Payroll

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  • Payroll Assist Accountant
  • Monthly Payroll
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  • ESI Filing
  • PF Filing
  • LEDGERSHRMS

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    1.Payroll

    HR & Payroll Service

    Get a Dedicated Accountant and LEDGERS compliance platform for your business.

    • Payroll Assist Accountant
    • Monthly Payroll
    • TDSFiling
    • ESIFiling
    • PFFiling
    • LEDGERSHRMS

    Payroll/HR management processing

    Our services include Monthly Payroll processing, TDS Filing, ESI Filing, and PF Filing. With our LEDGERS compliance platform, you can easily manage employee data, track attendance, generate pay slips, and automate payroll processes. Our software also gives you a real- time view of your financials, enabling you to make informed decisions. What is Payroll processing?

    Payroll is a list of employees that are paid by the company. Payroll is the total amount the employers pay to the employees. A payroll function involves the development of an organization pay policy that includes flexible benefits, leave encashment policy.

    Payroll management also includes payslip components like basic, variable pay, HRA, and LTA. and also gathering other payroll inputs like the organization’s food vendor supply, etc.

    Payroll and HR management also involve releasing the employees’ salary, depositing the dues like TDS, PF, etc with appropriate authorities, and filing returns.

    Put together Payroll processing includes the calculation of the Net Pay after the tax adjustments and other deductions.

    Payroll processing and HR management

    • Payrollprocessing and HR management is a highly complex task for most small businesses due to the various compliance requirements in India.
    • Moststartups do not even have a well-established HR system and processes leading to a discrepancy in hiring the top talents, retaining good employees, and even while building a productive workplace culture.
    • Byoutsourcing payroll and HR management to IndiaFilings, an individual can enjoy a stress-free and error-free payroll cycle every month.
    • Also,our HR experts can help in implementing world-class HR processes in the organization from day one to support the growth of the business.

    Payroll processing in India Pre-Payroll Activities Defining payroll policy

    The first step is wherein the policies to the bank during the payroll processes need to be established. These policies need to be approved by the management to turn these policies into standards. Policies like the Pay policy, Attendance policy, leave and benefits policy, and more. Gathering inputs

    At this stage, the inputs are gathered from various departments to ensure the accurate calculation of the payroll.

    This data collection can seem tedious at first but registering with India Filings will make it more hassle-free.

    Input validation

    It is necessary to verify the validity of the data once it is gathered as a minute mistake can ruin the entire payroll process.

    It is necessary to ensure that the list contains all the active employees and no records of inactive employees. Checking the data whether it adheres to the company policy. Ensure the present in the right format. Payroll Calculation

    This step is when the validated input data is fed into the payroll system for actual payroll processing. The result is the Net pay after adjusting the necessary taxes and other deductions.

    Once the payroll process is over it is always better to reconcile the values and verify the accuracy to avoid further errors.

    2. PF Registration

    PF Registration

    • PF registration for businesses having less than 25
    • Employee Provident Fund
    • Employees Provident Fund is a scheme for the Indian Employees that is controlled by the Provident Funds and Miscellaneous Provisions Act,1952. The Employee Provident Fund is regulated under the umbrella of Employees Provident Fund Organization popularly known as EPFO.
    • All establishments that have employed 20 or more than 20 employees can apply for PF registration in  In some cases subject to the circumstances and the exemption establishments employing less than 20 are still eligible for PF registration. The Employee gets an amount that includes the self and employer’s contribution with interest on retirement or resignation.
    • Who is eligible to get EPF registration?
    • For Employer
    • PF Registration is mandatory for all the establishments-
    • That has engaged 20 or more than 20
    • For any other establishment that has less than 20 people then the central government has to specify the same in the notification on the behalf.
    • For Employee
    • Employees drawing less than Rs.15000 per month need to mandatorily become membersof the  According to the guidelines, employees whose basic pay is more than Rs. 15000 a month at the time of joining are not required to make any PF contributions.
    • Butan employee who is drawing pay of more than 15,000 can still be a member and make contributions with the employer and the Assistant PF commissioner.
    • Theamount for the contribution of PF
    • Theemployer has to obtain the PF registration within 1 month of attaining the strength, in case of failure to abide by applicable penalties. A registered establishment continues under the purview of the Act even in case the No of employees falls below the required limit.
    • The employer has to contribute 12% of the (Basic Salary + Dearness Allowance + Retaining Allowance). An equal amount of contribution is to be made by the employee. If the establishment has engaged less than 20 employees the EPFO rules state that the contribution rate for both the employeesand the employer is limited to 10 %. In most cases the employees who are employed in the private sector it is on the basic salary on which the whole contribution is calculated.

    3. PF Return Filing

    PF Return Filing

    Get a Dedicated Accountant and LEDGERS compliance platform for your business.

    • Payroll AssistAccountant
    • Monthly Payroll
    • TDSFiling
    • ESIFiling
    • PFFiling
    • LEDGERSHRMS

    PF Return Filing

    To promote the attitude of savings amongst the employees and also to benefit them during retirement a social security system of Provident fund was introduced. Contributions towards the PF are made by both the employer as well as the employee every month. The contribution made towards the PF can be only drawn by the employee only during the time of his or her employment, but there are a few exceptions.

    The employers that have PF registration have to file the PF returns monthly. The PF return filings are to be completed by the 25th of each month. Here we will talk about the various forms used for PF return filing in detail. The employers can easily file the PF return through the Unified portal.

    Form 2

    Form 2 is filed as a declaration and nomination under the Flagship scheme of the Employment Provident Fund and the Employment Family Pension Scheme. Form 2 must be filed by the employees who are joining the establishment. This form is to be submitted with Form 5. Form 2 is divided into 2 different parts.

    Part A

    Part A of Form 2 deals with nominating the recipients of the EPF balance of the particular account holder, in the event of his or her death. This part of the form must include the following details:

    • Name
    • Address
    • Relationshipwith the subscriber
    • Age
    • Sum of the money that is to be paid to the nominee
    • Guardian Details ( In case the nominee is a minor)

    This Part has to be signed or needs to have a thumb impression to be made at the end of the section.

    Part B

    The details of the nominee as already mentioned in Part A should also be included in Part B. Additionally, the details of the members who are eligible to receive the children/ widow pension must be furnished.

    This Part again must be signed duly or a thumb impression has to be made at the end of the section.

    4. ESI Registration

    ESI Registration

    ESI registration for businesses having less than 25 employees.

    ESI registration

    The employee state insurance (ESI) is managed and regulated by the Employee State Insurance Corporation which is an autonomous body under the Ministry of Labour and Employment, Government of India. The ESI scheme was started for the Indian Employees that provided monetary, medical, and other benefits from the employer to the employee.

    Currently any factor or employment or any establishment that has employed over 10 employees with a minimum salary of Rs. 21,000 has to mandatorily register itself with the ESIC.

    Eligibility

    Who is eligible to obtain ESI registration in India?

    To be eligible for ESI registration is to have more than 10 workers. In some regions, ESI registration is possible for establishments only if there are more than 20 employees. Here are some other criteria that need to be satisfied for obtaining ESI registration.

    • Anemployee whose gross salary is up to  21,000 per month can avail of this with the help of the employer.
    • Theestablishment is registered with the 
    • The total contribution to ESI is 5% of the gross salary and it can be further divided as:

    o 4.75% by the employer

    o 1.75% of the employee

    • For industrial units where there are chances of occurrence of injury or health issuesall the employees with a salary less than 21,000 compulsorily need to get ESI registration.

    Payroll processing and HR management

    • Payroll processing and HR management is a highly complex task for most small businesses due to the various compliance requirements in India.
    • Moststartups do not even have a well-established HR system and processes leading to a discrepancy in hiring the top talents, retaining good employees, and even while building a productive workplace culture.
    • By outsourcing payroll and HR management to IndiaFilings, an individual can enjoy a stress-free and error-free payroll cycle every month.
    • Also, our HR experts can help in implementing world-class HR processes in the organization from day one to  support the growth of the business.
    • Documents Required for obtaining ESI registration

    For obtaining ESI registration in India here is  the list of documents that is to be submitted by the employer along with the application:

    • Registration Certificate of the Shops and Establishment 
    • FactoriesAct
    • Address proof of Principal place of business
    • Copyof PAN Card
    • Bankstatement (Latest)
    • Memorandum and Articles of Association or the partnership deed or trust deed depending on the nature of the entity.
    • Certificate of Commencement registration no

    The monthly pay  sheet is also required for computing the contribution amount for each employee for ESI filings.

    5. Add Directors

    Director Change

    Add a  Director having DSC and DIN to the Board of Directors.

    Addition of New Directors

    A Director of a Company is a person that is elected by the shareholders to manage the affairs of the company as per the MOA and AOA. As the company is an artificial person it can only act through the agency of a natural person. Thus, a director has to be a living person and the management of the company is entrusted to its Board of Directors.  The appointment of the Directors can be required from time to time based on the requirements of the shareholders of the business.

    How to add a Director to a Company?

    In a Private Limited Company, the Directors of the company play a crucial role in the functioning. The conduct of  the business and the day-to-day decisions are made by the Directors. The Directors happen to be the key people in which the shareholders of the company trust to invest their money. In this article, we are going to discuss how a company can legally change and have new directors on board in India.

    The first step is  to obtain the consent of the proposed directors: The consent of the proposed director is necessary, according to form DIR-2 this is a very crucial document and the company is required to obtain the Form DIR-2 before proposing him to the Director of the Company.

    Digital Signature Certificates of the Proposed Directors: In case the proposed directors of the company do not have Digital signatures, they need to obtain a DSC. Apply for DSC now.

    Get the Director Identification Number (DIN): In  case the Proposed Director does not have a DIN, then the company should apply for the DIN of the proposed person. This resolution is to be attached to the form DIR3. This DIN that is allocated once can be used for a lifetime. DIN can be obtained for any person who is above the age of 18. Also, the nationality of the proposed does not matter. Hence, the Indian Nationals, Non- Resident Indians, and Foreign Nationals can obtain the DIN and be appointed as Directors in a Private Limited Company in India.

    The Company should obtain all the KYC Documents  along with the necessary educational qualifications documents as per the conditions of the job. Also, there is no minimum education qualification to hold the post of Director in  the Company in India.

    Who is a Director in a Private Limited Company?

    The Companies Act,2013 defines the term Director as someone who is appointed to the Board of a Company. The Board of Directors is a group of those individuals who are elected by the shareholders of the company to manage the affairs of the company. As a company is an artificial legal person that is created by law, the company can act only through the agency of natural persons. The Directors can only act through Human beings and the Directors through whom the company mainly acts. The Board of Directors is that body of individuals on which the management of a company is entrusted.

    According, to the other definitions a Director is someone who administers, controls, or directs something. A Director is someone who  supervises, controls, or manages. He is a person who is elected by the shareholders of a company to direct a company’s policies; he is a person appointed or elected under the law, and who is authorized to manage and direct the affairs of the Company.

    6. Remove Directors

    Remove Director

    Resignation of a  Director from the Board of Directors of a Company with resigning Directors' consent.

    Resignation of a Director in a Company

    A Director in a company may  want to resign or the Board of Directors may want to remove the Director for several reasons. The Director of a company can also resign from the Board by filing a resignation letter with the company and also intimating the ROC with the same. Here, we will take a look at the procedure that a director needs to follow in case he wants to resign from the post of Director.

    Director’s notice  of resignation to the company

    After giving notice in writing to the Company a Director may resign from a company. The Board is required to intimate the ROC of this notice within 30 days in the form of DIR-12. If the Director chooses, he can also send a copy of the resignation letter to the ROC along with  the reasons for the resignation using Form DIR-11. Here is the format for the resignation letter of a Director: Director’s Resignation Letter Format

    Date, Month, Year To,

    The Chairman / Secretary Company Name Private Limited City, State, Pin Code

    Subject: Resignation  from the Office of Director of the Company Dear Sir/Madam,

    I hereby tender my resignation from the office of the Director of the ————– (Company name)  with immediate effect or mention the resignation date.

    Notice of my resignation letter should be submitted to the Registrar of  Companies and the Board of Directors should be informed in the next board meeting as conducted.

    I sincerely thank all the Board of Directors for giving me this opportunity and timely  assistance to discharge my duties during my tenure as a Director of the company.

    I request the Board of Directors to please provide me with an  acknowledgment of the resignation and a copy of the E-form DIR-12 filed with the Registrar of Companies to that effect for my reference and record.

    Thanking You, Your’s Faithful, Name of the Director.

    7. Share Transfer

    Share Transfer

    Share transfer from  one person to another person or one person to many or many to one person.

    The ownership of a Private Limited Company in India is decided by  the shareholding of the Company. For inducting new investors or transferring the ownership of the company the shares of the company need to be transferred. The company’s interest could be sold to attract new investors or to pass the control of the company.

    An important characteristic of the company is that the shares can be transferred. The shares or the debentures are movable property, they are transferable as  they are provided by the articles of the company, especially the shares of any members of a public company.

    The share transfer is possible only through a contract or arrangement between two  or more persons. The provisions of the Companies Act majorly deal with the transfer and the transmission of the securities. The transmission of the securities due to death, succession, inheritance, bankruptcy, etc. The transfer of securities is possible through any contract or arrangement between two or more persons. The provisions of the Companies Act deals with the transfer and the transmission of the securities.

    Transmissions of the securities mean the loss of titles on these securities due to death, succession,  inheritance, bankruptcy, etc.

    Who is involved in Share transfer?

    • Subscribers tothe memorandum
    • Thelegal representative in the case of a deceased
    • Transferor
    • Transferee
    • Company(Whether listed or unlisted)

    Procedure to  transfer the shares of Private Limited Company

    There are certain restrictions over the transfer of the  shares of the Private lImited company the following procedure should be followed to transfer the shares:

    • Atfirst, it is necessary to obtain the share transfer deed  as required in the prescribed format
    • Thisdeed needs to be duly signed by the transferor and the
    • Stampthis transfer of share transfer  deed with his or her name, address, and
    • The transfer document or the allocation letter is to be attached to the share certificate and sent to the company
    • The company should process the paperwork and the transferor should be granted a new certificate in case if it is accepted.
    • The transferor will request the company to transfer his 
    • A notice will be sent by the company to all the existing members that the above-mentioned shareholder has shown the intention to transfer the 
    • Incase if no  existing member has shown interest in the company, then the company will intimate the transferor that he can sell his shares to a

    8. Registered Office Change

    Registered Office Change - Company Change of registered office within the same city.

    Registered Office Address change

    The registered office of a company is a place where all the communication related to business is held. In addition to a registered office, a company can also have a corporate office, branch, factory, or administrative office. However, the registered office of a company in India must be registered with the Ministry of Corporate Affairs, the other branches and offices can be opened by a company without any prior intimation to the ROC.

    The registered office of the company in India will determine the domicile of the company (state of Incorporation). The ROC will be determined by the state or location in which the registered office of the company is located. In case there is a change of address in the registered office of a company the ROC must be notified within 15 days.

    Why is the registered office address important?

    While incorporating a Private Limited Company it is important to declare the registered office of the Company and to submit the relevant documents. Here is the list of documents to be submitted while declaring a registered office of a company during the incorporation of the company:

    • ElectricityBill/Water Bill/ Property Tax 
    • NOC fromthe Landlord in case if the place is 
    • Rentor the lease agreement between the landlord and the

    The name and the address on the  electricity bill/water bill/ property tax receipts should exactly match the NOC certificate by the landlord and the rental agreement. There is no such requirement for the registered office to be a commercial or industrial property. Also, the registered office cannot be vacant land or a building that is under construction. The registered office of a company can also be a residential property.

    If the company has not decided the registered office of the company while filing for incorporation. The Companies Act,2013 also provides the option for the company to declare a temporary address. The registered office of the company should be declared by filing INC22 within 15 days of incorporating a company.

    How to change the address of the registered office?

    After the registered office of a company is declared by Filing the INC 22. In case there are any changes in the registered office of the company it must be intimated to the ROC. If the change in the registered office address is within the same area of city or town or village it must be notified within 15 days by filing the relevant forms.

    If the change of the registered office  address is outside the limits of the city or town or village then the registered office must approve a special resolution passed by the company. Suppose the registered office of the company is to be changed from one jurisdiction of a ROC to another jurisdiction, then the change should be approved by the Regional Director of the ROC.

    9. Increase Authorized Capital

    Authorized Capital Increase

    Increase in authorised  capital of upto Rs.10 lakhs.

    Increase Authorized Share Capital

    Each business needs more funds over time to run business. These funds can be required on a long- and short-term basis. A short-term need can be satisfied by taking loans and advances. But for the run, the company will require more funds. For a Private Limited Company, this can be done by increasing the authorized capital of the company. Since the private limited company is governed and regulated under the Company Act to make changes in the structure it is necessary to follow the Act and the rules stated.

    While registering the Private Limited Company the authorized and paid-up capital is specified in the MOA of the company. The company can therefore issue new shares within the limit of the authorized capital mentioned in the MOA. If the company wishes to issue more shares than the limit that is specified then amendments need to be done in the MOA.

    Authorized Share Capital increase

    A company  may need to increase the authorized share capital before it is issuing new equity shares and increasing the paid-up capital. As authorized share capital is the total value of the shares a company can issue. The paid- up capital is the total value of the shares of the company that have been issued.

    The Paid-up capital does not exceed the authorized capital. Hence, if the company has authorized capital of Rs.10 lakh and paid-up capital of Rs.10 lakhs would like to induct new shareholders then it can be done by:

    • Increasing the Authorized share capital and issuing new shares (or)
    • Transferring shares from the existing shareholders to the new  How to increase the authorized share capital of the company?

    Verify AOA of the Company

    Before starting with the procedures for increasing the authorized share capital it is necessary to  verify the AOA to ensure that there is a provision in the Articles of Association referring to the increase of the authorized share capital. If there is no such provision then the company must first make changes to the AOA of the company.

    Note: Most of  the AOA’s have the provision for increasing the authorized share capital of the company.

    Convene a Board Meeting

    It is necessary to convene a Board meeting by providing notice to Director to increase the authorized share capital of the company. At the Board meeting, it is necessary to obtain approval from the Board of Directors for increasing the authorized share capital.

    After this whole procedure, a date should be fixed to conduct an Extra- ordinary General meeting to obtain the approval of the shareholders for increasing the authorized share capital and make changes to the MOA of the Company.

    At last get the approval of the Board of Directors, the company secretary who is present at the meeting to present the notice of Extraordinary general meeting to the  shareholders. Basing the approval, the notice of extraordinary general meeting should be presented to all the shareholders, directors, and auditors of the company.

    10. Winding Up of Company

    Winding Up - Company

    Take your first step towards winding  up your Business. A Company not commenced its business within one year from the date of incorporation/inactive for two years/not a Dormant Company.

    • Basic
    • Accounts Finalisation
    • Winding Up drafting
    • Winding up filing
    • ITR- 6 filing
    • DINKYC filing
    • GST Cancellation

    Winding up of a Company

    Winding up is the liquidation of Company’s assets which  are collected and sold in order to pay the debts incurred. When the company winding up takes place firstly the debts, expenses and costs are paid away and distributed among the shareholders.

    Once the Company  is liquidated it is formally dissolved and the Company ceases to exists.

    Winding up is the legal mechanism to shut down a company and cease all the activites that re carried on . After the Company winding up the existence  of the Company comes to an end and the assets are monitored so that the stakeholders interest is not hampered.

    A Private Limited  Company is an artificial judicial person and requires various compliances if the company fails to maintain these compliances there are fines and penalties or even disqualification of the Directors from further incorporating a Company. It is always a better to wind up a company that has become inactive or where there are no transaction.

    Types of Company windup

    What are the  different ways in which an individual can windup a Company? A company can be wound up in two different ways-

    • Voluntary winding up of a Company
    • Compulsory winding up of a company
      1. Voluntary Winding up of a Company

    The Winding up  of a Company can be done voluntarily by the members of the Company, if :

    • The company passes a special resolution for winding up the
    • The Company in general meeting passes a resolution which requires a company to wind up voluntarily as a result of the expiry of the period of its duration, any as per the Articles of Association or on the occurrence of any eventin respect of which the articles of association provide that the company should be dissolved.

    Procedure for  Voluntary winding up of a Company

    • Convene a boardmeeting with the Directors in which a resolution should be passed with a  declaration by the directors that they have made an enquiry in the affairs of the Company and the company no debts or the Company will pay from the precedes of the assets sold in the voluntary wind up of the
    • Notices  should be issued in writing to call for the general meeting of the Companyproposing the resolutions, with a suitable explanatory 
    • Passthe ordinary resolution for winding up of the Company in the generally meeting by ordinary majority or special resolution by 3/4 majority. The Winding up of the Company shall commence from the date of passing the
    • Ameeting  of the creditors should be conducted on the same day or the next day of passing the resolution regarding winding up. If the 2/3rd value of the creditors are of the opinion that it is in interest of all parties to windup the Company, the the Company can wound up voluntarily.
    • Within10 days of passing the  resolution for company winding up , a notice for appointment of liquidator must be filed with the registrar.
    • Within30 days  of the general meeting for the winding up the certified copies of the ordinary or special resolution passed in the general meeting for the winding up of the Company.
    • Theaffairs of the  company need to be wind up and prepare the liquidators account of the Winding up account and to get it audited.
    • Callfor the final General meeting of the 
    • Aspecial resolution should be passed for  the disposal of the books and the papers of the company when the affairs of the company are completely wound  up and it is about to be dissolved.
    • Withint wo weeks of the general meeting of the Company, file a copy of the accounts and file and the application to the tribunal for passing an order for the dissolution of the company.
    • Thetribunal shall  pass an order dissolving the company within 60 days of receiving the application.
    • Thecompany  liquidator is required to file a copy of the order with the 
    • The registrar will then on receiving the copy of the order passed by the Tribunalthen  publish a notice in the official gazette that the Company is
    1. Compulsory winding up of a  Private Limited Company Tribunalisresponsible for this kind  of wind up of Companies. Here are the reasons for the same:
    • Unpaiddebts of a Company
    • Whena special  resolution is passed fort winding up
    • Anunlawful act by a company or the  management of the Company
    • Ifthe company is  involved in fraudulent acts or misconduct
    • Ifthe annual  returns or financial statements are not filed for five  consecutive years with the ROC
    • TheTribunal is  of the view that the company should  Procedure for compulsory winding up of a Company

    Step:1 Is to File a petition to the tribunal along with the statement of the affairs of the Company that is to wind up.

    Step:2 The tribunal will either accept  or reject the petition if the person other than company files a petition then the tribunal may ask the company to file objection. it goes along with the statement of affairs within 30 days.

    Step:3 Liquidator needs to be appointed by the tribunal for the  winding up process. The liquidator carries out the function of assisting and monitoring the liquidation proceedings.

    Step:4 Liquidator is supposed to prepare a  draft report for approval. when the draft report gets approved he shall submit the final report to the tribunal for passing the winding up order.

    Step:5 It is necessary  of the liquidator to forward a copy to the ROC within 30 days, If he fails to do so then he will get a penalty.

    Step:6 If the ROC finds the draft satisfactory he then approves the  winding up of the Company and the name of the Company is striked from the register of Companies.

    Step:7 ROC sends  notice for Publication in the official gazette of India

    11. Winding Up of LLP

    Winding Up - LLP

    Take your first  step towards winding up your Business. A LLP not commenced its business within one year from the date of incorporation/inactive for two years.

    • Basic
    • AccountsFinalisation
    • WindingUp drafting
    • Windingup filing
    • ITR- 5 filing
    • DINKYC filing
    • GSTCancellation
    • DocumentsRequired Company PAN Scan Copy Director’s Pan

    Bank Account Closure Letter

    Winding up of an LLP

    The LLPs are newly formed business entities that were introduced through the LLP  Act,2008 in India. The Limited Liabilities enjoy the audit exemption if the annual turnover of the LLP is less than Rs40 lakh or the capital contribution is less than Rs.25 lakhs.

    The Limited Liability partnership is a basic partnership in which all the partners share limited liabilities as the LLP  is set up under certain legal terms and documentation. There is a specific process as to how an individual can register his or her LLP. As there are advantages of registering as an LLP in India, there are also some disadvantages. Many of them are also unsure

    about the process  of Winding up an LLP. Here, we are going to take a look at how to wind up an LLP in India.

    Section 63,64 and 65 of the LLP Act,2008 regulates  the process of winding up of the LLP. The Limited Liability Partnership winding up can be initiated voluntarily or by a tribunal. Let us take a look at both in detail.

    Winding up  of an LLP by the tribunal

    The Winding-up of the LLP is  initiated by a tribunal for the following reasons:

    • TheLLP wants to wind
    • Thereare  less than two partners in the LLP for more than 6 months
    • TheLLP is not in a position to pay debts
    • The LLPhas acted against the interest of the sovereignty and the integrity of India, the specified security of the  state or public order.
    • TheLLP has not filed with the statement of accounts and  solvency or the LLP annual returns for any five consecutive financial years with the Registrar.
    • TheTribunal thinks that is just and equitable that the LLP should  Voluntary winding-up of an LLP

    The LLP winding-up process can be easily initiated with the approval of 3/4th of the partners.  To begin with the liquidation process for the LLP the designated partners need to make a declaration that the LLP does not have any debt or that the LLP will pay the debts totally within not more than 1 year from the process of winding up of an LLP.

    Also, the LLP partners  need to declare that the LLP is not winding up because of any frauds. This statement of the declaration must be prepared along with the statement of the assets and the liabilities until the most recent practicable date right before making the declaration for winding up of the LLPs.

    Also, a valuation of the  assets that are relevant to the LLP should be prepared and submitted, in case of any assets. Voluntary winding up the LLP will be effective from the start date of passing the resolution for the reason of voluntary winding up of the LLP.

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