Closing LLP

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This query is : Resolved

humble trader (Querist)

18 February 2024 In the process of closing LLP that did not work at all and only had expenses (annual filing fee etc.)for 2-3 years.
In the middle there was one partner change. When LLP bank account was closed the money was given back to first partner who had left the LLP.

CA & CS are saying now that is an issue. Can anyone help with how to proceed from this point.
happy to share any more details needed for clarification.

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

06 July 2024 To address concerns about the closure of your Limited Liability Partnership (LLP), follow a structured approach. First, review the LLP agreement and resolutions to understand partner changes, profit distribution, and closure procedures. Consult your Chartered Accountant and Company Secretary to understand the specific issues they have flagged. Consider consulting a legal advisor specializing in corporate law and LLP matters. Ensure all documentation related to the partner change and the distribution of funds is in order. Verify statutory compliances, rectify errors, and clarify with authorities. If a dispute arises with the former partner, resolve it amicably or seek legal advice. Complete the closure process and use your experience to enhance your understanding of LLP regulations and compliance requirements for future business endeavors.

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