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Private Limited Company

About Private Limited Company

Private Limited as it name denotes is such form of business managed by the private or close group of people. This form of business have a separate legal identity in the eyes of law, in layman language it is a artificial person. The people who invest money in this form of Business are known as Shareholders and the people who manages the day to day affairs are known as Directors of the Company. This form of Business is the most popular type of business in India.

Our scope of work

1. Any amount of Capital;

2. Application of 2 Digital Signatures (validity 2 years);

3. Name Approval;

4. Drafting of Memorandum and Articles of Association;

5. Drafting of other additional documents;

6. Preparation of various eforms;

7. PAN & TAN Application

8. EPF and ESIC Registration (through MCA) 

9. Professional Tax Registration (through MCA) 

10. Resubmission of eforms, if any;

11. Obtaining Certificate of Incorporation from Registrar

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Know more about Private Limited Company

Private Limited Company

A Private Limited is a Business Entity that is distinct from its Shareholders and/or directors having continuous succession and limited financial obligation. It should have a minimum of 2 directors and 2 Shareholders. The word ‘Private’ denotes that the general public cannot be invited to buy its Shares and ‘Limited’ denotes that the Liability of the Shareholders and directors is restricted. This type of business entity limits owner liability to their shareholdings, the number of shareholders to 200, and restricts shareholders from publicly trading shares. It is the most prevalent and popular type of corporate legal entity in India.

1. How many Director are required in Private Limited Company?

  • Minimum no. of directors required are 2 out of which 1 shall be Indian Resident.

  • Any person can be a director of the company including family members

  • Director Identification No. (DIN) and Digital Signature Certificate (DSC) are required to be a director of the company

  • Directors are the managers and they are responsible for day to day functioning of the company.

2. Who are the Shareholder of the Company?

  • Minimum no of shareholders required are 2

  • Director and Shareholders can be the same

  • Shareholders are the owners of the company

3. What are the types of Share Capital?

  • There are 2 types of capital i.e. Authorize Capital (It is the capital up to which company is authorize to raise from the member and it can be increase as and when required.), Paid Up Capital (It is the capital which is paid up by the members of the company and it can be increase as and when required.)

  • There is no such requirement for minimum capital, hence the company can be formed with the capital starting from INR 1

4. What is Registered Office of the Private Limited Company? 

  • Any place can be made as the registered office of the company even the residential place can be used as the registered office of the company.​​​​​​

5. Who is the Registering Authority of the Private Limited Company?

  • Ministry of Corporate Affairs.

6. What documents are required for formation of Private Limited Company?

> Proof of Registered office address (Conveyance/ Lease deed/Rent Agreement/Maintenance Bill)

> Copy of the utility bills of the registered office (Electricity Bill/Telephone Bill not older than two months)

   Directors / Shareholders

> PAN Mandatory- Indian National / Passport – Foreign National

> Proof of Identity – Voter Id/Passport/Driving License

> Proof of Address (Electricity Bill/Bank Statement/Telephone Bill/Mobile Bill not older than 2 months)

*All documents for Indian National – To be self-attested

*All documents of Foreign National – To be self-attested & apostilled

  1. Obtain Digital Signature Certificate (DSC)
  2. Prepare SPICe+ form (Part A – Name availability and reservation request)
  3. Prepare SPICe+ Part B form (Company information i.e. directors, capital etc.)
  4. Prepare e-form SPICe+ MOA (INC-33) ,SPICe+ AOA (INC-34) and SPICe+ AGILE-PRO (INC-35)
  5. Download all the e-forms prepare online and affix DSC on all the e-forms.
  6. Attached the require documents with form SPICe+ and upload the e-forms to MCA portal.
  7. Verification of documents / forms by RoC
  8. Issue of Certificate of Incorporation by RoC

Advantages

1.LIMITED LIABILITY
2.PERPETUAL SUCCESSION
3.EASY TRANSFERABLE OWNERSHIP
4.SELLING THE BUSINESS
5.INCREASED LEGAL COMPLIANCE & ADMINISTRATION COSTS
6.SEPARATE PROPERTY
7.TAXATION
8.RAISING MONEY
9.CAPACITY TO SUE
10.BETTER GOVERNED

Disadvantages

1.RESTRICTED ACCESS TO CAPITAL MARKETS
2.PUBLIC DISCLOSURE OF COMPANY INFORMATION
3.INCREASED LEGAL COMPLIANCE & ADMINISTRATION COSTS
4.LIMITED PERSONAL CONTROL
5.RESTRICTIONS IN OWNERSHIP TRANSFER



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