Closure of Business & Licenses in India
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 of Companies in India
Private Limited Company
Closing a Private Limited Company used to be a cumbersome, formal process, but now there are faster methods, albeit with potential legal and financial risks; TAXAJ offers peace of mind by handling the process efficiently.
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. It takes around 6-8 months for complete process of closure.
Proprietorship Firms are owned & managed by a single person, all the tax registration or compliances are done on his name, so closing the business here means simply surrendering tax registration or license.
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, lets discuss both the process in details.
Types of Surrender of Licenses/Registrations
Amalgamation - Merger
Amalgamation, often referred to as a merger, involves the consolidation of two or more companies into a single entity to pool resources, streamline operations, and achieve synergies.
Surrender of ESI Number
Effortlessly surrender your ESI Number and streamline the process with our simplified service, ensuring a seamless and compliant procedure for your convenience. Let us handle the surrender process for you.
Surrender of GST Number
Simplify the Surrender of GST Number with our efficient service, ensuring a smooth and compliant transition while saving you time and effort. Trust us to handle the process seamlessly, making it hassle-free for you.
