Closure of Business
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Overview of Closure of Business
Often, we register a company for a business idea we wanted to implement and for some reasons it does not work, we do not even start the work. Also, there are times when we register a company for a future project and hence those companies are not operational in present. There are various compliances which one needs to meet after registering a company and it takes a cost to meet them. Who would want to bear more cost for the company which is not working in the first place?
So, what do we do, we just keep the company like that, either we get the compliances done or many times we just ignore it. Earlier, closing a company was a tedious process, which required a lot of formalities, things have changed now and there are now quicker modes to close the company.
Closure of Private Limited Company
Earlier, closing a Private Limited Company was a tedious process, which required a lot of formalities, things have changed now and there are now quicker modes to close the company, which if not done properly can lead to a lot of legal and financial consequences.
Closure of company involves:
- Company Name removal from MCA database
- Conduct Board Meeting to pass special resolution to strike off the name of the Company
- Conduct Extraordinary General Meeting of the Shareholders to pass special resolution for name approval
- File MGT14 after EGM (with 30 days of passing of special resolution)
- Certify statement of accounts by CA (Statement should not be older than 30 days from the date of application)
- File e-form STK-2 along with prescribed attachments
- Public Notice issued by ROC for name removal
- Excludes preparation of financial reports and annual ROC returns of company till its operations (if any)
- Excludes company & tax audit
- Excludes DIR-3 KYC of Directors and Digital Signature of Directors
Documents Required
- Name, Contact Number and Email Id of all the Stakeholders.
- Directors Identification Number, if already.
- Self Attested PAN, Aadhar & Passport size photo of all the Stakeholders.
- PAN, TAN, COI, Share Certificates of the Company.NOC from commercial departments
- Letter of account closure from bank
- Previous Year’s Audited Financials & Tax ReportsD
Closure of Limited Liability Partnership
In Order to Close or Strike Off or Wind Up a Limited Liability Partnership (LLP) we will firstly need to do all the pending compliances for the LLP upto date or at least last financial year and only after that we shall be proceeding with the closure procedure including MCA, Income Tax, GST & Other related government or tax registrations to close the LLP in all true aspects.
Closure of LLP involves:
- Filing of E-forms
- Drafting of LLP Deed
- Designated Partner Identification Numbers-DPINs (2 nos.)
- Digital Signature Certificates-DSCs (2 nos.)
- Issue of Incorporation Certificate
- Includes Government Fees upto Rs. 1 Lakh Capital Contribution by Designated Partners
- Stamp Duty upto Rs. 2000/- and its Notarisation in any state in India for LLP Deed
- Assistance in Opening Bank Account
Documents Required
- Name, Contact Number and Email Id of all the Stakeholders.
- Directors Identification Number, if already.
- Self Attested PAN, Aadhar & Passport size photo of all the Stakeholders.
- PAN, TAN, COI, Share Certificates of the Company.
- NOC from commercial departments
- Letter of account closure from bank
- Previous Year’s Audited Financials & Tax Reports
Closure of Partnership
Partnership Firms are usually of two types, one those are duly registered under Registrar of Firms and another which aren’t but just registered through a partnership agreement and pan card. Closing both of them have their own process and time, lets discuss both the process in details.
Closure of partnership involves:
- Closure of Partnership firm from Partnership Act
- Surrender of PAN
- Surrender of TAN
- Surrender of GST
Documents Required:
- Name, Contact Number and Email Id of all the Stakeholders.
- Directors Identification Number, if already.
- Self Attested PAN, Aadhar & Passport size photo of all the Stakeholders.
- PAN, TAN, COI, Share Certificates of the Firm.
- NOC from commercial departments
- Letter of account closure from bank
- Previous Year’s Audited Financials & Tax Reports
Closure of Proprietorship
Proprietorship Firms are owned and managed by a single person or owner called as proprietor, all the tax and firm registration or compliances are done on his name or pan number, so closing the business here means simply surrendering or cancelling the tax registration or license.
Closure of proprietorship involves:
- Closure of Partnership firm from Partnership Act
- Surrender of PAN
- Surrender of TAN
- Surrender of GST
Documents Required:
- Name, Contact Number and Email Id of all the Stakeholders.
- Directors Identification Number, if already.
- Self Attested PAN, Aadhar & Passport size photo of all the Stakeholders.
- PAN, TAN, COI, Share Certificates of the Firm.
- NOC from commercial departments
- Letter of account closure from bank
- Previous Year’s Audited Financials & Tax Reports
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