Close the Pvt Ltd Company
About Our Service
The process of liquidating a company's assets to settle its debts and liabilities is known as winding up. The debts, costs, and expenses are paid off throughout this process, and the remaining money is divided among the shareholders. The corporation is formally dissolved and ceases to exist once its assets have been liquidated.
The legal process used to end a company's operations is called winding up. The corporation ceases to exist following the winding-up procedure, and its assets are handled to safeguard the interests of the stakeholders.
Being an artificial judicial person, a Private Limited Company is subject to a number of compliance obligations. Failure to uphold these compliances may result in fines, penalties, or even the Directors' exclusion from future incorporations of companies. A firm that has stopped operating or where no transactions are being made should be dissolved.
The company's shareholders have the power to start the winding-up procedure at any time. All payments due to employees, secured or unsecured creditors, must be made during this process. In the event of a company wind-up, it is also crucial to shut all corporate bank accounts and give up the GST registration.
The winding up application petition may be submitted to the Ministry of Corporate Affairs once all required registrations have been revoked.
Sell the Company
The voluntarily winding up of a Private Limited Company can take the form of selling the company. This procedure entails giving another individual or organisation the majority of the company's shares. Even though it may not be a typical winding up, the majority shareholders' obligations are discharged as their stakes are given to new owners.
Submitting A Petition
The petition for winding up a company can be filed by any of the following parties:
The company itself
The trade creditors of the company
Anyone who has contributed to the business
Any combination of the above-mentioned three categories
The Central or State Government
The Registrar of Companies
The petition should be submitted in triplicate and must be in either Form WIN 1 or WIN 2. Additionally, it should be accompanied by an affidavit in Form WIN 3.
Top reasons Why Companies Get Closed
Inactivity: Businesses that are no longer in operation but nevertheless want to avoid compliance obligations may decide to wind up.
Non-compliance: Failure to uphold consistent compliances during the course of a company's existence may result in winding up.
Closure on a voluntary basis: A business may decide to close on a voluntary basis by applying to the Ministry of Corporate Affairs. This procedure, which can be finished online, normally takes three to six months. Companies can benefit from a quick and simple winding up process thanks to FilingMan.
Late filing of compliances can result in fines, penalties, and even the directors being barred from founding new businesses. Therefore, it is wise to dissolve an inactive corporation to reduce or eliminate any potential future liabilities.
Winding up the business when the time is appropriate is more efficient than keeping compliances up for an inactive firm. The winding up process can be finished with FilingMan for just Rs.
A firm that has complied with all legal requirements can be liquidated without incident. If there are any past-due compliances, they must first be regularised. All registrations must also be given up as part of the winding-up procedure.
Close the Pvt Ltd Company Costs
₹ 2,999 / Only
Plus Government Fees, Stamp Duty Extra.
Send Enquiry
Why Choose FilingMan
To Close the Pvt Ltd Company?
Closing a Private Limited Company is a significant step that requires careful attention to legal formalities, financial obligations, and compliance requirements. FilingMan stands as your dependable partner, guiding you through every aspect of the closure process. Our experienced professionals understand the intricacies involved and ensure that all necessary steps are taken with precision. From preparing the required documentation and resolutions to liaising with regulatory authorities and managing creditor settlements, FilingMan's comprehensive service ensures a seamless and well-organized closure.
What sets FilingMan apart is our commitment to excellence and efficiency. We prioritize accuracy in every detail of the closure process, ensuring that your Pvt Ltd Company's affairs are wrapped up compliantly and professionally. With FilingMan, you can trust that your business's closure is handled with expertise, allowing you to navigate through the complexities while focusing on the transition. Our personalized approach caters to your unique needs, and our experts provide guidance every step of the way, making your Pvt Ltd Company's closure a smooth and hassle-free experience.
