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LLP Services

●     LLP Name change

  • LLP is an incorporated business entity with all the features of a body corporate. Like a company, LLP can also change name by complying with the procedures in LLP Rules and LLP Agreement. Also, the proposed LLP name should comply with the LLP Name guidelines as prescribed by the MCA.
  •  An LLP can change its name by compliance with LLP rules and provision of LLP Agreement. The first step in the name change process is identifying a suitable unique name and getting it approved by registrar of companies.

●   LLP Partner Admission

  • Admission of a new partner to LLP requires consensus among partners and it results in dilution of partners' equity and management rights in the LLP.
  •  LLP can admit new partners into the LLP in accordance to LLP Agreement. The requirements in LLP agreement have to be complied with for admitting a partner into the LLP.

●   LLP Cessation of Partner

  •  A partner can resign from the LLP by giving notice to other partners. Transfer of rights in LLP alone will not help a partner to cease to be a partner in LLP. This is because in an LLP, partners always have management rights. The partner should resign or be dismissed as per LLP agreement in order to complete the cessation process. The economic rights cease when partnership rights are assigned to another or duly settled by LLP. The management rights cease when the partner resigns or is dismissed.
  •  Unlike the shareholder in a Limited Company, a partner of an LLP can resign and leave the LLP at any time. To complete the cessation, the partner has to be dissociated with regard to economic as well as management rights in LLP.

●     LLP shifting of registered office

  •  An LLP can shift its registered office from one place to another within the state or outside the state. The conditions set out in the LLP agreement have to be fulfilled for shifting the registered office.
  • A registered office refers to the official correspondence address of an LLP or its principal place of business. The address of the Registered Office will be used for all official communications of the LLP. The registered office of an LLP can be shifted from one place to another in the same state or from one state to another after complying with legal requirements.

●     LLP annual filing

  •  Every LLP shall file an annual return in Form 11 within 60 days of closure of a financial year. The Annual Return contains details of LLP Registered office address, details of partners, details of designated partners, LLP contribution profit sharing ratio etc. So, the filing of Annual Return has to be done on or before 30th May of every year.
  •  In case of LLP with turnover of more than five crore rupees in a financial year or a contribution of more than fifty lakh rupees, the annual return shall be certified  by a Company Secretary in Practice.
  •  Every LLP has to maintain books of accounts as per the double entry system of accounting and has to prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March and shall file the same inForm 8 with the Registrar, within 30 days from the end of six months of the financial year.
  •   As per Income Tax Act, an LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department. If the annual turnover of an LLP is more than one hundred lakhs rupees, the accounts have to be audited by a Chartered Accountant as required under Income Tax Act.
  • For LLP whose accounts are required to be audited under law - 30th September of every year is the due date for filling the IT returns
  • For LLP whose accounts do not have to be audited under law - 31st July of every year is the due date for filing the IT returns.

●     LLP closure of defunct business

  • An LLP is required to file certain mandatory returns whether it does the business or not. Non- filing of due returns will attract penalties and prosecution under the LLP Act and the designated partners are liable to face the same action. Cessation of operation cannot be a reason for non-filing of returns; an LLP continues to exist until its formal closure. An LLP being a separate legal entity registered under law, it is mandatory to be closed as stipulated under the LLP Act.
  •  A defunct LLP refers to an LLP that has never started business or is not carrying any business for the immediate past one year and has no assets and liabilities.
  •  A defunct LLP can make an application to the Registrar with the consent of all partners of the LLP for striking off its name from the register.

Intellectual Property Services

●     Trade Marks

  •    A trademark is typically a name, word, phrase, logo, symbol, image or a combination of these to distinguish a company’s products and services from those of others.  It is also used as a marketing tool to create awareness and recognition of products or services among customers.
  •   A trademark is the intellectual property of its holder; and ownership of a trademark flows from the business usage of the trademark.
  •  A company/individual should register the trademark in order to possess the complete ownership of the mark and to protect the same from misuse by another person/business entity. Only if the trademark is registered, the owner gets the legal rights to take action against people or companies who infringe on their trademark.
  •  Trademark registration process includes:
  • Identifying the line of business.
  • Search.
  • Filing.
  • Trademark examination.
  • Hearing or opposition, if any.
  • Registration.

●     Copy rights

  •   The Copyright Act, 1957(Act No. 14 of 1957) governs the laws & applicable rules related to the subject of copyrights in India.
  •  Copyright is a right given by the law to the creators of literary, dramatic, musical and artistic works and producers of cinematograph films and sound recordings. In fact, it is a bundle of rights including, inter alia, rights of reproduction, communication to the public, adaptation and translation of the work. There could be slight variations in the composition of the rights depending on the work.

●     Industrial Design

  •  An industrial design right is an intellectual property right that protects the visual design of objects that are not purely utilitarian. An industrial design consists of the creation of a shape, configuration or composition of pattern or color, or combination of pattern and color in three dimensional form containing aesthetic value. An industrial design can be a two- or three-dimensional pattern used to produce a product, industrial commodity or handicraft.
  •   India's Design Act, 2000 was enacted to consolidate and amend the law relating to protection of design and to comply with the articles 25 and 26 of TRIPS agreement. The new act, (earlier Patent and Design Act, 1911 was repealed by this act) now defines "design" to mean only the features of shape, configuration, pattern, ornament, or composition of lines or colours applied to any article, whether in two or three dimensional, or in both forms, by any industrial process or means, whether manual or mechanical or chemical, separate or combined, which in the finished article appeal to and are judged solely by the eye; but does not include any mode or principle of construction.

●     Patents

  •  A patent is a set of exclusive rights granted by a sovereign state to an inventor or their assignee for a limited period of time, in exchange for the public disclosure of the invention. An invention is a solution to a specific technological problem, and may be a product or a process. Patents are a form of intellectual property.
  •  The procedure for granting patents, requirements placed on the patentee, and the extent of the exclusive rights vary widely between countries according to national laws and international agreements. Typically, however, a patent application must include one or more claims that define the invention. These claims must meet relevant patentability requirements, such as novelty and non-obviousness. The exclusive right granted to a patentee in most countries is the right to prevent others from making, using, selling, or distributing the patented invention without permission.
  •  The patent system in India has its origin in the 19th century, during the British rule of the country.
  •  The Indian Patent Office is administered by the Office of the Controller General of Patents, Designs & Trade Marks (CGPDTM). This is a subordinate office of the Indian government and administers the Indian law of Patents, Designs and Trade Marks.
  •  Term of every patent in India is 20 years from the date of filing of patent application, irrespective of whether it is filed with provisional or complete specification.