Striking off or Closure of Company/LLP in
3 simple steps, you get
- Step-by-step Expert Guidance
- Review of Documents
- Affordable
- Timely
- Convenient
Get in touch with a Bright Accounts expert!
Introduction
Striking off, often referred to as voluntary striking off or closure, is a legal process wherein a company takes proactive measures to wind up its affairs and dissolve its corporate identity. It involves submitting an application to the relevant regulatory authorities, typically the Registrar of Companies (RoC), to officially remove the company from the official register. This process is an alternative to the more intricate and formal process of liquidation.
Why do companies go for striking off:
- Business Cessation
- Simplification of Structure
- Non-Operational Status
- Owner's Decision
Implications of not going for Striking Off
The following are implications of not getting your name stricken off
Administrative Burden
The company would still need to manage administrative tasks, such as holding annual general meetings, even if there are no active business operations.
Potential Legal Consequences
The company may face legal consequences for non-compliance with regulatory obligations, which can negatively impact the reputation of the business and its stakeholders.
Continued Compliance Obligations
Failure to strike off a company results in the continuation of statutory compliance obligations, including filing annual returns, financial statements, and other regulatory requirements. This may lead to penalties and legal consequences.
Liability Continuation
The liability of directors and stakeholders may persist as long as the company remains registered. This could potentially expose them to legal actions, especially if the company has outstanding debts or unresolved legal matters. Hence it always best practice to Strike off the company name.
Checklist for Cancellation
Before initiating the striking off process, ensure you have the following documents and items ready:
- Board resolution for striking off
- Financial statements and audit reports
- Clearance of all liabilities
- NOC from creditors
- Affidavits and declarations
process
Name Strike-off Process
in 3 Simple Steps
At Bright Accounts, we have simplified the entire filing process of Name Cancellation Process into 3 simple steps. This makes your journey smooth, structured and easy.
- Pre-application
- We collect basic information
- Gather required data
- Review & Filing
- Review documents
- File the Application
- Provide necessary documents
- Completion
- Get a confirmation from Bright Accounts
What do you get
when Bright Accounts files your GST Annual Returns
Let Bright Accounts manage Striking off your Company Name
When you let Bright Accounts manage your cancellation of company or LLP name, you not only get comprehensive services mentioned on the side, you also get a friend who advices, guides and helps you grow into a great business.
- Confirmation mail that the name has been struck off
- Assistance in data compilations and calculation
- Our bright support on every thing needed to complete the registration.
Why Bright Accounts
There are many reasons why clients choose Bright Accounts, but from our experience we have listed the four main reason why you should go with us.
Bright & Knowledgeable
Bright Accounts delivers high quality financial services by a team of bright and knowledgeable experts.
Always happy to help
Bright Accounts commit to provide dedicated support and assistance to our clients.
Professional & Approachable
We maintain a high level of professionalism while being easily approachable for our clients.
Easy & Quick
We focus on streamlining and simplifying the complex processes for our clients.
Frequently Asked Questions
The timeline varies, but our efficient process aims for a swift resolution. It typically takes a few months from application submission to official dissolution.
It is advisable to resolve any ongoing legal disputes before applying for striking off, as the authorities may scrutinize such matters during the process.
Prior to striking off, the company’s assets should be appropriately distributed or liquidated to settle any remaining obligations. Any residual assets may be transferred to the stakeholders.
While revival is possible under certain circumstances, it’s a complex process. It’s advisable to seek professional advice if you intend to revive a struck-off company.