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
- Company’s MoA – AoA, Certificate of Incorporation, PAN card and other registration certificates.
- The financial statement of the Company for the most recent year, prepared prior to 30 days of filing the application.
- Details whether the company has been operative for any period. If yes, since when the operations are discontinued.
- A statement regarding pending litigations, if any involving the company.
- The company must provide NOC for closure from creditors, if any (Draft to be provided by LW experts)
- NoC for closure to be obtained from Income Tax Department, SEBI, RBI, etc. if relevant.