Coddan as an authored company formation agent offers UK LLP dissolution service: if you want to close down your limited liability partnership, there are a number of steps that must be undertaken. At Coddan we are able to help you to effectively dissolve an LLP so that you're in full compliance with company and LLP law. There are various reasons why people may want to close down a partnership. It could be that the business is just not working out or there could be internal struggles among the members that have led to a falling out among them. It could also be that the members are retiring and there's no one to run the business.
|Dissolution of a Limited Liability Partnership|
We charged £200.00 for the preparation and filing of a limited liability partnership dissolution. Voluntary LLP dissolution is where an LLP applies to Companies House to be struck off and dissolved. LLP can be dissolved, but, the following conditions apply: an LLP has not traded for three months; an LLP has no assets, property or cash at the bank; an LLP has not disposed of any property or assets; the creditors are circulated, requesting their permission for the LLP to be dissolved.
An application can be made to Companies House if there's agreement to struck-off the LLP among the majority of members; if there are just two members, both of them must agree to it. There cannot have been any trading activities within the past three months of the application to dissolve an LLP, or if the LLP has undergone a name change or has not disposed of property and or rights prior to the application. Further steps to be taken include de-registering for VAT, and this will be done with HM Revenue & Customs. After that it's a matter of closing the LLP's bank accounts and dealing with any assets.
For clients who wish to close down their LLP, we offer a swift and low-cost service that is straightforward and doesn't require much action on the part of the client. We charge only £200.00 for our LLP dissolution service, and will ensure the matter is handled in the most professional manner so that there are no loose ends at the end of the process. At the outset, we will prepare the documentation that's required by the authorities to strike of an LLP. If there's only two designated members of the LLP, only their signatures are required on the documentation, and in the case of more, the majority will need to sign.
It's important to note that it's considered an offence if a copy of the LLP dissolution application has not been sent to all interested parties within seven days. These may be employees, creditors, local authorities and other bodies. For the best LLP dissolution advice and service in dissolving an LLP, talk to Coddan today.
Are you thinking about dissolving a limited liability partnership? Talk to Coddan Ltd first. Coddan’s expert team of professional consultants can help you to understand the legal requirements, proceedings, and advantages of pursuing an LLP dissolution so that you can dissolve your LLP without difficulty and in accordance with the law. Coddan also ensures that client's assets remain with the client after LLP dissolution. Whatever your needs, we have a number of packages, competitively priced and all-inclusive, starting at just £200.00. Talk to Coddan Ltd today and receive expert assistance on your limited liability partnership dissolution anywhere in the United Kingdom. If you need to dissolve an LLP, you can also speak to our business advisors between 9.30am-6.00pm Monday to Friday by telephoning + (0) 207.935.5171 or + (0) 330.808.0089 (national rates).
LLP striking off service: A limited liability partnership can cease to exist if the members de-register it and close it down. This may occur when the members no longer find the LLP viable or perhaps they want to retire from the business and there is no one to take over. After an LLP formation, a falling out of members may also result in closing down an LLP. The dissolution process features strict legislative requirements and regulations.
Dissolve your LLP with the Companies House: Coddan Ltd offers LLP dissolution services in harmony with the UK law. The agency is conversant with the legal requirements and it provides advice and answers to customers' queries.
The provisions within the Companies Act 2006 provide clear guidelines and the prelude matters before applying for the dissolution of an LLP. A majority of LLP members can apply for a partnership voluntary striking off. Nevertheless, if there are two members, both of them must consent to the application. The Companies Act 2006 sections 1004 and 1005 clearly state instances where it is not possible to close down an LLP.
For instance, application for voluntary strike off is not possible if within the last 3 months an LLP has conducted trade, engaged in other activities apart from those of LLP dissolution, altered its name and failing to dispose property or rights before application. In addition, dissolving an LLP is not possible if it is insolvent or subject to a scheme compromising its relationship with its members or creditors as provided by section 895 under the Companies Act 2006.
Dissolving your LLP with the Companies House: LLP dissolution application procedure: after the eligibility of the LLP to make application has been determined, the next vital stage is VAT deregistration with Her Majesty's Revenue and Customs (HMRC). This is important especially if the LLP was still conducting business and had registered for VAT. Thereafter, bank accounts belonging to the LLP are closed, assets handed over and the domain name transferred. Subsequent to closing limited liability partnership, its bank account is frozen and assets passed to Crown.
Coddan Ltd ensures that its customers do not experience such actions.
Dissolving an LLP requires a special form that a majority of the members is required to fill and sign. In cases of a single member, then the signature of only that one member is required. The form then moves to Companies House where it is processed. We will prepare and send you forms for an LLP dissolution service, which need to be signed by your designated members.
Informing interested parties: the Companies Act 2006 requires the member(s) who applied for dissolution to send a copy of the application to interested parties within a period of 7 days of making the application. This is because a section of them may object the closing down of the LLP. The people and offices to inform are the members, creditors, employees, local authorities, and Department of Work and Pensions.
LLP dissolution process at Companies House: upon receiving the application, the Registrar offers room for any objections that may arise. The registrar uses the relevant Gazette to notify the application. In case there are no issues that come up within a certain period of months after the publication, the Registrar strikes off the LLP. The Gazette notifies members of the striking off. A letter verifying the LLP dissolution date is sent to the LLP registered office address.
Lastly, Companies House evaluates the form and if it is eligible, it files the form on the LLP's public record and the LLP dissolves.
LLP dissolution offences: -
LLP striking off process: The procedure to dissolve an LLP is carried out in accordance with Section 1003 of the Companies Act 2006, and there are a number of requirements that must be met before it can be done. The limited liability partnership (LLP) cannot have traded within the three months leading up to the application for its closure. Also within that time-frame, the LLP cannot have changed its name.
Additionally, the LLP cannot be a party to legal proceedings now or in the future if its principals wish to wind it up, and the LLP cannot have made a disposal for the value of its property or its rights. If you want to know how to close down an LLP, Coddan has the expertise to assist you so that it is done correctly and in accordance with the law.
When planning to dissolve an LLP, the first thing you must do is advise everyone connected with it, from the LLP members and the employees, along with any investors in the operation. After that is done, a striking-off application form from Companies House must be completed, and sent to Companies House along with the fee.
Copies of the striking-off form must be given to all parties within seven days of it being sent to Companies House. This includes everyone from employers to managers to members and any creditors and trustees.
When Companies House receives the application, it publishes details in the relevant edition of the financial publication the Gazette - London, Edinburgh or Belfast - and there is then a grace period of three months before the LLP is removed. If, however, there are objections to the LLP's closure and they are found to be valid, the LLP dissolution will be suspended. In cases where the LLP is insolvent and is unable to pay its creditors, it can voluntarily be dissolved. This can also happen if a creditor or group of creditors obtain an order from a court.
Under the law, it is an offence to apply for the closure of an LLP if it is not eligible and if misleading of outright false information is provided in the application. It is also an offence if all parties are not given copies of the application within seven days of it being made and not withdrawing the submission if it occurs that the LLP is suddenly not eligible for closure.
Whether you're anywhere in the UK - England, Northern Ireland, Scotland or Wales - the Republic of Ireland, Cyprus, Isle of Man, British Virgin Islands, Russia, Spain, the United Arab Emirates, among others, and are wondering how to dissolve an LLP, Coddan is ready to help you along the way.
There are clear benefits to winding up an LLP, the leading ones being that it's quick and easy and it doesn't cost a lot, but it's not always possible to do it.
Dissolving an LLP is more advantageous than having it liquidated, which is a process that involves various fees as well as legal costs that can be extraordinarily high. It's simply a matter of removing the LLP from the register at Companies House, provided there are no objections and all the rules are followed.
LLP struck off assistance: You'll be able to wind up your LLP quickly and easily if in the past three months it has not been trading or has not changed its name; has not made a disposal for the value of its property or rights; and is currently not involved in legal proceedings nor will be at any point in the future.
Also, if you're planning to dissolve an LLP, you must discuss the matter with everyone in it to ensure that they are aware of the plan and are in relative agreement with it. Parties who object to the LLP's winding up may have their objections upheld by Companies House and if so the process of LLP dissolution will be suspended.
LLP winding up services - Coddan offers its LLP dissolution service starting from the all-inclusive price of just £200.00, and the relevant form can be filled out online at our website. It makes the entire process fast and painless.
In terms of disadvantages of seeking to have an LLP dissolved, there is always the danger that if the company is in financial difficulty, creditors might oppose the application to Companies House for fear they might not get paid. Creditors are among the parties that must be in agreement with the winding up, and in many cases where an indebted LLP wants to dissolve, they will reject the application.
Under the law, creditors, shareholders or any other party that is against an LLP's dissolution can apply to Companies House for the LLP to be revived for up to 20 years. A revival can also occur if all parties were not adequately informed of the initial dissolution or if misleading or false information was given at the time of the application, such as the LLP was actually trading in the three months leading up to the submission.
Additionally, fraud or other wrongdoing by the LLP during the winding up process can lead to a revival.
Other disadvantages of dissolving an LLP are that under the Insolvency Act it is not an actual winding up of the company and subsequent insolvency proceedings can be launched. A court might well order that an LLP that has been dissolved be restored for the purposes of the proceedings.