Winding Up - Company

What do you mean by a Company Winding up

Winding up of a company is the liquidation of the company's resources which are collected and sold in order to pay the debts subjected. In case of the winding up of a company happens, firstly the debts and expenses are cleared and distributed among the shareholders. The winding up is a legitimate process to shut down a company and cease all the procedures performed. It is very important to wind up a company that is inert or when there are no business transactions.

The shareholders can commence the winding up anytime. In case if there are secured/unsecured creditors/employees on roll then all the dues should be cleared. Once after the settlement of dues it is needed to close all the bank accounts possessed by the company. In case of company wind up the GST registration should be submitted. When all the registrations are submitted, the winding up application can be filed with the Ministry of Corporate Affairs (MCA).

Types of winding up of a company.

The two different ways of company wind up are; voluntary winding up and compulsory winding up of a company.

How to wind up a limited liability partnership with License centre.

LLP is a new frame of business entity presented in India according to the LLP Act, 2008.
LLP examine audit exemption in case if the annual business outturn its less than INR 40 lakhs or the capital and handover is less than INR 25 lakhs. This characteristic has created LLP more popular among business owners but for a few reasons it is need to wind up.