How do I get my LLP name approved?

An application for reserving the proposed name shall be made through the MCA portal. This application is made by filing Form Reserve Unique Name-LLP (RUN-LLP). Once the name reservation request has been submitted, it will be checked and, if found feasible, approved by the Central Registration Centre (CRC).

What should be the name of LLP?

The name must be unique and acceptable, as defined by the Companies Act, 2013 or LLP Act, 2008. The name cannot be the same or similar to an existing company or LLP or trademark in the same industry or field.

Does LLP have to be in the name?

LLP stands for limited liability partnership, which signifies a type of business structure. Most states require that limited liability partnerships have either “Limited Liability Partnership” or “LLP” as part of the company’s name.

Can an LLP have CEO?

There is no such designation of chief executive officer in the scenario as LLP in India is governed by LLP Act where there is no provision to appoint key managerial personnel like MD or CEO. But he can be appointed among designated partners who play the role similar to that of Board of directors in a company.

Can LLP raise funds?

As needed with Loan agreement LLP can accept/ raise Funds from Partners as Loan. LLP is an legal entity and it is distant from the partners and it can accept loan from partners. Making such fund raising transaction transparent with other partners , LLP and partner can execute Loan from Partner in LLP agreement.

Can LLP partner take salary?

Any salary, bonus, commission, or remuneration (by whatever name called) to a partner will be allowed as a deduction if it is paid to a working partner who is an individual. Only a working partner can get salary. No sleeping partner can get salary. if a LLP is paying salary to a sleeping partner then it is not allowed.