Private Limited Company, the most popular legal structure for businesses, should be chosen by anyone looking to build a scalable business. Indian start-ups and growing companies pick it because it allows outside funding to be raised easily, limits the liabilities of its shareholders and enables them to offer employee stock options to attract top talent.Private Limited Companies are closely held companies where minimum number of members is two and maximum number is fifty.
A private limited company has the Limited Liability of members, greater Stability and Separate legal entity &has all the advantages of partnership namely flexibility, greater capital combination etc.
Private companies may issue stock and have shareholders. However, their shares do not trade on public exchanges and are not issued through an initial public offering.Shareholders may not be able to sell their shares without the agreement of the other shareholders. Scope of expansion is higher because easy to raise capital from financial institutions and the advantage of limited liability.
In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc.Pvt. Ltd places certain restrictions on its ownership that are defined in the company's bylaws or regulations and are meant to prevent any hostile takeover attempt.
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With New form total time to register a Private Limited company is 7-12 working days.To ensure speedy incorporation, please choose a unique name for your Company and ensure you have all the required documents prior to starting the incorporation process.
The Director needs to be over 18 years of age and must be a natural person. There are no limitations in terms of citizenship or residency. Therefore, even foreign nationals can be Directors in an Indian Private Limited Company.However, atleast one Director on the Board of Directors must be a Resident India.
The documents requirements are as follows
You can start a Private Limited Company with any amount of capital. However, fee must be paid to the Government for issuing a minimum of shares worth Rs.1 lakh [Authorized Capital Fee] during the registration of the Company. There is no requirement to show proof of capital invested during the registration process.
To incorporate a private limited company, a minimum of two shareholders and minimum of two Directors are required. Directors can be the same as shareholders.
Once a Company is incorporated, it will be active and in-existence as long as the annual compliances are met regularly. In case, annual compliances are not complied with, the Company will become a Dormant Company and maybe struck off from the register after a period of time. A struck-off Company can be revived for a period of upto 20 years.
A private limited company must hold a Board Meeting atleast once in every 3 months. In addition to the Board Meetings, the Private Limited Company, atleast once every year, must conduct an Annual General Meeting.
To incorporate a Company quickly, make sure the proposed name of the Private Limited Company is very unique. Names that are similar to an existing private limited company / limited liability partnership / trademark can be rejected and additional time will be required for resubmission of names.
A Digital Signature establishes the identity of the sender or signee electronically while filing documents through the Internet. The Ministry of Corporate Affairs (MCA) mandates that the Directors sign some of the application documents using their Digital Signature. Hence, a Digital Signature is required for atleast one Directors of a proposed Company.
Yes, a salaried person become the director in private limited company, there are no legal bondages in this but you have to go through with your employment agreement if it contains any restrictions on doing so.
Director Identification Number is a unique identification number assigned to all existing and proposed Directors of a Company. It is mandatory for all present or proposed Directors to have a Director Identification Number. Director Identification Number never expires and a person can have only one Director Identification Number.
No, you will not have to be present at our office or appear at any office for the registration of a Private Limited Company. All the documents can be scanned and sent through email to our office. Some documents will also have to be couriered to our office.
Memorandum of Association (MOA) is a legal document prepared in the formation and registration process of a company to define its relationship with shareholders and contains the aims and objectives of the company. MOA has to be drafted very carefully as the company cannot go against anything that is mentioned in it.
Yes, NRIs / Foreign Nationals / Foreign Companies can hold shares of a Private Limited Company subject to Foreign Direct Investment (FDI) Guidelines.
Articles of Association (AOA) are by-laws of the company. According to which directors and other officers are required to perform their function as regard the management of the company, its accounts and audit. It regulates domestic management of a company and creates certain rights and obligations between the members and the company.
First ensure that company name is not similar to any other Private limited, OPC, LLP or Public limited company. Also, do check If your first is not a registered trademark taken by anybody under the IP act.
Also, make sure the name is not too generic to be accepted by the ROC and also, try not to use abbreviations, adjectives.
While choosing the name make sure that name should contain the objective of the business.
No. You can open a company on your residential address there is no requirement to have a commercial place to open up a company.
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