Breakthrough the standard method of planing. browse Venture Care’s “Corporate Digest” January, 2018.
ROAD MAP TO DRAFT A BUSINESS PLAN – SPECIAL STORY
VALUATION DISCOVERED – FINANCE
FAQS BY VENTURE CAPITALISTS TO ENTREPRENEURS – FINANCE
SIMPLIFIED INFORMATION ON ONE PERSON COMPANY – LEGAL & COMPLIANCES
LIMITED LIABILITY PARTNERSHIP (LLP) CLOSURE – LEGAL & COMPLIANCES
1. Venture Care
D i g e s t
Strategy | |Digital Legal | Finance
January 2018 | INR 150/- www.venture-care.com/magazine
ROAD MAP TO DRAFT A BUSINESS PLAN
SIMPLIFIED INFORMATION ON ONE PERSON COMPANY
VALUATION DISCOVERED
LIMITED LIABILITY PARTNERSHIP (LLP) CLOSURE
FAQS BY VENTURE CAPITALISTS TO ENTREPRENEURS
SPECIAL STORY
LEGAL & COMPLIANCES
FINANCE
LEGAL & COMPLIANCES
FINANCE
2. Index
Editorial
Special Story
Index
ROAD MAP TO DRAFT A BUSINESS PLAN
3
4
Legal & Compliance
SIMPLIFIED INFORMATION ON ONE PERSON COMPANY (OPC) 13
Finance
VALUATION DISCOVERED 8
LIMITED LIABILITY PARTNERSHIP (LLP) CLOSURE 18
FAQS BY VENTURE CAPITALISTS TO ENTREPRENEURS 11
2www.Venture-Care.com/Magazine January 2018
3. Prashant KumarPrashant Kumar
Editor
Enjoy the New Year & Happy Reading...
3www.Venture-Care.com/Magazine
Editorial
Welcome to the New Year! May the New Year
bring happiness and success to you and your
Business Venture!!
January 2018
The January 2018 issue of e-corporatedigest brings
interesting articles on finance, strategy and legal.
Entrepreneurs generate ideas, build up team and
make strategy to grow. One of the important
difficulties is raising funds. But it is true that Venture
Capitalists have invested in many good businesses.
Therefore it is imperative to prepare for successful
fund raising. The article FAQs by Venture
Capitalists to entrepreneurs” has attempted to
guide that how start-up can prepare itself based on
the general questions asked by venture capitalists.
While approaching any angel investor or venture capitalist it is necessary to have a sound
business plan. The article “Road Map to draft a Business plan” has guided to draft a
self-explanatory business plan. The article focuses on sections like executive summary, business
description, Legal structure, products and services, Industry, Marketing plan, potential threats,
projected financials and exit option.
Another Article “Valuation discovered” has found out nine combinations of Company life cycle
and Industry life cycle and has the difficulty/ease in valuing the company with suitable valuation
to be adopted.
The One Person Company (OPC) was recently enacted as a strong improvement over the sole
proprietorship. It gives a single promoter full control over the company while limiting his/her
liability up to contributions to the business. One of the biggest advantages of a One Person
Company (OPC) is that there can be only one member in a OPC, while a minimum of two
members are required for incorporating and maintaining a Private Limited Company or a Limited
Liability Partnership (OPC). The article discusses various other advantages too.
There are a number of LLP's which are registered, but due to various reasons they are inoperative
since incorporation or commenced business but became inoperative or defunct later on.A LLP
requires doing various compliances of Registrar of Companies (ROC), Income Tax (IT) and other
Legal bodies. The article guides the various ways through which a LLP can be closed.
4. 4www.Venture-Care.com/Magazine January 2018
Road Map to draft
a Business plan
Road Map to draft
a Business plan
Executive summary
It is a very important section while drafting a clear business plan. Executive summary reveals that
how the company is planning for its future growth and whether this is different from others'.
Apart from discussing about organizational plan, product/service plan, marketing plan, survival
and growth plan and financial plan it should also answer some critical questions such as:-
Why this business will be successful?
What is the risk appetite level of the business owner?
What is the level of fund required to successfully launch the business and how much will be
promoters' fund?
What is the short-term and long term goal of the business?
Business Description
This includes the core related areas surrounding the business and product/services. Some of the
key questions could be:
What is the core area of business chosen?
What is the product or service which will be sold?
What is the growth potential?
What is the business life?
Finance
5. 5www.Venture-Care.com/Magazine January 2018
Organizational description
This is all about the organizational structure and unique factors which competitors do not have.
Whether there is plan to have pvt ltd or LLP or any other structure for the business. Has the
business idea been conceived by a single person or more people are involved. Whether there is
single decision authority etc. in nut shell, the following questions may be important to be
considered:
What is the legal status of the company and future plan?
How many are key decision makers?
How many managers are required (operational segment-wise)
How many technical personnel are required?
How many sales personnel are required?
What is the plan to increase the number of personnel in next 12 months?
Product and services
What is marketed are actually products and services. This section should comprehensively
include even the small aspects related to products/services. “What is the USP of the product and
how it serves the exact need of the customers” should be very clearly mentioned. If services are
attached with the product then focus should be highlighting the add-on benefits which customers
will derive.
Every product has life. The section must mention the approximate product life. Also, how the
company will plan with the new or modified product with extended or with at least earlier similar
benefits. Few questions which draw attentions are:
Is it standard product or customized one?
If it is standard product and any customer wishes to add some more features then is it
possible?
Whether IP has been taken on the product?
How product maturity shall be tackled?
What will be the R&D cost and maintenance to the business?
Industry
Industry dynamics always change. Business plan must include the probable changes and the way
to overcome those changes. Key success factors should be identified and should be mentioned
that how the company will go forward.
The complete industry should be categorized into segments and sub-segments and accordingly
the customers should be identified. This section must include also:
Who are the targeted customers?
What is the size of the targeted customers?
Who are the competitors? (in numbers)
What is the expected market share for this product/service?
Finance
6. 6www.Venture-Care.com/Magazine January 2018
Marketing
Many business plans usually say that what marketing channel shall be used to market products/
services. But a sound and explanatory business plan should clearly express that HOW MARKETING
WILL BE DONE, WHICH CHANNEL SHOULD BE ADOPTED AND THE EXPECTED TANGIBLE
BENEFITS WHICH THE COMPANY WILL DERIVE FROM IN TERMS OF GROWTH OF CUSTOMERS.
This section should answer the following also:
Why the customers will need it?
How the potential customers can be reached?
Can the customers manage their business operations without this new product/service?
Does the price (cost to the customers) of the product/service justify the benefits?
Threats
No business can avoid threats. It should be mentioned that how the possible threats should be
handled. Answering the following questions may be beneficial:
What could be the potential threats?
How frequently it can come?
What will be the level of impact of threat on the business?
How the company will overcome it?
Financials
Financial plan is one of the crucial aspects because ultimate objective is to raise finance and use
it for various purposes. How much finance is needed at which place should be mentioned. The
following should be included:
What will be the promoters' contribution?
For what purpose the promoters' money shall be used?
What will be the exit option to the investors?
To conclude, every business plan is unique in its case. So it should be drafted with utmost
care. Moreover it should include all the planning aspects and should be self-explanatory.
Loopholes, if any, should be highlighted and also the way to remove those loopholes. This will
make the business plan more genuine and presentable.
Finance
7. A Step Towards
Building a Smart Ecosystem for
#Startup India
An Initiative towards Rise of Entrepreneurship among
Graduate and Equip to launch their Startup Business.
Powered by
9. 9www.Venture-Care.com/Magazine January 2018
1
2
3
4
5
6
7
8
9
Life cycle of
company
and Industry
Company
life Cycle
Industry
cycle
Valuation ease/difficulties and methods
Start-up
Start-up
Start-up
Young
Young
Young
Experienced
Experienced
Experienced
New
Growing
Mature
New
Growing
Mature
New
Growing
Mature
Difficult to value the company because there is no history and also the
industry is new and has no idea that how the industry will move. However,
valuation can be done on the basis of either fixed assets OR
entrepreneur's zeal OR team OR looking at the industry's prospects.
Valuation should be done on the basis of industry trend. It is easier to
value the company but we must keep company's strategy in mind.
Valuation should be done on the basis of new/modified product
development or technology used. It may be difficulty to value the
company. However, me should focus on management's zeal to go for new
product or technology.
There is great possibility that the company will acquire higher market
share and consequently valuation of the company will be on higher side.
The proper method of valuation could be discounted cash flow method.
It shall be easy to value the company.
Discounted Valuation method with terminal cash flow. Free Cash Flow to
Firm should be calculated. It will be much easier to value the company.
Difficult to value because it seems that young company has no idea about
the industry. Valuation of the company will be very less until the company
adopts new products or modified products or a very exotic technology.
Very easy to value the company. However, trigger points of the industry,
if any, must be kept in mind.
Very easy to value the company. However, new entrants in the industry
and strategy of the existing competitors should be kept in mind.
Difficult to value the company. However, valuation should be done on the
basis that how much proactive and fast is the company to adopt new
product or technology.
Finance
10. A single window for all the essentials
to start a successful /Business Strartup.
Business Model Development
Company Registration
Logo Designing
Trademark Registration
E-office
Our wide spectrum of services ensures a comprehensive package to service all
your need to start your business including Business Model designing,
company registration, Logo Designing, Trademark Registration along with
financial and legal services.
let us help your organization stay compliant and avoid heavy penalties,
Talk with our account manager call : 020 65363633
VC SmartVC Smart StartStart
Make your “Business Dream” a “Reality”
See More
www.venture-care.com/smart-start
11. 11www.Venture-Care.com/Magazine January 2018
FAQs by Venture Capitalists to
entrepreneurs
This is a guiding tool that how a start-up can prepare itself based on the general questions asked
by venture capitalists. These questions are not exhaustive.
1. Presently, what the company is doing?
2. If the business is at idea stage then how did you get that idea?
3. Is there something unique about your company?
4. What is the target market?
5. Which market segment your business wants to target?
6. What percentage of the market do you plan to get and over what period of time?
7. What are the expected sales of the target segment of the market; mention source if any?
8. What is the expected growth rate of the industry especially the targeted segment?
9. What are the KSFs and trigger points?
10. How did you arrive at the sales of your industry and its growth rate?
11. How your business will capture a significant market share?
Legal & Compliances
12. 12www.Venture-Care.com/Magazine January 2018
12. Who are the founders and key team members?
13. What relevant experience does the team have?
14. What key additions to the team are needed in the short term?
15. How many employees do you have?
16. How do you plan to scale up the team in next 12 month?
17. What is the product all about?
18. Why customers will buy your product?
19. What are the key differentiated features of your product or service?
20. How many similar products or services are available as alternative to yours?
21. What are the key features you plan to add?
22. Who are the company's competitors?
23. What gives your company a competitive advantage?
24. What advantages does your competition have over you?
25. Compared to your competition, how do you compete with respect to price, features, and
performance?
26. What are the barriers to entry?
27. What are the plans to market your products or services?
28. What is the cost of a customer acquisition?
29. What is the projected lifetime value of a customer?
30. What do you see are the principal risks to the business?
31. What legal risks do you have?
32. Do you have any regulatory risks?
33. Are there any product liability risks?
34. What is the likely exit – IPO, Merger, Demerger or acquisition?
35. When do you see the exit happening?
36. Who will be the likely acquirers?
37. How will valuation of an exit be determined given market comparable?
38. What key intellectual property does the company have (patents, patents pending, copyrights,
trade secrets, trademarks, domain names)?
39. What comfort do you have that the company's intellectual property does not violate the
rights of a third party?
40. What are the company's three-year projections?
41. What are the key assumptions underlying your projections?
42. How much equity and debt has the company raised in past; what is the capitalization
structure?
43. What future equity or debt financing will be necessary?
44. When will the company start generating profitability?
Legal & Compliances
13. 13www.Venture-Care.com/Magazine
SIMPLIFIED INFORMATION ON
ONE PERSON COMPANY
January 2018
SIMPLIFIED INFORMATION ON
ONE PERSON COMPANY
The One Person Company (OPC) was recently enacted as a strong improvement over the sole
proprietorship. According to Section 2(62) of the Companies Act, 2013 OPC means Company
which Has only One Person as a member. It gives a single promoter full control over the company
while limiting his/her liability up to contributions to the business.
One of the biggest advantages of a One Person Company (OPC) is that there can be only one
member in a OPC, while a minimum of two members are required for incorporating and
maintaining a Private Limited Company or a Limited Liability Partnership (OPC).
Every One Person Company (OPC) must nominate a nominee Director in the MOA and AOA of
the company - who will become the owner of the OPC in case the sole Director is disabled.
Legal & Compliances
14. 14www.Venture-Care.com/Magazine January 2018
ADVANTAGES TO FORM OPC:
Limited Liability Protection To Directors and Shareholder
In case of OPC liability of shareholder is limited to his shareholding. This means any loss or debts
which is purely of business nature will not impact, personal savings or wealth of an entrepreneur.
Single Owner
Single owner helpful in quick decision-making, controlling and managing the business without
following any elongated processes and methodologies as adopted in other companies. Quick
decision making can be done as there is interference of any other person except owner of OPC.
Easy to Get Loan from Banks
Banking and financial institutions prefer to lend money to the company rather than proprietary
firms. In most of the situations Banks insist the entrepreneurs to convert their firm into a Private
Limited company before sanctioning funds. So it is better to register your startup as a One Person
private limited rather than proprietary firm.
Minimum compliances
OPC have to face little compliance burden as compared to private limited companies , hence
OPC can more focus on business and other core areas.
No Prerequisite to Hold Annual or Extra Ordinary General Meetings
OPC need not to have any physical Annual General Meeting as there is only one shareholder in
OPC. Just the resolution might be conveyed by the member from the organization and entered in
the minute's book and signed and dated by the member and such date should be considered to
be the date of meeting.
Board Meeting
Instead of Holding Meeting Sole member has to enter resolution details in Minutes Book. An
One Person Company might lead at least one meeting of the Board of Directors in every six month
of a calendar year and the gap between the two meetings shall not be less than ninety days.
Cash Flow Statement Is not required to be prepared
For Public and Private Limited Companies other than OPC and small company is required to be
prepared at the end of financial year as financial Statement includes Cash Flow Statement as per
Companies Act, 2013.
This mean OPC is not required to prepare Cash Flow Statement.
Annual Return
Annual Return of OPC has to be signed by director of the company. The mandatory requirement
of Company Secretary Signature is not applicable to OPC.
Benefits under Income Tax Law
Any remuneration paid to the director will be allowed as deduction as per income tax law, unlike
proprietorship.
Increased Trust and prestige
Any business entity that runs in the form of the company always enjoys an increased trust and
prestige.
Legal & Compliances
15. RESTRICTION TO OPC:
1. The person who is already member of nominee of one OPC cannot incorporate more than one
OPC or become nominee in more than one such Company.
2. No minor can become member or nominee of OPC.
3. OPC cannot get converted into Section 8 Company.
4. OPC cannot carry out NBFC activities.
PRE-REGISTRATION REQUIREMENTS FOR REGISTERING OPC:
Minimum One Director:
Minimum One Director is required to incorporate OPC.He should be Indian Resident.
Minimum One Member:
Minimum One member is required to incorporate OPC.Director can be Sole Member of
OPC.
Minimum Capital Contribution:
Minimum Capital Contribution required to incorporate OPC is Rs. One Lacs.
Nominee Director:
One Nominee Director, who is natural person, is required to incorporate OPC.Whose name
should be included AOA of the Company.
The name of the One Person Companymust have word asOPC at the end.
15www.Venture-Care.com/Magazine January 2018
Legal & Compliances
16. 16www.Venture-Care.com/Magazine January 2018
PROCEDURE FOR INCORPORATION OF OPC:
Get Digital Signature Certificate (DSC) of Director.
Get Director Identification number (DIN) of Director and Nominee Director.
Suggest at least Six OPC name. We will do search for name availability.
Apply to ROC for name approval with adding word OPC.
Once name is approved by ROC File Incorporation document with ROC like MOA, AOA
Consent, Affidavit declaration of director, Consent of Nominee Director.
Once Incorporation form is approved by ROC, ROC shall issue Certificate of Incorporation.
TIME PERIOD:
Time Required for Incorporation of OPC Company Shall be 15-20 days, depending on
government approval.
COMPLAINCE WITH REGISTRAR OF COMPANIES - RETURNS
FILLING OF ANNUAL ACCOUNTS
Every OPC has to file Annual Accounts to Registrar of Companies in E FormAOC -4 within 30
th
days from Annual General meeting date. Due date for AGM is 30 September. So, OPC has to file
th
its Accounts on or before 30 October every year.
FILING OF ANNUAL RETURN
Every OPC has to file Annual Return with the Registrar of Companies in E Form MGT-7within 60
days from the end of 6 months of such financial year. An OPC has to close its financial year on
st th
every 31 March. So, the Annual Return is to be filed on or before 30 November every year.
FILING OF AUDITOR APPOINTMENT
Every OPC has to file E Form ADT-1 with the Registrar of Companies within 15 days from date
of Annual General meeting for Appointment of Auditor for next financial year.
Legal & Compliances
17.
18. 18www.Venture-Care.com/Magazine January 2018
Limited Liability Partnership
(LLP) CLOSURE
Limited Liability Partnership
(LLP) CLOSURE
There are a number of LLP's which are registered, but due to various reasons they are
inoperative since incorporation or commenced business but became inoperative or defunct later
on.
A LLP requires doing various compliances of Registrar of Companies (ROC), Income Tax (IT) and
other Legal bodies. Failing to maintain compliance for a LLP could result in fines which Is Rs.100
per day for ROC filing.
To enable inactive LLP to quickly close or wind up, the Ministry of Corporate Affairs has
introduced Form 24 - an easier way to close inactive LLP at a cheaper cost with lesser formalities.
Venture Care can help you guide through the procedure for the closure of your LLP quickly and
easily.
A LLP CAN BE CLOSED BY ADOPTING THE FOLLOWING WAYS:-
Any LLP can close down its business by adopting any of the following two ways:
A) Declaring the LLP as Defunct In case the LLP wants to close down its business or where it is
not carrying on any business operations for the period of one year or more, it can make an
application to the Registrar for declaring the LLP as defunct and removing the name of the LLP
from its register of LLP's.
Legal & Compliances
19. 19www.Venture-Care.com/Magazine January 2018
Eform 24 is required to be filed for striking off the name of LLP under clause (b) of sub rule 1 of
Rule 37 of LLP Rules 2008. Similarly, Registrar also has the power to strike off any defunct LLP
after satisfying himself of the need to strike off and has reasonable cause. However, in this case,
registrar has to send a notice to the LLP of his intention and request to send their representation
within one month from the date of the notice. The Registrar shall publish such notice or content
of the application made by the LLP on its website for a period of one month for the information
of the general public. In case no reply is received within the mentioned period, registrar may strike
off the name of LLP.
B) Winding up of LLP Section 63, 64 and 65 of LLP Act 2008 governs the process for winding up
of the LLP. It is the process where all the assets of the business are disposed off to meet the
liabilities of the same and surplus any, is distributed among the owners. The LLP Act 2008 provides
for following two modes for winding up the LLP i.e.:
Voluntary winding up
Under this, the partners may between themselves decide to stop and wound up the operations
of the LLP
Compulsory winding up
A limited liability partnership may be compulsorily wound up by the Tribunal,
If the limited liability partnership decides that limited liability partnership be wound up by the
Tribunal;
If, for a period of more than six months, the number of partners of the limited liability
partnership is reduced below two;
If the limited liability partnership is unable to pay its debts;
If the limited liability partnership has acted against the interests of the sovereignty and integrity
of India, the security of the State or public order;
If the limited liability partnership has made a default in filing with the Registrar the Statement of
Account and Solvency or annual return for any five consecutive financial years; or
If the Tribunal is of the opinion that it is just and equitable that the limited liability partnership
be wound up.For details, refer LLP Act, 2008 and “ Limited Liability Partnership (Winding up and
Dissolution) Rules, 2010” (A) Strike off a LLP:
Here we will discuss closure of LLP by Declaring the LLP as Defunct.
This can be done simply by filing Form 24 with ROC.
Eligibility Criteria to File Form 24:
1. A LLP has failed to commence its business within One year of its incorporation.
2. A LLP is not carrying on any business or operation for a period of two immediately preceding
financial years.
3. There should not be any creditor, if it is there take NOC from them that they are ready to
waive off their dues and they have no objection if the LLP apply for strike off.
4. Bank Account of the LLP should be closed.
5. Fixed Asset of the LLP should be discharge.
6. There should not be any legal cases pending against LLP.
Legal & Compliances
20. 20www.Venture-Care.com/Magazine January 2018
Situations in which LLPcant apply for Strike off:
The LLP shall not made any application for the strike off of the LLP if any time in the previous 3
month the LLP has done any of the below mentioned workings:
I. Has Changed its name or
ii. Has Shifted its registered office from one State to another;
iii. Has made a disposal for value of property or rights held by it, immediately before cesser of
trade or otherwise carrying on of business, for the purpose of disposal for gain in the normal
course of trading or otherwise carrying on of business;
iv. Has engaged in any other activity except the one which is necessary or expedient for the
purpose of making an application under that section, or deciding whether to do so or
concluding the affairs of the LLP, or complying with any statutory requirement;
v. Has made an application to the Tribunal for the sanctioning of a Compromise Or Arrangement
and the matter has not been finally concluded; or
vi. LLP older less than a year cannot be strike off.
Legal & Compliances
21. 21www.Venture-Care.com/Magazine January 2018
Benefit to Close LLP by declaring it as defunct and filing Form 24
Fast mode to Close
By declaring LLP as defunct and filing Form 24 with ROC, LLP can be closed quickly, whereas
traditional methods take longer and are more cumbersome. Hence, closing a LLP is faster and
easier.
Avoid Fines
A LLP that doesn't file its compliance on time incurs fines and penalty. Hence, it is better to
officially wind up a LLP that is inactive and avoid potential fines or liabilities in the future.
Low Cost
When compared to maintaining compliance for a dormant LLP, it might actually be cheaper to
wind up a LLP. This is most cheapest way to wind up LLP in minimum budget or in minimum cost.
Easy to Close
This way was specifically introduced by the Government to make it easy for inactive LLP's that
have NIL assets and liabilities to close down or wind up. Hence, the formalities for winding up of a
LLP under this way are easy to complete.
Documents Required:
Copy of Detailed Application – Mention full details of LLP plus reasons for closure
Copy of Authority to Make the Application – The person who is making application must be
authorized by all the partners to make such application.
Copy of Consent of all Partners – Self-Explanatory.
Copy of Consent of all Creditors– if no creditor than Certify that that LLP have NIL Creditor.
Copy of the undertaking/ indemnity bond for striking off name Indemnity bond
Copy of statement of assets and liabilities duly certified as true and correct by auditor/
chartered accountant in practice
Copy of acknowledgment of latest Income tax return- Self Explanatory
DSC of any one Designated Partner
Procedure for closure of LLP by filing Form 24:
1. Provide your LLP document as listed below so we can decide whether your LLP is eligible to file
Form 24 for striking of name of the LLP.
Last Audited Balance sheet and profit and loss account.
Agreement of LLP.
Bank Statement of the LLP.
Details of the LLP.
Legal & Compliances
22. 22www.Venture-Care.com/Magazine January 2018
2. After reviewing document of your LLP if your LLP is eligible for filing Form 24 then we can
proceed with documentation as listed below.
Application
Consent from partners
Statement of Account
Indemnity Bond
Affidavit
Last file ITR Acknowledgment.
NOC from creditors, if any.
We will provide you all draft to be executed as listed above
3. Once we received all documents from you we will file Form 24 with ROC.
4. The Registrar shall, on receipt of such application Issue a public notice. Such notice shall be
published in following manner
Place copy of notice on the official website of MCA on a separate link.
Published in the Official gazette
Publish in one English and one vernacular language newspaper, both having wide circulation
in the state in which registered office of the LLP is situated.
5. Intimation to Authorities for any objections:
The Registrar of Companies shall, simultaneously intimate the concerned regulatory authorities
regulating the LLP, having jurisdiction over the LLP, viz;
Income Tax Authorities
Central Excise Authorities
Service Tax Authorities
If the authorities have any objections, they have to furnish the same within a period of 30 days
from the date of issue of the letter of intimation.
6. Issue notice of Striking off and dissolution of LLP:
If no objections received then ROC shall issue a notice of striking off of LLP and publish the
same in official gazette. Thecopy of notice shall also be placed on the official website of the
MCA.
7. Effect of Strike off:
It shall on and from the date mentioned in the notice cease to operate as a LLP and the
Certificate of Incorporation issued to it shall be deemed to have been cancelled from such date
except for the purpose of realizing the amount due to the LLP and for the payment or
discharge of the liabilities or obligations of the LLP.
Time Required for whole procedure :
Whole procedure may take 1-2 month to get strike off status from ROC.
Legal & Compliances
23. 23www.Venture-Care.com/Magazine January 2018
Frequently Ask Question:
1. What is Closure of LLP?
When existence of the LLP as a legal entity comes to an end it is known as the Closure of LLP.
2. Why ROC filing is required for Closing an LLP?
It is necessary to file Closure with the ROC as ROC or MCA data base need to be updated and
the LLP is free from all its legal compliances as it is officially closed. Even though business of the
LLP is closed, unless closure documents are filed and approved by the ROC, LLP is not legally
closed and the LLP needs to file all the regular returns.
3. Is there any Fast Track Exit Scheme for LLP Closure?
Form 24 is a LLP closure Form introduced by MCA for easy and faster closure of LLP.
4. What is eligibility to Close LLP?
Any LLP which has been inoperative for more than 1 year or incorporated for more than One
year and have no business can apply for Closure of LLP.
5. What documents are required for Closure of LLP?
Application for Striking off of the LLP, Partners Meeting Resolution for closure, Consent of
Partners, Partners' Affidavit, Indemnity Bond, Statement of Assets and Liabilities.
6. What Forms to be filed for Closing LLP under Easy Exit Scheme of ROC?
Form 24
7. What is time limit to file Closure documents with ROC?
The Form has to filled be filed with ROC office within 30 days from the date of Signing of the
Statement of Assets and Liabilities.
Legal & Compliances
24. Comprehensive
Business Care
Why Choose our Comprehensive Business Care
Venture-Care brings to you Specialized Business Care providing complete accounting, audit,
taxation, registrations and annual compliance services. These packages are much more
affordable compared to the cost of individual services and the best part is that they provide
you peace of mind while running a business.
You don't have to worry about “what to do when”. A team of expert CA and CS lead by our
senior associate will always be available to handle your assignment, collect documents,
punch your accounting entries, contact you for every compliance, generate reports for
decision making and assist you in every matter.
Why Choose our Comprehensive Business Care
COMPREHENSIVE SERVICES
AFFORDABLE PRICING
ACCURACY
VALUE ADDED SERVICES
REAL TIME ASSISTANCE
PROFESSIONAL APPROACH
let us help your organization stay compliant and avoid heavy penalties,
Talk with our Expert call : 020 65363633
let us help your organization stay compliant and avoid heavy penalties,
Talk with our Expert call : 020 65363633
Helping your business to stay compliant.
Single package to make your company GET SET GOING
www.venture-care.com/comprehensive-business-care
25. 17 Ajinkytara, Kalaniketan Society
s.no. 29, Kalanagar
Near Rajrshi Shahu & Janta Bank.
Dhankawadi Pune 43.
Head Office (India)
Venture Care
www.Venture-Care.com/Magazine
ask@venture-care.com
020 65363633
Branch office
(Netherlands)
Venture Care
JonkerFransstraat 46,
3031 AV Rotterdam, (NL)
Phone: +31 614 575 275
About Venture Care:-
Venture Care is India's 1st of its kind online Business Solution Company which
helps to Plan, Launch, Manage and Grow Businesses. Find More about us at
www.venture-care.com
WHAT WE DO
Since 2010, Venture Care (a S&F Advisory Brand) is helping businesses and
enterprises to Plan a Business, start a business, run a business, Grow a
Business and Close or Exit from a Business.
We at Venture Care generate ideas, spark actions and quantify time-bound
results by providing tailored, practical and affordable solutions for the growth
of your company. Venture-Care is dedicated to turning good ideas into
measurable change
Our team of Chartered Accountants, Business planner, Technocrats,
Strategist, Marketers, Senior Bankers, Company Secretaries, Tax Experts and
other professionals enables us to help and guide you to flourish your
business aspirations.