CLOSE YOUR BUSINESS ENTITIES
- CLOSE YOUR COMPANY
- CLOSE YOUR LLP
Often, we register a a business idea we wanted to implement and for some reasons it does not work, we do not even start the work. Also, there are times when we register a Business for a future project and hence those companies are not operational in present.
There are various compliances which one needs to meet after registering a COMPANY, LLP, AND OTHER ENTITIES and it takes a cost to meet them. Who would want to bear more cost for the company which is not working in the first place?
So, what do we do, we just keep the company like that, either we get the compliances done or many times we just ignore it.
Earlier, closing a company was a tedious process, which required a lot of formalities, things have changed now and there are now quicker modes to close the company.
Here we bring you two options for such companies that you have formed but not functional anymore.
Option 1: Fast Trick Exit (FTE) mode: Let’s you close your company or LLP
This mode as suggested by name lets you close your business quickly, which is defunct can apply for this mode.
A Defunct company or LLP is a company which has:
- Nil asset and nil liability, and
- Not commenced any business or activity since its incorporation
or
Not been carrying any business operation since last one year.
Option 2 Voluntary Winding Up by National Company Law Tribunal
If an company registered in India with MCA (Ministry of Corporate Affairs) is not falling under the option 1 can be closed voluntarily by filling petition for voluntary winding in the tribunal.
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