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After January 2009, the India Limited Liability Partnership (LLP) came into shape, which made start-ups and professional services an instant success. The registration of a limited liability company, governed by the Limited Liability Partnership Act of 2008, combines the partnership’s advantages with those of a limited liability company. LLP was developed to provide an easy to maintain form of business and to support the owners by giving them limited responsibility.
Once you’ve decided on your business model, you’ll need to decide between forming a private limited company and forming an LLP. You’ll need to consider the differences and benefits of both so you can choose the one that’s right for you.
The most important justification for forming an LLP is the liability protection it provides. The firm’s owners are only responsible for a small portion of the debt it has accrued. This is in contrast to sole proprietorship and partnership, which do not cover the personal properties of directors and partners if the company goes bankrupt.
Naming an LLP is often a time-consuming process as the government has put together a complicated procedure with several rules. Furthermore, there are acceptable names for an India LLP, as per the Companies Act, 2013 and LLP Act, 2008.
The first step is to acquire the DSC of the Limited Liability Partnership’s preferred partners. This is because all of the forms must be submitted electronically and include the directors’ digital signatures.
All directors are also allowed by law to apply for a DIN number. DIR- 3 format is needed for the application.
The LLP must be registered as part of this procedure. You can first check to see if the name has already been taken. On the MCA portal, you can use the free search function. The registrar can only accept LLP names that haven’t already been taken.
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The Registrar can only approve the name if the Central Government does not find it objectionable. There should be no similarity to any current partnership companies, LLPs, trademarks, or corporations in the name.
In a limited liability partnership, the LLP arrangement is very important because it establishes the joint rights and responsibilities of the partners as well as the LLP and the partners. When the LLP is registered, the partners enter into an LLP agreement by filling out Form 3 on the MCA portal. This process must be completed within 30 days of the incorporation date.
You’ll be one step closer to registering your LLP until the registrar approves your MOA and AOA. The LLP Incorporation Certificate is the next step. You will do so by bringing all of your records to the registrar’s office. The time period is between two and twelve days. You’re good to go once you’ve received your LLP Incorporation Certificate.
You must apply for your company’s PAN and TAN with the NSDL as soon as you receive your incorporation certificate. This procedure costs less than Rs.200 and takes approximately three weeks to complete.
The Registrar of Companies (RoC) has released naming guidelines for limited liability partnerships (LLPs). It is critical that you adhere to the rules to the letter, or your application will be denied, resulting in a much longer process.
Component that is unique:
AlphaBeta Internet Private Limited’s unique component is AlphaBeta. Now that the name has been taken, it will not be given to any other Internet-related company.
List of people on the do-not-contact list:
Abbreviations, adjectives, and common terms are also disqualified. As a result, XYZ and Good Quality Biscuits will be refused. The terms bank, trade, and stock exchange will also be refused unless they were authorised by the RBI or SEBI.
There isn’t a common trademark:
On the IP India website, there should not be a registered trademark of the same name. If there is one, the name will only be accepted if you can obtain a No-Objection Certificate from the owner granting you permission to use it.
Component of Descriptive Information:
The word ‘Research’ defines the company’s business at Biocon Research Private Limited. If you work in logistics or a restaurant, you can’t have the word “study” in your name.