Steps to Consider before selecting a name for an LLP

Firstly, you need to conduct a thorough research on the existing trademarks and then decide your name, remember that your Company name may not be your brand name, and the Rules are to be known to you:

There is a preferred format in which the MCA wants you to name the company;

Unique Name + Descriptive Object + Limited.

e.g. (Tata) + (Motors) + (Limited)

The unique name needs to be creative, imaginative, and distinct in nature. The descriptive name defines your business in brief and gives perks of your work/business. It is much simpler now and convenient to decide a name for your company. Once you choose the name, MCA will ask for the significance and the main objective behind that name which is to be submitted in one or two sentences. However, you can suggest six names in order of preference for your enterprise if you are registering under MCA.

There are certain words that have terms and conditions attached to them based on the Authorized Capital of the LLP:

• The Word 'Corporation' can only be used if the authorized capital is Rs. 5 Crore.
• If 'International, Globe, Universal, Continental, Inter-Continental, Asiatic, Asia' are the first name of the Company then the authorized capital must be Rs. 1 Crore. And if these are to be used within the name then the capital should be Rs. 50 Lakh.
• 'Industry/ Udyog' needs a capital of Rs. 1 crore.'
• 'Hindustan, Bharat, India' being first word should have capital of about Rs. 10 Lakhs and if these are to be used within the name then it needs Rs. 5 Lakhs.
• 'Enterprises, Products, manufacturing, Business' these words needs a minimum authorized capital of Rs. 10 Lakhs.