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Any individual, or even a company or an LLP, can become a partner. However, only an individual can become a ‘designated partner’ in an LLP.

Yes, non-resident Indians and foreign nationals who are willing to enter into an LLP partnership can do so, provided they submit the necessary documents after getting it notarized by the concerned authorities. Although, at least one of the designated partners in an LLP should be an Indian national.

Any group of persons who have or want to invest money in a business can start an LLP. A person or an investor becomes a partner, according to the LLP agreement, as provided in the Act of 2008. Also, the investors/partners are owners of the business started under the LLP.

Before settling on a brand name, you need to check if it can acquire the legal rights necessary to hold on it. This is because the commercial rights to a brand name belong to the owner of its trademark. To find out if yours has already been taken, you can run a trademark search, which is basically a database search of India’s Intellectual Property Database. Now, running the search is easy. Begin by selecting the wordmark and typing in the word/s you want to register. The results will tell you whether there already is another registration in that name.

If there is one, check its status. If it is either approved, applied, objected or opposed, it makes sense to pick another name. Do also check for phonetic similarities with other registered names. To do this, you need to select the dropdown at the top of the page. While the phonetic search isn’t very accurate, you can say with certainty that your trademark will be approved if there aren’t any relevant matches here either.

An LLP agreement is one that is made between the partners and the LLP regarding the relationship between the individual partners in the LLP. An LLP agreement usually consists of management policies, inclusion of new partners, policy making strategies, and so on. If there is one, check its status. If it is either approved, applied, objected or opposed, it makes sense to pick another name. Do also check for phonetic similarities with other registered names. To do this, you need to select the dropdown at the top of the page. While the phonetic search isn’t very accurate, you can say with certainty that your trademark will be approved if there aren’t any relevant matches here either.

According to the LLP Act, a minimum of two designated partners are required to start an LLP. The designated partners are responsible for fulfilling all the essential requirements involved in starting and running an LLP. If there is one, check its status. If it is either approved, applied, objected or opposed, it makes sense to pick another name. Do also check for phonetic similarities with other registered names. To do this, you need to select the dropdown at the top of the page. While the phonetic search isn’t very accurate, you can say with certainty that your trademark will be approved if there aren’t any relevant matches here either.

Typically, only start-ups that will not be looking for venture capital funding register LLPs. This is because venture capitalists only invest in private and public limited companies.

Yes, it is much cheaper to run an LLP than a private limited company, particularly in your early start-up days. This is because many compliances, such as an audit, apply to LLPs only after their turnover is sizeable. Most LLPs spend about half as much as a private limited company in their first year on registrations and compliance work.