How to Change the Name of Your LLP: A Comprehensive Guide
As a business owner, changing the name of your LLP can be a significant decision. However, sometimes, it becomes necessary to rebrand your company to align with your current goals or to avoid legal or branding issues. In this article, we will take you through the process of changing the name of your LLP in a step-by-step guide.
Step 1: Conducting a Name Search
Before changing your LLP name, it is crucial to ensure that your desired name is available for registration. You can conduct a name search on the Ministry of Corporate Affairs (MCA) website. The search will help you identify whether there are any similar names registered and if your desired name is available.
Step 2: Conducting a Board Meeting
After conducting a name search, you need to call for a board meeting to pass a resolution to change your LLP's name. During the meeting, you should discuss and approve the proposed name change and authorize one of the designated partners to file the necessary forms with the Registrar of Companies (ROC).
Step 3: Preparing and Filing Forms with the ROC
The next step is to prepare and file the necessary forms with the ROC. The following forms are required for the name change process:
. Form LLP 5: This form needs to be filed with the ROC within thirty days of passing the resolution to change your LLP's name. It is essential to ensure that the form is signed by a designated partner and certified by a practicing-chartered accountant or company secretary.
. Form LLP 3: This form is required to update your LLP's name on the MCA website. It must be filed within fifteen days of receiving the ROC approval for the name change.
Step 4: Obtaining New PAN and TAN
After changing your LLP's name, you need to update your Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN). You can update your PAN and TAN by submitting an application to the Income Tax Department.
Step 5: Updating Other Legal Documents
After updating your PAN and TAN, you should update your LLP's name on other legal documents, such as licenses, permits, and agreements. Additionally, you should update your LLP's name on your website, business cards, and other marketing materials.