The Mandatory Methods to Follow in Closing down a Company

You have a business with its own set of challenges. At times, when things are not working out in a business, you may have to close it down. The reasons for closing or winding up the company can be obvious. You have to know the ways that can help in closing down the private limited company with the least hassle. If you want to close a company, you have the best rules to follow. And this will help you close down the office following the corporate rules and norms and the perfect corporate decorum. There are more things you can do to close down the company and put an end to the business.

Procedures to Resign from Directorship

There are procedures to resign from Directorship and for the same, you have some stringent steps to follow. We at Accounting4you will tell you about the office closure procedure, which will help you wind up things the fastest. First, we will tell you the reasons for the fast winding up of the company. This is necessary as there are last-minute jobs to accomplish. After the completion of the job, the closing methods have to be followed. The company can even contribute to any kind of action and it can even be some unlawful activities and the company would try to wind up compulsorily with the help of the tribunal. 

For the reason to close a Private Limited Company, it is important to file a petition to close a private limited company. The petition has to be filed by the company or by the trade creditors of the company. It can even be filed by the company’s contributors or members of any of the above three categories. It can even be filed by the departments of the State or the Central Government. The filing can be done by the Registrar of the company. However, the petition should be in the form of the WIN 1 or the WIN 2 and things should be submitted in case of the triplicate.

Procedure for Closure of Company

There is a specific Procedure for Closure of Company and all the documents that come with the petition should be audited by the CA in position. However, the opinion given by the auditor in the case of the financial statement is unqualified in most cases. You can have the statement of the affairs and this is generally mentioned in Form WIN 4 in duplicate. Things should be verified based on the affidavit that is in Form 5. The closure of the company should take place by maintaining the proper closure steps and norms.

We at Accounting4you can do the needful in helping you to close down your organisation systematically, and there are basic steps to follow in trying to shut down the company. The methods are obvious in the case of closing a limited company and methods should indeed be clear and well-defined to avoid future disputes that can come up along the way. Companies that are not well organised cannot operate for long. They need the right guidance to close down either temporarily or permanently and start things over.

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