Closing Down A Limited Partnership

[eyecatcher]

When I first ventured into business here, I assumed rightly or wrongly, that setting up a company/limited partnership would be the sensible thing to do, albeit costing me initally around 20k in set up fees.

I have the obligatory accountant; the business bank account, and the staff.

But recently, the accountant has given me a hard lesson in what i need to be producing literally every 2 weeks, and as accounts are months behind, I have an enormous task of catch up back to january.

I also been advised that because I have the partnership, my taxes are high (despite meagre income), my accountants work is more involved, and the paperwork from my side alone seems horrendous.

it seems many similar and even bigger businesses are just registering the business, (albeit in the Thai name...what I thought was stupid and high risk) and literally paying "loose change" tax and their accounts prepared by a monkey(or as good as).

My quick research about closing down a Partnership looks like it is even more problematic than setting it up in the first place.(and mega fees to boot)

Is it straightforward to do, or another accountant job to pass on.??

(incidently, there is no problem with our partnership,or business, or looking to sell)

thanks

[tombkk]

I don't know about LP, but I closed down a Co., Ltd. and can confirm it was more difficult than opening one.

Yes, you want to use an accountant to do that for you, because most of the complication is about whether you have paid all taxes.

I know an accountant I trust, PM me for details.

[Sunbelt Asia]

Closing down a partnership follows the same basic requirements of closing a company.

Closing it down as a foreigner is a one month process, simply going backwards following all the steps accomplished to open it in first place, and clearing records such as VAT ID and other company registration elements. As government fees include 4,000 baht for closure and a newspaper announcement, most lawyers will charge about 25,000 baht to undertake such closure on which you need to add 15,000 baht to be settled to the accountant to prepare and submit a closure audit. Together with associated traveling fees and taxes a company closure should average 50,000 baht, if the dormant company does not hold any licenses, work permits, or other records to be cancelled.

Still, from an accounting point of view the closure audit which spells out the business operations between the start of financial year and the point of time it will be closed, cannot be filed if any late audits have been left outstanding. Those will need to be caught up in order to clear the records and close the company. Audits must be up to date.

Sunbelt Asia has extensive experience closing down companies and parterships, feel free to contact us for information

[sunbelt][/sunbelt]