As per Companies Act, 2013 and LLP Act, 2008, it is important to choose an acceptable name for the LLP. Here are a few naming guidelines that need to be followed while deciding a name for your LLP company.
An acceptable name for an LLP has three parts
- Name part
- Object part
- Constitution part
According to the Company Act, 2013 or LLP Act, 2008, the name suggested for an LLP has to be unique and acceptable. It cannot be similar to that of any existing company, LLP or trademark in the same industry or field.
Every company must include an object part in its name which states the nature of business of the entity. The object part of the name will define the main activity of the company or LLP. For example technology, textile, hospital, motors, construction, information, pharmaceutical etc.
If the object part varies and a similar name exists, the name will be considered as unique. If a company exists with the name YYY Constructions then YYY Technology is considered unique. The suggested name must have a certain amount of relevance and must not be too vague.
The constitution part of the name represents the type of entity.
- Pvt Ltd Company, Private Limited Company and Private Limited represent Private Limited Companies
- OPC or One Person Company represent One Person Companies
- Ltd, Limited or Limited Company represent Limited Companies
- LLP, Limited Liability Partnership represent Limited Liability Partnership Companies
Minimum Authorization of Capital Required of Certain Words
The usage of certain words needs a minimum amount of authorized capital. Here is a list of the words.
|Corporation||Rs 5 crore|
|International, Globe, Universal, Continental, Inter-Continental, Asiatic, Asia being the first word of the name||Rs. 1 Crore|
|Industries / Udyog||Rs. 1 Crore|
|If International, Globe, Universal, Continental, Inter-Continental, Asiatic, Asia is used within the name (with or without brackets)||Rs. 50 Lakhs|
|Hindustan, India, Bharat as the first word of the name||Rs. 50 Lakhs|
|Business, Manufacturing, Enterprises, Products||Rs 10 Lakhs|
|If Hindustan, India, Bharat is used within the name (with or without brackets)||Rs. 5 Lakhs|
Always keep the above-mentioned points in mind when you’re choosing a name for your LLP. For further clarifications you can always reach out to out experts.