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Close a Private Limited Company

Running a business comes with its own challenges. Sometimes when things do not work out a business may have to be shut down. There can be several reasons to close or wind up the company. Earlier, closing a company was a tedious process, which required a lot of formalities, things have changed now and there are now quicker modes to close the company. It is possible that the owners or directors of the company may decide to wind up or discontinue the business. When closing a business, the easiest way is to strike off its name from the Register of Companies. It is preferable when a company is inactive. Other options include filing for winding-up, but this involves additional time, investment, and compliance. After the strike-off application has been approved, the company's name is struck from the register, and that company is no longer recognized by the law as an entity. Before the strike-off application can be processed, the company must meet all requirements. The application is accompanied by various documents and requires assistance from the professional.