Services for striking off an LLP are typically offered by professional firms specializing in company secretarial services or business advisory services. These firms provide expertise in navigating the legal and administrative requirements involved in the strike off process. Here are the key services they typically offer:
Initial Consultation: A professional service provider will offer an initial consultation to assess the eligibility of the LLP for strike off. They will review the LLP's current status, financial situation, and compliance with local regulations.
Preparation of Documents: They assist in preparing all necessary documents required for strike off, including:
Filing with Authorities: Professional firms handle the submission of the strike off application and accompanying documents to the Registrar of Companies (ROC) or relevant authority on behalf of the LLP.
Tax Clearance Certificate: They facilitate obtaining a tax clearance certificate from tax authorities to confirm that all tax liabilities of the LLP have been settled.
Publication and Notifications: If required by local regulations, they arrange for the publication of notices in newspapers or notifications to creditors and other stakeholders regarding the intention to strike off the LLP.
Follow-up and Compliance: They monitor the progress of the strike off application, respond to any queries from authorities, and ensure compliance with all statutory requirements throughout the process.
Post-Strike Off Services: After strike off approval, they assist with closing bank accounts, transferring remaining assets, and handling any final administrative tasks to wind up the affairs of the LLP.
Legal and Advisory Support: They provide ongoing legal and advisory support, ensuring that the LLP directors and partners understand their responsibilities and obligations during the strike off process.
Resolution for Strike Off:
Statement of Accounts:
Confirmation of Nil Assets and Liabilities:
Clearance from Regulatory Authorities:
Notice to Creditors and Other Stakeholders:
Undertaking of Dissolution:
Tax Clearance Certificates:
Closure of Bank Accounts:
Application for Strike Off: This is the formal application form (usually Form 24 or equivalent) provided by the Registrar of Companies (ROC) or the relevant authority in your jurisdiction.
Board Resolution: A resolution passed by the partners of the LLP approving the application for strike off. This document demonstrates that the partners are in agreement to wind up the LLP.
Statement of Accounts: A statement of accounts up to a specified date, usually not more than 30 days before the date of the application. This document should show the assets and liabilities of the LLP.
Consent of Partners: Consent letters signed by all partners of the LLP, confirming their agreement to strike off the LLP and declaring that they have no objection to the dissolution.
Indemnity Bond (if applicable): In some jurisdictions, an indemnity bond may be required to protect creditors and other stakeholders in case of any claims arising after the dissolution of the LLP.
Tax Clearance Certificate: A certificate from the tax authorities confirming that all tax liabilities of the LLP have been settled up to the date of application for strike off.
Publication/Nomination Certificate: Some jurisdictions may require a publication in local newspapers or a certificate of nomination as part of the strike off process.
Proof of Assets and Liabilities: Any additional documents that may be required to provide proof of the LLP's assets and liabilities, such as bank statements, loan agreements, or creditor confirmations.
Other Jurisdiction-Specific Documents: Depending on local regulations and specific circumstances, there may be additional documents required. It's essential to check with the ROC or seek advice from a professional service provider familiar with LLP strike off procedures in your jurisdiction.
What does "strike off" mean for an LLP?
Striking off an LLP refers to the process of removing its name from the official register, effectively dissolving it as a legal entity.
When can an LLP apply for strike off?
An LLP can apply for strike off when it ceases trading, has no assets or liabilities, and all compliance requirements are met.
Who can apply for strike off of an LLP?
The partners of the LLP must approve the strike off and authorize the application, typically through a board resolution.
What documents are required for striking off an LLP?
Documents include the strike off application (Form 24 or equivalent), board resolution approving the strike off, statement of accounts, tax clearance certificate, and consent letters from partners.
How long does the strike off process take?
The duration varies by jurisdiction but typically ranges from a few months to over a year, depending on regulatory processes and compliance.
Can a struck off LLP be restored?
Yes, in many jurisdictions, LLPs can be restored within a specified period if all outstanding requirements are fulfilled, including payment of fees and penalties.
What happens to creditors and liabilities after strike off?
Creditors should be informed during the strike off process, and any liabilities not settled can become the responsibility of partners personally, depending on local laws.
