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PRIVATE LIMITED COMPANY
Private Limited Company registration is the most popular legal structure option for businesses in India. Private limited company can have a minimum of two members and a maximum of fifty members. The directors of a private limited company have limited liability to creditors. In a case of default, banks / creditors can only sell company’s assets but not personal assets of directors.
Start-ups and growing companies prefer private limited company as it allows outside funding to be raised easily, limits the liabilities of its shareholders and enables them to offer employee stock options to pull in top talent. Private Limited Company Registration can be done through Monitrix in Delhi NCR, Mumbai, Bengaluru, Chennai and other Indian cities
DOCUMENTS REQUIRED FOR PRIVATE LIMITED COMPANY REGISTRATION
Copy of PAN Card of directors
Passport size photograph of directors
Copy of Aadhaar Card/ Voter identity card of directors
Copy of Rent agreement (If rented property)
Copy of Property papers(If owned property)
Landlord NOC (Format will be provided)
ADVANTAGE OF PRIVATE LIMITED COMPANY
- Preferred by banks, VCs & investors
- Easy to allocate and redistribute shares to investors or other directors
- Separate legal entity which limits your liability
- Offers the flexibility of a partnership firm and the advantages of a Public Ltd Company
- Easy to register, manage & run
- Easy to dissolve or wind-up.
Separate Legal Entity
Private Limited Company is a legal entity and a juristic person established under the Companies Act. Hence, a company has a range of legal capacities including opening of a bank account, hiring of employees, taking on equity or obtaining licenses and more as an independent corporate entity. The members (Shareholders/Directors) of a company have no personal liability to the creditors of a company for company's debts.
Private Limited Company has 'perpetual succession', meaning uninterrupted existence until it is legally dissolved. A company being a separate legal person, is unaffected by the death or other departure of any member and continues to be in existence irrespective of the changes in ownership.
Private Limited Companies can raise equity funds in India. Companies can also issue equity shares, preference shares, debentures and accept deposits with RBI permission. Banks and Financial Institutions prefer to provide funding to a company rather than partnership firms or proprietary concerns.
Ownership of a business can be easily transferred in a company by transferring shares. The signing, filing and transfer of share transfer form and share certificates is sufficient to transfer ownership of a company. In a private limited company, the consent of other shareholders maybe required to effect share transfers.
Private Limited Company being an artificial person, can acquire, own, enjoy and alienate, property in its name. The property owned by a company could be machinery, building, intangible assets, land, residential property, factory, etc., No shareholder can make a claim upon the property of the company - as long as the company is a going concern.
STEPS FOR INCORPORATION OF PRIVATE LIMITED COMPANY
Step 1. Application of DSC & DPIN:
First of all, the partners have to apply for Digital signature and DPIN. Digital signature is an online signature used for filing and DPIN refer to Directors PIN number issued by MCA. If the directors already have DSC and DPIN, then this step can be skipped.
Step 2. Name approval:
You need to provide 3 different options for your company name to MCA of which one will be selected. Names provided should ideally be unique and suggestive of company business
Step 3. MOA & AOA submission:
Once name is approved, one needs to draft Memorandum of association and Articles of Associate. Both MOA and AOA are filed with the MCA with the subscription statement and
Step 4. Get incorporation certificate:
It typically takes 15- 25 days to form a Private limited company and get the incorporation certificate. Incorporation certification is a proof that company has been created. It also includes your CIN number.
Step 5. Apply for PAN, TAN and Bank account:
Then you need to apply for PAN and TAN. PAN and TAN are received in 7 working days. Post this, you can submit the Incorporation certificate, MOA, AOA and PAN with a bank to open your bank account.
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