LLP was launched in India via the “Limited Liability Partnership Act, 2008â€. The most important benefit of a “Limited Liability Partnership†is that, one partner is not liable for another partner’s misconduct or negligence. LLP is favoured by Professionals, Micro and Small businesses which are family-owned or closely-held.
Limited Liability partnership offers the benefit of “limited liability†to it’s owners and at the same time it requires very minimal maintenance. The owners of a “Private limited company†have limited liability to their creditors. And in the case of a default, banks / creditors can only sell the company’s assets and not the personal assets of the directors.
An LLP also provides “limited liability protection†to the owners from the debts of the LLP. Accordingly, all partners in an LLP enjoy the benefit of limited liability within the partnership.
LLP Registration can be done through “CCA Financial Solutions Private Limitedâ€, which has it’s offices in Delhi NCR, Mumbai, Bengaluru, Chennai and all other Indian cities.
Why Should You Choose An LLP?All businesses involved in buying or selling goods or providing services, or both, should register for GST. But for below-listed persons, GST Registration is compulsory.
The Registrar of Companies (RoC) has issued naming guidelines for LLPs. You must follow the rules closely or your application may end up getting rejected, leading to a much longer process.
The name of your LLP Company should be linked to your business. It must suit the company’s branding. For example, Lilliput means small, as “Lilliput†is a clothing brand for kids.
The name of your LLP must be short and to the point. It must be easily pronounceable by people. And it should get registered in the minds of people, when they hear it the first time itself.
Name of your company should not be identical or alike in comparison to an existing company, business, or trademark. You can go to “ccafinancialsolutions.com†to verify whether your company’s name is unique or not. You must ideally avoid using the “plural version†factor while choosing a name, For example: – “Amazon’s†or changing just the letter Case or adding a space or a punctuation mark in an existing company’s name.
Abstracts, adjectives and generic words are denied, so a name like “XYZ†will be rejected on the spot. The following words “bank, exchange and stock exchange†will also be denied.
There should not be a certified trademark by the identical name on the “IP India†website. If there is one, then also your chosen company name can still be approved if you are able to obtain a NOC from it’s owner, which will authorize you to use the name.
The name of your LLP Company must finish with the suffix “LLPâ€, as it is the requirement of a “Limited liability partnershipâ€.
The chosen name should be descriptive, meaning that the name itself should be able to tell about a number of traits of the LLP.
While picking up an LLP name make sure that the name you have chosen, does not violate the law. It should not be abusive or against the customs and beliefs of any religion and doesn’t provide any harm to any individual’s respect.
Statement in Form 1 with the prescribed fees
Notarised True copy of the Partnership Deed stating the following :
Proof of ownership or rent / lease of the location of your business.(e.g. Electricity Bill / Water Bill or Rent / Lease / Leave and Licence Agreement of Business Place)
Copy of PAN Card of partners
Copy of Aadhaar Card / Voter identity card
The Statement must be signed by all the partners of the firm and must also be verified by affidavit in the prescribed manner.All the above mentioned documents must besubmitted to the Registrar of firms of the state.
A certificate of Registration is then issued, by the Registrar, and a copy should be given to all the partners.
Also, a separate registration with the Income Tax department is to be done in order to avoid any future problems and must obtain a PAN card and a bank accountunder the name of Partnership firm.
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