The correct answer is: B. Reservation of Name
A limited liability partnership (LLP) is a business structure that combines the limited liability of a corporation with the flexibility and tax advantages of a partnership. To form an LLP, you must first reserve a name with the Secretary of State in the state where you plan to do business. You can do this online or by mail. Once your name has been reserved, you will need to file a Certificate of Formation with the Secretary of State. The Certificate of Formation must include the name of the LLP, the names of the partners, the address of the LLP’s principal place of business, and the purpose of the LLP. You will also need to pay a filing fee.
Once your Certificate of Formation has been filed, you will need to obtain a business license from the city or county where you plan to operate your business. You may also need to obtain other licenses and permits, depending on the type of business you are operating.
After you have obtained the necessary licenses and permits, you can begin operating your LLP. You will need to keep accurate records of your business activities, including income and expenses. You will also need to file annual tax returns with the IRS.
Procuring Digital Signature Certificate (DSC) is not the first step to form a Limited Liability Partnership. A DSC is a digital certificate that is used to sign electronic documents. It is required for certain types of transactions, such as filing tax returns electronically. However, it is not required to form an LLP.
Procuring Director Identification Number (DIN) is not the first step to form a Limited Liability Partnership. A DIN is a unique number that is assigned to each director of a company. It is required for certain types of transactions, such as filing tax returns electronically. However, it is not required to form an LLP.
Direct Incorporation of Limited Liability Partnership is not the first step to form a Limited Liability Partnership. Direct Incorporation is a process that allows you to incorporate your business online. However, it is not the only way to incorporate your business. You can also incorporate your business by filing a paper application with the Secretary of State.
Therefore, the first step to form a Limited Liability Partnership is to reserve a name with the Secretary of State.