You can close down a Limited Company if the following circumstances applies:
- the company has not traded in the last 3 months
- has not changed names in the last 3 months
- is not threatened with liquidation
- has no agreement with any creditors.
To close down the business properly you have certain responsibilities:
- you must inform anyone who could be affected, such as the Shareholders, creditors, employees, and any Directors who didn’t sign the application form
- you have to file the last tax returns and pay your taxes in full
- you have to close down the business bank account
- you have to keep all business records for 7 years after the company struck off
The whole process takes about 2-3 months.
If you need help with closing your Limited Company, please contact us for more details.