Procedure for Changing LLP Name

Procedure for Changing LLP Name

Limited Liability Partnership is typically used by professional service firms such as law firms, accounting firms, and consulting firms. They are also popular among real estate partnerships and investment funds. In an LLP, the partners have more flexibility in managing the business than they would in a corporation, and they are taxed like a partnership.

The key feature of an LLP is that each partner is not responsible for the actions of the other partners. This means that if one partner makes a mistake or incurs a liability, the other partners will not be personally responsible for that partner’s actions.

Change Name of LLP

LLP can change their registered name in various circumstances. Name change process required ROC approval also follow rules and regulations of Limited Liability Act, 2008. In this blog, we will explain process of change in changing name of LLP. LLP can navigate name modification process by understanding steps and requirement.

Sec 19 of LLP Act

If you are consider changing name of LLP, it is essential to understand the process of same as stated under sec 19 of LLP Act, 2008. Before initiating changing name first review LLP agreement. This step ensures that you are aware of any specified prescribed process mentioned under agreement for changing name of LLP.

Generally, there is flexibility under LLP Agreement for changing name of LLP and it does not impose any restrictions. With the applicable provision of Act and filing forms LLP can change its name.

Reasons for changing name of LLP

1. Partners of LLP can change voluntary its name
2. Direction from Central Government in public interest
3. Registrar has authority to direct to change LLP name in case of name discrepancies, violations or public interest.

Process for change in name of LLP

1. Check whether provision under LLP Agreement for change in LLP name
2. Consent from partners of LLP for changing name of LLP and passed resolution
3. Apply RUN-LLP to MCA for new name approval (approved name reserve for 90days)
4. Once name approve by ROC, LLP required to file Form LLP-5 within 30 days for initiate name change of LLP.
5. If ROC approve name of change then issue fresh certificate of incorporation and it will effective from date mentioned under certificate.
6. Execute Supplementary Agreement and file form LLP-3 with ROC.

Applicable Forms and Attachments

Sr.No.	Form	Description	Attachment
1.	RUN-LLP	For name reservation	Resolution of LLPConsent from all partners of LLP
2.	Form LLP-5	Notice to ROC for name change	Consent of all partners Notice for change in name
3.	Form LLP-3	To update LLP Agreement	Supplementary Agreement

Conclusion

Changing name of LLP is strategic move for your business and it helps to align business with market, mission, and brand strategy. However it is important to comply with the proper procedure and requirement for smooth transition of process. With right planning and strategy, a name change can open new opportunities for business growth and also evaluating nature of business. It is advisable to consult with professionals for process carried out without complications.

If you have any doubt regarding this and for compliance services, then connect with company suggestion and our team of experts will guide you.