Strike Off: when LLP is non-operational or inactive for a long period.Dissolution: Mutually decided by LLPs to shut down company permanently.
2. Governing Law
Strike Off: Regulated under Rule 37 of LLP Rules, 2009.Dissolution: Governed by Sections 63 to 65 of the LLP Act, 2008.
3. Initiated By
Strike Off:Can be initiated by the LLP or Registrar of Companies (ROC).Dissolution: Initiated by the partners through a formal process.
4. Winding Up Requirement
Strike Off: No need to wind up the LLP before applying.Dissolution: Requires a formal winding-up process(voluntary or by Tribunal).
5. Documentation
Strike Off: Requires Form 24, affidavits, indemnity bonds, and declarations.Dissolution: Requires forms like Form 6, Form 9, and final account statements.
6. Status After Closure
Strike Off: The struck-off LLP can be revived by NCLT under certain conditions.Dissolution: The LLP ceases to exist permanently and cannot be revived.
7. Time and Cost
Strike Off: Faster and more economical.Dissolution: Involves more time, procedures, and cost.