LLP or Limited Liability Partnership is a new form of business entity introduced in India through the LLP Act, 2008. Winding up of the business is the procedure where the selling of business assets and paying off to creditors take place. In even of any surplus profit or assets, those are distributed to the partners of the LLP in accordance with the Limited Liability Partnership Agreement.

To begin the process for winding up of LLP, a resolution for winding up of LLP must be passed and filed with the Registrar within 30 days of passing of the resolution. On the date of passing of resolution of winding up of LLP, the voluntary winding up shall be deemed to commence.

The petition or an application for winding up of an LLP could be filed with the tribunal by the LLP itself or by any of its partner(s) or creditor(s) or by the Registrar or by Central Government or by a person authorized by Central Government.

The tribunal is empowered with the special powers that can be exercised by the Tribunal as per his discretion on presentation of the petition.

In case the LLP is shutting down voluntarily, it has to first pass a resolution, with at least 3/4th of the partners approving of this resolution.