LLP Name Change
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If you want to change the name of a Limited Liability Partnership, you need to adhere to certain regulations. KMG CO LLP can help you with the entire process and LLP name change services.
LLP Name Availability:
Prior to beginning the process of changing the name, choose a name and ensure that it is available. If the name is unoccupied, then an application to Reserve the Unique Name should be filed on the MCA portal, which will protect the name for 3 months.
Following sections of LLP Act 2008, deals with the change of name:
Directions received from the C.G. (Central Government) (Section 17 of LLP Act, 2008)
The Central Government may require an LLP to change its name if it is similar or identical to another LLP, business, or other name that is likely to be mistaken with it according to Section 17 of the Limited Liability Partnership Act.
In this situation, the Limited Liability Partnership must follow the directive within 3 months of receiving the notification, or for a period of time that the Central Government grants.
A penalty of at least Rs. 10,000, but not more than Rs. 5 Lacs, will be imposed on any Limited Liability Partnership that fails to follow a given instruction.
Additionally, any partner of the Limited Liability Partnership (LLP) who is found to be in violation of the rules may be charged a fine ranging from 10,000 rupees to 100,000 rupees.
Consequences of changing the name of a Limited Liability Partnership (LLP)
- The paperwork for changing one’s name must be submitted to the registrar within 30 days of the name change.
- Changing the name of the Limited Liability Partnership will not affect any of its legal duties or obligations.
- Any legal cases already started or to be started by or against the LLP under its previous name will now be done in its new name.
- Changing the name does not affect the entity and constitution of the LLP and therefore the alteration of the name does not create a new firm.
- A Limited Liability Partnership that has obtained a decree under its previous name can implement the decree under its new name after obtaining a certificate for the changed name.
- The Registrar of Companies will issue a new certificate of Incorporation once the change of the name of a Limited Liability Partnership has been submitted and accepted.
- The name of the LLP must be changed on all documents, including the Pan card, LLP agreement,& Tan Number, and GST Registration, once the name has been changed.
Necessary Documents for changing the name of the LLP.
- A resolution from the Board declaring that they desire to change the name.
- Attested copies of consent letters from the other partners.
- Certificate of Trademark Registration for the name if it has been registered.
- Granting permission for the partner to submit Form 1.
- (NOC) is necessary if the name is already registered with the Trademark Office.
- Certified Copy of LLP Agreement
How to change LLP Name?
Check out the best LLP Name Change Services
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FAQS on LLP Name Change
The first step is to file a form with the Companies House. This form is called the ‘Statement of Change of Name’ and it must contain the details of the LLP, the proposed new name, and the date the name change will take effect. It’s important to note that the new name cannot be the same as an existing registered company or LLP.
Once the form has been submitted, it will be reviewed and approved by the Companies House. If approved, you will be notified and the name change will take effect.
The next step is to update all your company records, such as stationery, business cards, website, bank accounts, and any other documents that may contain your current name. This includes informing your customers and suppliers of the name change.
Transmission is the process of transferring the ownership of shares from one person to another, without the involvement of the company’s registrar or transfer agent. In this process, the transferor is the one who transfers the shares and the transferee is the one who receives the shares.
The process of changing your LLP name starts with filing a Form 2 at the Registrar of Companies. This form must be filed with the required documents and information, including the current name of the LLP, the proposed new name and the name reservation certificate (if applicable). Once the form is filed, the Registrar of Companies will review the application and decide whether to grant approval or reject the application.
The process of LLP name approval involves submitting an application form to the Ministry of Corporate Affairs. This form must include detailed information about the business, including its purpose, the proposed name, and the names of the proposed partners. Once the application has been submitted, it will be reviewed by the Ministry. This process usually takes around seven to ten working days. During this time, the Ministry will check to make sure that the proposed name is not already taken.
The first group of people involved in the share transfer process are the shareholders. The shareholders are the individuals or entities that have ownership in the company. They are the ones who control the shares and decide who to transfer them to.
The second group of people involved in the share transfer process are the company’s directors. The directors are responsible for overseeing the transfer process and ensuring that all of the necessary steps are taken to complete the transfer.
The third group of people involved in the share transfer process are the brokers. The brokers are the people who facilitate the transfer from one party to another. They work with the shareholders and the company’s directors to make sure that the transfer is completed in a timely and efficient manner.
It is important to note that the name of an LLP or a Pvt Ltd should not be the same as an existing business. This is because it can lead to confusion or even legal disputes. Additionally, it is also important to make sure that the name of the business does not infringe on any trademarks or other intellectual property rights.
The first group of people involved in the share transfer process are the shareholders. The shareholders are the individuals or entities that have ownership in the company. They are the ones who control the shares and decide who to transfer them to.
The second group of people involved in the share transfer process are the company’s directors. The directors are responsible for overseeing the transfer process and ensuring that all of the necessary steps are taken to complete the transfer.
The third group of people involved in the share transfer process are the brokers. The brokers are the people who facilitate the transfer from one party to another. They work with the shareholders and the company’s directors to make sure that the transfer is completed in a timely and efficient manner.