether your business is inactive or you wish to shut it down, this guide will help you understand the process.

Methods to Close an LLP

There are two ways to close an LLP in Chennai:

1. Voluntary Closure – When partners decide to shut down the LLP willingly.
2. Compulsory Closure – When the government orders closure due to legal non-compliance.

Step-by-Step Process for Voluntary Closure

Step 1: Pass a Resolution

The LLP partners must pass a resolution for closure and obtain approval from all designated partners. This resolution must be filed with the Registrar of Companies (RoC) within 30 days using Form 24.

Step 2: Settle Liabilities

Before applying for closure, ensure that all pending debts, taxes, and liabilities are cleared. If necessary, obtain a No Objection Certificate (NOC) from creditors.

Step 3: File Statement of Assets & Liabilities

A Chartered Accountant (CA) must prepare a statement of accounts showing that the LLP has no outstanding dues. This statement should not be older than 30 days before filing the closure application.

Step 4: Submit Required Documents

Prepare the following documents for submission:
✅ LLP closure resolution copy
✅ Latest financial statements and account details
✅ Indemnity bond signed by partners
✅ Affidavit from partners declaring no pending liabilities
✅ Income tax clearance certificate (if applicable)

Step 5: File an Application for Closure

File Form 24 with the Registrar of Companies (RoC) along with the required documents. After verification, the RoC will process the request.

Step 6: Approval and Strike-Off

Once the RoC is satisfied with the application, the LLP name will be struck off from the official records, completing the closure process.

Time & Cost Involved

• Timeframe: Usually 3 to 6 months, depending on government approvals.
• Cost: Includes government fees, CA/legal fees, and documentation charges.

Final Thoughts

Closing an LLP legally in Chennai requires careful documentation and compliance with RoC guidelines. Seeking professional assistance can make the process smooth and hassle-free.

Need help closing your LLP in Chennai? Contact experts today for a seamless process!