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Closing Of Private Limited

The new GST regime has introduced compliance guidelines that oblige businesses to comply. All businesses are required to adopt the GST compliance rules set by the government.

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    Ways of Closing of Private Limited Company

    Winding up

    This option is preferred when the company is in operational phase and has assets and liabilities. This will include the approval of members, directors and creditors. There is also a need to appoint a liquidator for the said process to manage the affairs of the company during the whole process. Often this is a time consuming process.

    Striking off

    Strike-off is preferred by a company that has relatively little or no external liabilities. When a company has been dormant since its inception or within the past two years, it can apply for a strike-off, often referred to as a fast-track exit. The primary condition is that the company has no assets or liabilities and has complied with the relevant applicable provisions.

    Documents required for Closing of Private Limited Company

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