How to close an LLP legally in India

Description

To legally close a Limited Liability Partnership (LLP) in India, the partners must first ensure the LLP is inactive for at least one year and has no liabilities. The preferred method is filing Form 24 with the Ministry of Corporate Affairs (MCA). Key steps include: obtaining consent from all partners, preparing a statement of accounts certified by a Chartered Accountant (not older than 30 days), and an affidavit and indemnity bond by partners. All pending filings, such as Income Tax Return and Annual Returns, must be completed before closure. After submitting Form 24, the ROC reviews the documents, and if satisfied, strikes off the LLP from the register. This process avoids legal complications and ensures compliance under the LLP Act, 2008.