When a business entity is no longer doing business, it is very important to follow the legal steps in “winding itself up” as a legal entity. The ending of a business form is called “dissolution”. Various reasons could lead to the dissolution of the business, such as bankruptcy, retirement, or any other reason.
A Private limited company or LLP is an entity created under authority granted by the government. These entities have statutory requirements even when the company isn’t actively engaged in business.
In the event that you wish to stop such statutory requirements and to legally protect yourself, it is better that you formally and legally dissolve your business entity. Failing to do so the management will be held liable for unforeseen actions against the company.
Wealthroots have the team of experienced professionals who can assist you in winding up your business in most efficient and hassle free manner.