The Limited Liability Partnership Act, 2008 introduced the Limited Liability Partnership in India. This is totally different from the other company formation norms. The good thing about the LLP is in the partnership process one partner will not be accountable for the fault of the other partner. For a business, the associated partners have the right to control the business. There are two different ways of closing a LLP Business, one is Voluntary closing of LLP and the other is Compulsory Closing of LLP.
Voluntary closing of LLP: For closing the LLP voluntarily, it should have the consent and approval of at least three fourths of the total members in the company. If the LLP also have lenders, they should also get the approval of the lenders.
Compulsory closing of LLP:
QusWhat are the criteria of Audit for the Partnership Firm Registration?
AnsThe company should file a year ago before closing.
QusWhat is the key requirement for the closing of the company?
AnsThe partner should be an Indian Citizen. The NRIs can only invest on the business.