Closure
“We may be apart, but we’re still together.”
The Registrar of Companies issues a Certificate of Incorporation when the Company has been incorporated, confirming its legitimacy. Once a business's name has been registered, it cannot be changed unless the firm requests it or the name is required to be changed by law. The register may suo moto strike off the OPC if the company fails to start up its business or fails to file monthly returns.In order to make the firm free from any legal compliance and to update the MCA database, the name of the company must be strike out or wound up if it is not in operation. The statement of Assets and Liabilities must be signed, and the strike off application must be submitted within 30 days of that date. Benefits of terminating/closing an OPC: 1-There is no need for the company to worry about being in a position where it must pay a penalty fee for issues that are not resolved once the closing process has begun. 2-Free from Compliance - Since the business would be shut down, compliance is not necessary. 3-A better business could be started with the resources from the one you've picked if it isn't operating and making money.
LLP stands for a vital corporate organizational structure that combines the rigidity of a partnership with the limited liability of a corporation. Changes in partners won't prevent the LLP from surviving. It has the power to enter into contracts and hold title to property in its name. The LLP is a separate legal entity with complete liability, but the partners' accountability is only as significant as their mutually agreed-upon investment in the LLP.If the LLP wishes to cease activities or if it has been idle for a period of one year or longer, it may submit an application to the Registrar for the designation of the LLP as inactive and the erasure of its name from the register of LLPs. An LLP must be terminated or struck off under the following circumstances: 1-LLP has been inactive since its incorporation date or has been dormant for at least a year. 2-As of the application date, LLP had no assets or liabilities. 3-The LLP's current account has been closed. 4-LLP Obtain the agreement of the parties, including the partners, creditors, and any other authority.
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