Procedure and Some Tips for LLC Company Closing

Voluntary Company Liquidation

There are two ways to terminate the work of a limited liability company closing legally. If the company does not have debts or the debt is small, then the LLC can be closed by voluntary liquidation. If the company has large debts to the state or counterparties, then it can be closed only by declaring the company bankrupt. Debts, in this case, will be written off in court.

Voluntary liquidation is the process of formally and legally dissolving the activities of a company without succession. The founders of the company, as well as the management of the LLC, will not be held liable for failure to fulfill any obligations.

Of course, there are other ways of company closing, but not all of them are laws:

  • Changes to the composition of founders and management
  • The merger of LLC with another company
  • Transfer of an enterprise to another region of the country
  • Closing a business offshore

The listed methods are associated with the involvement of third dummies, therefore, carrying out such manipulations threatens the onset of liability in the Criminal Code of the Singapore Federation. Both managers and founders can be imprisoned for up to 3 years.

You should be assured before getting company closing service. The process of voluntary liquidation of an LLC through our company lasts no longer than three months. For organizations located. The period is slightly longer – 4 months. We are responsible for compliance with the time frame, and for violation of the terms through our fault, we are ready to pay a fine in the amount prescribed in the contract.

The liquidation service is provided by our company on a turnkey basis. We accompany the process from the beginning of the collection of documents until the receipt of a certificate confirming the liquidation of the company closing. If you have already started the liquidation process, but the procedure has not been completed, we will help you complete what you started. In this case, you will only have to pay for the remaining work.

Liquidation of LLC in Singapore

The company ” heysara ” provides a range of legal and accounting services for legal entities and individual entrepreneurs. Among the most popular is the liquidation of a turnkey LLC, which allows you to close a business in strict accordance with the requirements established by law.

The need for service arises for various reasons, starting with the desire to change the type of activity and ending with the regular receipt of losses. The main advantages of contacting our company are prompt closure of the enterprise and a guaranteed result in combination with a reasonable level of associated costs.

The higher the number of contractors and the number of personnel, the higher the level of costs will be required.

Procedure for company closing service

Current legislation strictly regulates the procedure for company closing. The step-by-step instructions for the liquidation of an LLC provide for the sequential implementation of several stages of the procedure, each of which requires detailed consideration.

Deciding to close the LLC

The liquidation procedure is launched after the decision of the company’s participants is adopted and formalized accordingly. The final document becomes the minutes of the meeting (if there are several owners) or the decision of the participant (if there is only one).

At the same time, a liquidation commission/liquidator is being formed. You have to choose the financial year of the company. As a rule, it includes one of the participants, the head, and/or the chief accountant of the organization.

Liquidation of LLC

Corporate law covers the entire life cycle of an organization. All changes to the Singapore Register of Legal Entities information, starting from the institution and continuing through its activities, are subject to the state registration as required by law. Liquidation of an LLC – company closing is the final and most difficult stage that requires registration.

Liquidation of LLC on its own: pros and cons

Is the involvement of a lawyer justified? This is a fairly common question that arises among entrepreneurs who are faced with the need to close their business for the first time. We will proceed from the fact that one can only doubt if the company has no debts, problems, internal conflicts, and disputes with counterparties.

The obvious advantage of self-closing an LLC is saving money, an additional one is an experience gained.

Cons include:

  • Increased risks of refusals in registration due to errors in documents;
  • Fines and refusals due to violation of the procedure;
  • Risk of assigning GNP and difficulties with its passage;
  • Bringing managers to account.

In practice, it is possible to close an LLC on its own. However, without refusals and additional costs, this, as a rule, is only possible for those owners who either themselves have a legal education and spend a lot of resources in preparation,

The obvious advantage of self-closing an LLC is saving money, an additional one is an experience gained.

Cons include:

– Increased risks of refusals in registration due to errors in documents

– Fines and refusals due to violation of the procedure

– Risk of assigning GNP and difficulties with its passage

– Bringing managers to account

In practice, it is possible to close an LLC on its own. However, without refusals and additional costs, this, as a rule, is only possible for those owners who either themselves have a legal education and spend a lot of resources in preparation.

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