Winding up of an LLP
Winding up of a Limited Liability Partnership (LLP) refers to the formal process of closing down the LLP's operations, disposing of its assets, and settling its liabilities. This process is undertaken when an LLP ceases its business activities and dissolves as a legal entity.
Law Governing - LLP Winding up
- Section 65 of the LLP Act, 2008
- Section 67 of the LLP Act, 2008
- Notification vide GSR 6(E), dated 6th January 2010
- Limited Liability Partnership (Winding up and Dissolution) Rules, 2012
Modes of LLP Winding Up
An LLP can be wound up through various methods, each with its own set of procedures and legal implications.
Procedure for winding up of an LLP by a Tribunal
Submit a petition for winding up to the Tribunal.
Tribunal decides based on grounds under the LLP Act, issues winding-up order if warranted.
Tribunal appoints a Liquidator to manage the winding-up process.
