Closure of Business - Company, LLP, Firm & More

Often, we register a company for 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 company 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 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.

Types of Closure & Advantages

Closure of Private Limited Company

Earlier, closing a Private Limited 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, which if not done properly can lead to a lot of legal and financial consequences. With TAXAJ you will have the Peace of Mind soon after you consult us and we shall be taking over your worries and stress.

Closure of Limited Liability Partnership

In Order to Close or Strike Off or Wind Up a Limited Liability Partnership (LLP) we will firstly need to do all the pending compliances for the LLP upto date or at least last financial year and only after that we shall be proceeding with the closure procedure including MCA, Income Tax, GST & Other related government or tax registrations to close the LLP in all true aspects.

Closure of Partnership Firm

Partnership Firms are usually of two types, one those are duly registered under Registrar of Firms and another which aren't but just registered through a partnership agreement and pan card. Closing both of them have their own process and time, lets discuss both the process in details.

Closure of Proprietorship Firm

Proprietorship Firms are owned and managed by a single person or owner called as proprietor, all the tax and firm registration or compliances are done on his name or pan number, so closing the business here means simply surrendering or cancelling the tax registration or license.

Closure of Section 8 Company

Closure of Section-8 Company is more or less similar to a Private Limited Company in terms of Documentation or MCA Filing Process, what differs is the Forms and if the section 8 is also registered for Section 12A & Section 80G, then in that case the process length increases to a certain extent, few other documents which can be discussed further.

Amalgamation - Merger of Business

Many a times businesses that doesn't do well or even do well are being taken over and merged with another company called as Parent Company to avail the Synergy benefits or Tax benefits, in this case the Amalgamating Company loses its identity and gets resulted into a Amalgamated Company which has a new identity.

Surrender of PAN & TAN

PAN is a basic requirement for any business entity or individual in order to get recognised itself in the eyes of Income Tax Authority and also to report & file for any Taxation purposes for earning in India or Abroad.

TAN is needed when One has to deduct and pay TDS while making few payments as prescribed by Income Tax Law.

Surrender of Goods & Service Tax

Goods & Service Tax is a form of Indirect Tax after replacing VAT & Service Tax, which requires charging & paying taxes on the Goods Sold & Services Provided by any business or Individuals in India above e ceiling limit, also it makes sure to avoid the cascading affect by providing ITC for the Taxes/GST Paid while purchasing  goods or taking any input Services.

Advantages of Closing Your Business Completely

    » It helps you to save every year compliance cost.

    » Saves you from non compliance penalties.

    » No More Headache of record keeping.

    » No more director in Default.

    » Closing a company will prevent you from unnecessary IT demands.

    » You breathe easy and productive.

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