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Dissolution of converted llp

Namita (Article) (143 Points)

19 September 2018

I converted my pvt ltd co. on 5th June 2015 to an LLP, and now I wish to dissolve the converted LLP. It has been 3 years since conversion. So can I dissolve the LLP or do I need to wait for 5 years (or a particular number of years) to begin the dissolution process?

Thanks in advance.

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LLP Winding up Overview A LLP winding up can be initiated voluntarily or by a Tribunal. If a LLP is to initiate winding up voluntarily, then the LLP must pass a resolution to wind up the LLP with approval of at least three-fourths of the total number of Partners. If the LLP has lenders, secured or unsecured, then the approval of the lenders would also be required for winding up of the LLP. Winding up of LLP by Tribunal Winding up of LLP can be initiated by a Tribunal for the following reasons: The LLP wants to be wound up. There are less than two Partners in the LLP for a period of more than 6 months. The LLP is not in a position to pay its debts. The LLP has acted against the interests of the sovereignty and integrity of India, the security of State or public order. The LLP has not filed with the Registrar Statement of Accounts and Solvency or LLP Annual Returns for any five consecutive financial years. The Tribunal is of the opinion that it is just and equitable that the LLP should be wound up.