PVT LTD COMPANY

COMPANY CLOSURE

5000+

Happy businesses & Clients.

20+

Partnered banks & Government Orgs.

Start-Up

India Registered

4.8

Google Ratings

100%

Customer Satisfaction Guarantee

OVERVIEW

CLOSE A PVT LTD COMPANY

If the company’s owners or directors decide to close the business down, they may look into possibilities for closure. Striking a company’s name from the Registry of Companies is the most practical or simple approach to end a business. When a corporation lies dormant for a while, this is preferable. A Private Limited Corporation must be wound up with significantly greater difficulty. In accordance with Section 270 of the 2013 Companies Act, a company may be dissolved voluntarily or by a tribunal. Taxkey assists you about both closing processes and covers all the factors that must be taken into account when winding up a private limited company.

COMPULSORY COMPANY WINDING UP

TOP CAUSES FOR COMPULSORY COMPANY WINDING UP

REQUIREMENTS FOR CLOSING A COMPANY

LIST OF REQUIREMENTS FOR CLOSING A COMPANY

DOCUMENTS REQUIRED

DOCUMENTS REQUIRED FOR CLOSING A PRIVATE LIMITED COMPANY

Incorporation Documents

Certificate of Incorporation, PAN card, and other registration certificates, together with the Company’s MoA and AoA

Accounting Information

The most recent year’s financial statements for the company, prepared before 30 days have passed since the application was submitted

Details of Activity

Information on Activity Indicates how long the business has been in operation.

Legal Obligations

A statement about any active legal actions the corporation may be involved in.

NOC from Creditors and Regulatory Bodies

The business must get approval for closure from creditors if any, and approval from regulatory bodies, such as the Income Tax Department, SEBI, RBI, etc., as appropriate.

COMPANY DISSOLUTION

METHODS OF COMPANY DISSOLUTION

A private limited business can be wound up in one of two ways.

Voluntary firm dissolution

A special resolution or a resolution passed at a general body meeting can start a company’s voluntary winding up. The terms and conditions of the Memorandum of Association (MOA) may need to be fixed in order to require the winding up.

Compulsory winding up

A particular resolution by the directors requesting a judicial intervention may be passed during the firm’s board meeting in order to carry out the compulsory winding up of a company at the direction of a tribunal or a court. Similarly, if any official files a petition with a court or a tribunal or engages in any illegal or fraudulent action, the corporation must be made to dissolve.

PRIVATE LIMITED COMPANY

BENEFITS OF CLOSING A PRIVATE LIMITED COMPANY

  • After the liquidation procedure is complete, directors and all other firm employees are free of all debts and are no longer subject to demands from creditors.
  • If the resolution is accepted voluntarily, the directors will overlook any legal action taken by the court or tribunal, allowing them to concentrate on other business opportunities.
  • Due to fees associated with the sale of assets, the costs or charges related to the liquidation process are relatively minimal.
  • Every lease of the company signed for a specific amount of time will be cancelled, together with all its terms and conditions, during the liquidation process. A penalty will be deducted from the sale of the asset’s proceeds if a penalty is owed.
  • After a protracted legal battle, creditors will gain from the liquidation process since they will be qualified for a default payment with respect to the proposition of credits provided by all creditors.

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