Private Limited Company Closure
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Private Limited Company Closure
On incorporation of a company, a certificate of registration is issued from the government of India with a condition that a company has came into existence form the date of registration and the name of the company is entered in the Register of Companies.Once the name is registered, it cannot be removed from the register unless the company is dissolved by the process of law.If the Private Limited Company does not want to continue its business or has failed to commence its business then it can close its business through the process of strike off.
The form shall be accompanied with an affidavit, an indemnity bond, statement of account duly certified by a Chartered Accountant in practice or auditor of the company and copy of board resolution showing authorization for filing the form.
Companies Eligible For Closure Under Strike Off Mode
If a company has failed to commence its business within one year of its incorporation
The subscribers to the memorandum have not paid the subscription which they had undertaken to pay within a period of one hundred and eighty (180) days from the date of incorporation of a company and a declaration has not been filed in this respect
A company is not carrying on any business or operation for a period of two immediately preceding financial years.
- Indemnity bond duly notarized by every director
- An affidavit by every director of the company
- A statement of accounts containing assets and liabilities of the company
- A copy of the special resolution
- a statement regarding pending litigation, if any.
|Document preparation & Notarization||3000|
Procedure For Closing Company
Eligibility for Strike Off(1-2 Working Day)
- Our experts will determine, whether it is eligible for winding up under the Strike off Mode or not, this review process would get completed in 1 – 2 working days.
Document Preparation(5-7 Working Day)
- Our team will prepare the necessary documents and get them notarized as required under the provisions for strike off Mode which will take approx 5-7 days.
Document Submission(1-2 Working Day)
- Strike off application along with the necessary documents are submitted to the MCA, which is usually approved in about 35-40 days, subject to processing time.
Frequently Asked Questions
What are the reasons to wind up a Private Limited Company?
- Winding up voluntarily
- Insolvency of company
- Winding up by tribunal
- Declare company as defunct
What are the key requirements to file for voluntary closing of a Private Company ?
A resolution of Directors approving the closing of the Company and the same being declared with the condition that there are no pending debts is a key requirement for filing the voluntary closing of the Company.
Who should the Company notify in case of submitting an application for winding up?
Within 7 days of application submission, the Private Limited Company must notify the creditors, shareholders, employees, trustees, and other directors.
When can a Private Limited Company apply for its closure?
A Private Limited Company can apply for closure if:
- It was non-operative for least one year.
- At least one year should have lapsed since incorporation.
- Statement of account should be filed regularly.