Business Closure Services
Legally Compliant Closure with Minimum Hassle
Business closure, winding up, or strike-off is a complex legal process requiring compliance with multiple regulatory authorities. Aggarwal H K & Co. provides comprehensive business closure services, ensuring proper closure of your company, LLP, or firm with complete regulatory compliance and minimal complications.
Why Professional Closure is Important?
Legal Compliance
Proper closure ensures compliance with Companies Act, Income Tax Act, GST laws, and other regulations avoiding future liabilities.
Avoid Future Obligations
Prevents ongoing compliance requirements, annual filing obligations, and associated penalties.
Director Protection
Protects directors from personal liability and disqualification due to non-compliance of defunct companies.
Clean Exit
Ensures no pending dues, tax liabilities, or legal complications affecting promoters in future ventures.
Asset Liquidation
Systematic disposal of assets and settlement of liabilities in legally compliant manner.
Types of Business Closure
Company Strike-Off (Fast Track Exit)
Simplified closure process for dormant companies with no business operations, assets, or liabilities.
Voluntary Winding Up
Formal liquidation process for solvent companies deciding to close operations and distribute assets to stakeholders.
Compulsory Winding Up
Court-ordered closure typically initiated by creditors, shareholders, or regulatory authorities.
LLP Closure
Winding up of Limited Liability Partnerships through strike-off or dissolution process.
Partnership Firm Dissolution
Closure of partnership firms through mutual agreement and regulatory filings.
Company Strike-Off Process
Eligibility Criteria
- No business operations for past one year
- No assets and liabilities
- All compliance up to date
- No pending proceedings against company
Strike-Off Procedure
Filing Form STK-2 with ROC, obtaining approval from tax authorities, publishing notices in newspapers, and final removal from register.
Timeline
Typically 6-12 months from application to final strike-off approval.
Voluntary Winding Up Process
Resolution & Declaration
Passing special resolution for winding up and appointing liquidator with declaration of solvency.
Creditor Settlement
Publishing notices to creditors, receiving claims, and settling all dues and liabilities.
Asset Liquidation
Selling assets, recovering debts, and distributing proceeds to stakeholders as per priority.
Final Accounts & Return
Preparation of liquidator’s final accounts and filing final return with ROC.
Dissolution
Obtaining dissolution order from tribunal and final removal from register.
Pre-Closure Compliances
Filing Pending Returns
Completing all pending ROC filings, income tax returns, and GST returns until closure date.
Tax Clearances
Obtaining tax clearance certificates from Income Tax Department and GST authorities.
Bank Account Closure
Closing all business bank accounts after settling transactions and obtaining closure certificates.
Cancellation of Licenses
Surrendering GST registration, trade licenses, FSSAI, and other business-specific licenses.
Employee Settlement
Clearing employee dues, gratuity, PF settlements, and issuing final settlements.
Documents Required
- Board resolutions and special resolutions
- Latest financial statements and ITR
- Bank account closure certificates
- No-dues certificates from creditors
- Asset and liability statements
- Tax clearance certificates
- Indemnity bonds from directors
- Affidavits and declarations
Closure of Different Entities
Private Limited Company Closure
Strike-off or winding up through ROC with MCA compliance.
LLP Closure
Form 24 filing for strike-off with ROC and settlement of partners’ accounts.
Partnership Firm Closure
Dissolution deed, cancellation of registrations, and mutual settlement among partners.
Sole Proprietorship Closure
Cancellation of GST, closure of bank accounts, and settlement of dues (no ROC filing required).
Common Closure Challenges
Pending Liabilities
Unsettled creditor dues requiring negotiation or settlement before closure.
Compliance Defaults
Past non-compliance requiring rectification and penalty payment before closure.
Asset Disposal
Fair valuation and distribution of assets among stakeholders.
Tax Issues
Pending assessments, disputes, or refunds requiring resolution.
Our Business Closure Services
Complete Compliance Audit
Reviewing past compliance status and identifying pending requirements.
Closure Strategy
Determining most suitable closure method based on company status and stakeholder interests.
Documentation & Filing
Preparing all required documents, forms, and resolutions for closure process.
Regulatory Liaison
Coordinating with ROC, tax authorities, and other regulatory bodies.
Asset & Liability Settlement
Managing liquidation of assets and settlement of liabilities.
Final Filings
Completing all final returns, accounts, and obtaining dissolution certificate.
Timeline & Costs
Strike-Off Process
6-12 months with government fees starting from ₹5,000 plus professional charges.
Voluntary Winding Up
12-24 months with costs varying based on company size and complexity.
Post-Closure
After successful closure, company is removed from MCA register, and directors are free from compliance obligations. We provide complete closure documentation for record keeping.
Close Your Business Properly! Trust Aggarwal H K & Co. for legally compliant business closure with complete documentation, regulatory coordination, and hassle-free exit.