My application for llp registration has not been accepted
This query is : Resolved
07 November 2016
I had applied for a LLP which was not accepted and has been marked as follows NEITHER THE NAME NOR OBJECTS CAN HAVE NBFI CONNOTATIONS...SUBMIT FRESH NAMES WITH REDRAFTED OBJECTS IN CONSONANCE
WITH NAME VAILABILITY RULES.
I have redrafted the objects as follows : 1. To Invest and/or Trade in Primary and Secondary Markets, Money Market and Derivative Instruments; Mutual Funds, Exchange Traded Funds,
Fixed Deposits and other Financial Instruments.
2. To Provide and/or Perform Financial Planning & Advise, Investment Consulting, and Wealth Management Services.
3. To Undertake Private Equity Investments and/or Provide Management Consulting, and/or Corporate Support Infrastructure and Services.
Please let me know whether Registrar will accept the above objects or not.Or else kindly re draft the objects based on your vast experience and expertise. Thanks a lot ...
WITH NAME VAILABILITY RULES.
I have redrafted the objects as follows : 1. To Invest and/or Trade in Primary and Secondary Markets, Money Market and Derivative Instruments; Mutual Funds, Exchange Traded Funds,
Fixed Deposits and other Financial Instruments.
2. To Provide and/or Perform Financial Planning & Advise, Investment Consulting, and Wealth Management Services.
3. To Undertake Private Equity Investments and/or Provide Management Consulting, and/or Corporate Support Infrastructure and Services.
Please let me know whether Registrar will accept the above objects or not.Or else kindly re draft the objects based on your vast experience and expertise. Thanks a lot ...
07 November 2016
I don't think that LLP is allowed to do Investment and Financial activities.
What exactly an LLP wants to do in your case?
What exactly an LLP wants to do in your case?
08 November 2016
Hi Pratik I want to start a LLP with my Family Members as Partners to do business of Investing and Trading in NSE and BSE by opening a Trading cum Demat account with well known brokers like Kotak,Motilal Oswal etc. As mentioned above I have been asked to resubmit the eForm with redrafted objects. I would like to redraft the Objects in such a way that Registrar accepts my application. Regarding the name of LLP ,I had applied in the name of Blue Boy Capital LLP which was not accepted. Now I don't mind applying in any name starting with Blue Boy. Please go through my above query and make suitable changes in the draft. Thanks & Regards
03 August 2024
To ensure that your LLP (Limited Liability Partnership) registration application is accepted, especially when it concerns financial activities and investment, it's important to draft the objects of the LLP carefully to avoid any connotations associated with Non-Banking Financial Institutions (NBFIs). The Registrar of Companies (ROC) has specific guidelines regarding the name and the objects of the LLP, especially if they relate to financial services.
Here's how you can revise the objects and suggest alternative names:
### **1. Redrafting the Objects**
Given the Registrar's feedback, the objects of your LLP should avoid any implication that the entity is functioning as an NBFI. Therefore, the objects should be revised to focus more on general business activities and avoid specific financial terminology.
#### **Revised Objects for LLP:**
1. **Investment and Trading Activities:**
- To engage in investment activities, including trading and investment in equity shares, debentures, bonds, mutual funds, and other securities and financial instruments in the primary and secondary markets, including but not limited to money market instruments, fixed deposits, and exchange-traded funds (ETFs).
2. **Consulting and Advisory Services:**
- To provide consultancy and advisory services related to investment planning, wealth management, and financial planning to individual clients and organizations.
3. **Private Equity and Management Consulting:**
- To undertake private equity investments and provide management consulting services, including corporate support infrastructure and services, to businesses and entities.
### **2. Suggestions for LLP Name**
When choosing a name for your LLP, make sure it does not suggest any financial activity that could be misconstrued as related to NBFIs. Names should generally be generic and avoid terms directly related to finance or investment.
#### **Alternative Names:**
1. **Blue Boy Ventures LLP**
2. **Blue Boy Business Solutions LLP**
3. **Blue Boy Advisory LLP**
4. **Blue Boy Capital Partners LLP**
5. **Blue Boy Enterprises LLP**
### **3. Additional Tips for Name and Object Compliance**
- **Name Availability:** Ensure the name you select does not have connotations of financial institutions or services. You may need to check the availability of the name on the Ministry of Corporate Affairs (MCA) portal or consult with a company secretary or legal advisor.
- **Object Clarity:** Ensure that the objects of your LLP clearly state the nature of the business activities without suggesting any regulated financial activities.
- **Consult with Professionals:** Consider consulting a professional service provider (like a company secretary or legal advisor) who specializes in LLP registrations to ensure that your application meets all the requirements and avoids common pitfalls.
### **Conclusion**
By revising the objects to focus on general business activities and avoiding any direct references to financial instruments or investment management, and by choosing a name that does not imply any financial services, you should be able to align with the Registrar's requirements.
Ensure all documents and applications are thoroughly reviewed before resubmission to avoid further delays.
Here's how you can revise the objects and suggest alternative names:
### **1. Redrafting the Objects**
Given the Registrar's feedback, the objects of your LLP should avoid any implication that the entity is functioning as an NBFI. Therefore, the objects should be revised to focus more on general business activities and avoid specific financial terminology.
#### **Revised Objects for LLP:**
1. **Investment and Trading Activities:**
- To engage in investment activities, including trading and investment in equity shares, debentures, bonds, mutual funds, and other securities and financial instruments in the primary and secondary markets, including but not limited to money market instruments, fixed deposits, and exchange-traded funds (ETFs).
2. **Consulting and Advisory Services:**
- To provide consultancy and advisory services related to investment planning, wealth management, and financial planning to individual clients and organizations.
3. **Private Equity and Management Consulting:**
- To undertake private equity investments and provide management consulting services, including corporate support infrastructure and services, to businesses and entities.
### **2. Suggestions for LLP Name**
When choosing a name for your LLP, make sure it does not suggest any financial activity that could be misconstrued as related to NBFIs. Names should generally be generic and avoid terms directly related to finance or investment.
#### **Alternative Names:**
1. **Blue Boy Ventures LLP**
2. **Blue Boy Business Solutions LLP**
3. **Blue Boy Advisory LLP**
4. **Blue Boy Capital Partners LLP**
5. **Blue Boy Enterprises LLP**
### **3. Additional Tips for Name and Object Compliance**
- **Name Availability:** Ensure the name you select does not have connotations of financial institutions or services. You may need to check the availability of the name on the Ministry of Corporate Affairs (MCA) portal or consult with a company secretary or legal advisor.
- **Object Clarity:** Ensure that the objects of your LLP clearly state the nature of the business activities without suggesting any regulated financial activities.
- **Consult with Professionals:** Consider consulting a professional service provider (like a company secretary or legal advisor) who specializes in LLP registrations to ensure that your application meets all the requirements and avoids common pitfalls.
### **Conclusion**
By revising the objects to focus on general business activities and avoiding any direct references to financial instruments or investment management, and by choosing a name that does not imply any financial services, you should be able to align with the Registrar's requirements.
Ensure all documents and applications are thoroughly reviewed before resubmission to avoid further delays.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
