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Name Selection For Limited Liability Partnership

2017-08-09 15:35:57 | Legal Services
Name Selection:
Limited Liability Partnership more commonly known as LLP came in India in 2009 and works according to LLP Act 2008. Limited Liability Partnership refers to a form of business set up in a partnership but with limited liabilities given to the members, so as to decrease the vulnerability faced by the members in terms of their personal assets and income. It is considered a separate legal entity and is quite famous among today’s Entrepreneurs. At least two directors are required for LLP registration in India. A certain registration procedure follows the incorporation of an LLP and it includes name approval. Name selection and approval are considered to be one of the hardest jobs since a whole set of rules are defined by Ministry of Corporate Affairs for this particular step. Discussed below is how you can select the name for your Limited Liability Partnership.
The name you select should be:
Original (should not be copied from already registered companies).
Unique
Easy to remember
Should not contain sensitive words (can contain but only with permission) like ‘British India’ and ‘Tribunal’.
These four factors should be followed not only while selecting a name for an LLP but while selecting the name for any kind of company. These four factors can be considered the ground rules while selecting a company’s name.
Talking specifically about LLPs;
An LLP based company must end its name with either ‘Limited Liability Partnership’ or ‘LLP’.
The name should not be offensive in any manner.
Use of words like ‘National’, ‘Central’, ‘Republic’, ‘Federal’ and ‘Union’ is prohibited until and unless the company has the permission of Central Government or is a part of it.
The name should be different from existing LLPs even in terms of sound and pronunciation.
The name should not depict any connection with government bodies.
Words like ‘Bank’, ‘Banking’, ‘Mutual fund’ and ‘Venture Capital’ without permission is not allowed.
The name should not contain a registered trademark without the permission of the owner of that particular trademark.
The name should not be too general and should be somewhat related to the services or goods your company is providing. This particular factor will help the easy approval of your company’s name.
The name should not show any kind of connection with a National Leader.
The name you propose after keeping all these factors in mind can be crosschecked at MCA web portal. There are so many LLPs already incorporated that finding a suitable yet unique name may appear as a hard job to you, we at LegalRaasta can help you with it as well as help you in company registration. Selecting name will become an easy and fun job with us!

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 company registration, Nidhi company registration, IEC registration.


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