Closure of Private Company ?

Closing a private limited company can be as painful procedure as the incorporation of this company structure. There are different kinds of method that can be opted for closing down the private limited company. Here are some of the ways by which you can close down your Pvt Limited Company legally.

1. Selling the company- This is the common method wherein the owner of the company can sell the all the share of company to any third person. With this all of the rights and responsibilities of the company are transferred to the other person.

2. Strike off the company- Any defunct company who desire to get its name struck off from the registers of ministry can apply to the registrar in the form Fast Track Exit form. Also the registrar can itself strike off the name of the defunct company if has reasonable reasons to believe that it is required. In the second situation the opportunity of being heard must be provided to the company.

3. Voluntary winding up-Voluntary winding occurs when the members of the company of the creditors decide among themselves to close down the company. Under this closing down the court supervision is not there. But after the completion of winding up the relevant documents must be submitted with the court for obtaining the order of dissolution.

4. Compulsory winding up- The compulsory wound up of the company may be carried out by the tribunal in case any registered private limited company is indulging in any fraudulent or unlawful act.