Additional Registrar and Incharge Companies Registration Office, Naeem Khan, said that Limited Liability Partnership (LLP) is a form of business having status of a legal entity separate from its partners and has perpetual succession.
He said this, speaking at an awareness session organized by SECP on LLP at the SITE Association of Industry (SAI) to acquaint members on the LLP benefits over the partnership firms registered under the 1932 act, filing requirements and procedures under the new regime and conversion process of partnership firms into LLPs etc.
He said any two or more persons, associated for carrying on a lawful business with a view to profit, may form an LLP after registration with the commission as per the Limited Liability Partnership Act, 2017 and the Limited Liability Partnership Regulations, 2018
"SECP online system is one of the best with friendly applications and now no one has to pay any fee to consultants and lawyers for company's registration," he said, adding that the system is automatic, with very less documentation and SECP staff is available to help its customers.
Naeem said anyone could register his company online and after completion and submission of all related documents, company would be registered within 36 hours.
Additional Joint Registrar, Kashif Mahmood, in his in-depth presentation, informed members about each and every step required for the LLP registration.
He also answered the queries raised by members during the presentation.
SAI president Muhammad Jawed Bilwani said that taking questions raised by members into consideration, main focus was on availability of name at SECP, name which they are using from several years with GST and NTN numbers. He suggested that why not SECP while issuing incorporation/registration certificate mention previous name of the company along with new name as it would satisfy company and the certificate could be used for banking, buyers, and FBR.
Naeem Khan appreciated the idea and said this is a workable suggestion and he would definitely consult it with the SECP chairman.