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A Private Limited Company is a type of business entitywhich is the most predominant in India. The liability of a Private Limited Company is limited to the number of shares held by its individual shareholders. It is governed by the Companies Act of 2013 and the Companies Incorporation Rules of 2014.
Elusive features such as the limited liability protection to shareholders, the ability to raise equity funds, distinctiveness as a legal entity and perpetual existence are the hallmarks of a Private Limited Company. These benefits make a Private Limited Company the most favored form of business entity for millions of ventures. Businesses seeking to raise capital, issue ESOP or scale/ expand generally register as a Private Limited Company.
It is mandatory to have a minimum of 2 Directors and 2 Shareholders to register a Private Limited Company. A natural person can be both, whereas a corporate legal entity can only be a shareholder of the company.
India eSeva offers a wide range of services on Company Incorporation including Private Limited Company Registration, One Person Company Registration, Section 8 Company Registration and more. Complete legal, procedural, consulting and managerial services are provided to meet your particular incorporation needs and help manage your business better.
The following are the advantages of registering a Private Limited Company.
Private Limited Company is a legal entity which has a distinct existence and is capable of owning properties, opening bank accounts, hiring employees, taking on equity, obtaining licensesand much more.
A Private Limited Company has a better scope at borrowing funds. It may choose to issue secured, as well as unsecured debentures and may also accept deposits from the public. Private Limited Companies are preferred options for banking and financial institutions when it comes to rendering sizeable financial assistance than Proprietorships and Partnerships.
One of the major advantages of a Private Limited Company is its continued existence even after the owner leaves the business or passes away. When a Private Limited Company is incorporated, it becomes an independent legal entity. This means that these business forms will be able to own tangible and intangible assets.
The members of a Private Limited Company enjoy protection against company liability. They cannot be held liable for the company’s losses, debts and credits and their personal assets are protected against recovery by debtors. Member liability is limited to the extent of their shares in the company.
It is easier to transfer company ownership from one entity to another as it involves just filing and approving the Share Transfer Form and handing it over to the buyer along with the share certificate.
A Private Limited Company can acquire and own tangible assets such as land, buildings and intangible assets such as copyrights, trademarks in its name. However, no shareholder of the company will be eligible to make claims upon the property owned by the company as long as it’s an ongoing concern.
Where the Directors and Shareholders are Indian Nationals
Where the Directors and Shareholders are Foreign Nationals
All the Directors of the proposed Company has to apply for Digital Signature and Director Identification Number. Digital Signature is a unique online signature used for filing. On the other hand, a Director Identification Number is issued by theMinistry of Corporate Affairs. If the Directors already possess DSC and DIN, then this step can be skipped.
Unique names that suggests the company’s primary business needs to be provided to the Ministry of Corporate Affairs (MCA). Out of which, one will be finalised and approved by the MCA.
Drafting and filing of the Memorandum of Association (MoA) and the Articles of Association (AoA) will be executed. Following which, the company incorporation will take 15-20 days.
PAN and TAN will be applied for and received within 10 days. As the last step, a bank account can be opened for the Company by submitting the Incorporation Certificate, MOA, AOA and PAN of the Company.
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