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Private Limited Company

Private limited company is governed by Companies Act with minimum requirement of 2 directors and maximum 200, It is the feature of company that company is not just association of persons but it has separate legal entity. This is most popular form of business which benefits the entrepreneurs as having corporate identity and separate from its owners. It is an artificial person in the eye of law. It Comprises most of the features of Public Company, Partnership firm and Limited Liability Partnership. Because of Corporate image it enjoys many benefits which other forms of business generally lacks e.g. Limited Liability, Personal Assets of shareholders are not seized, and existence of business does not depend upon life of owners, easy to raise funds though financial institution etc. butcannot accept deposits from the public.The company’s shareholders (the owners) can limit their personal liability and are generally not responsible for company debts.In order to form a Company, a number of legal formalities have to be fulfilled e.g. It has to file Annual Reports to the ROC and get its accounts audited under companies act every year.

Features

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Separate legal Identity

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Perpetual Succession

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Able to raise significant capital

Limited liability for shareholders

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Well understood and accepted structure

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Easy to sell and pass on Ownership

Steps to Incorporate Private Limited Company

Apply for the Digital Signature for the Directors required for company registration

Check for Name Availability

Issuance of Name Approval Letter from ROC

Sign and file various documents including MOA & AOA with the Registrar of Companies electronically.

Apply for the PAN Number and open a current bank account

Apply for the DIN (Director Identification Number)

Apply for the Name approval on the MCA Portal according to MCA Guidelines.

Draft Memorandum of Association (MOA) & Article of Association (AOA) in approved name

Issued Certification of Incorporation

Apply for other Licenses as required

Documents Required

Name of the Company- Provide at least three Names

Detailed Description about objective of Company

ID Proof of All Directors/ Promoters (Election Voter ID, PAN Card, Aadhar Card & Passport)

Address Proof of All Directors/ Promoters (BANK Statement, Telephone Bill, Electricity Bill etc.)

Two Photo of All Directors/ Promoters

Rent Agreement and NOC/ Sale Deed of Registered Office of the Company

Business Place ownership proof as latest utility bill (Electricity bill/Telephone bill)

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