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Private Limited Company is mostly Start-ups and growing companies prefer it on grounds that it allows External funding from angel investors and VC Firm or other investor. Next Further Feature is limiting the liabilities of its shareholders so its protect the owners and investor from personal liability.Next Great Advantage is to offer employee stock options to pull in top talent.
If any business idea needs funding and in future they are planning for the expanding and growing then Proprietorship or Partnership Firm can not provide the right support.
Features of the Private Limited Company –
Separate Legal Entity: A Pvt. Ltd. Co. is a legal entity and a juristic person established under the Companies Act 2013.
Limited Liability: Member’s personal assets are safe so its a main advantage for a private limited company and liability of members is limited to the assets of a company so they are not paying from personal assets.
Uninterrupted Existence: A company has perpetual existence mean they have no effect if partners changed or died or any other situation.
Borrowing Capacity: Banks , Angel Investors, VC Firms and many other source of funds always prefer private limited company instead proprietorship firm or partnership firm.
Investment Ready: Generally, many ideas require initial funding so private limited company is the best option on seed funding case.
Tax Deduction: Sole traders and partnerships pay income tax. Private Limited Company has to pay corporate taxes so their are lot of dedication as compare to proprietorship firm or partnership firm.
Minimum Requirements for form a private limited company
Minimum 2 Shareholders or Person
Minimum 2 Directors ( Directors and Shareholder can be same)
Steps to taken in Registration Process for a Private Limited Company
Obtain Digital Signature Certificate (DSC) for the proposed Director / Promoter not having DSC;
Obtain Directors Identification Number (DIN) for proposed Director / Promoter not having DIN by applying to Ministry of Corporate Affairs (MCA) in Form DIR-3; Requirements for Form DIR-3
a) Passport Size Photograph
b) Identity Proof: PAN (mandatory) duly attested by Practicing Chartered Accountant / Practicing
c) Company Secretary / Practicing Cost Accountant
d) Address Proof: Passport / Aadhar / Telephone Bill / Electric Bill (not older than 2 Months) duly attested by Practicing Chartered Accountant / Practicing Company Secretary / Practicing Cost Accountant
e) Educational Qualification
Email Id and Mobile Number
Apply for Reservation of Name in Form INC-1 along with the prescribed fees.
On approval of Name of the proposed Company is received, the following Forms need to be filed;
-Form INC-7
-Form INC-22
-Form DIR-12
On scrutiny and examination of the aforesaid forms, the concerned Registrar of Companies (ROC) shall issue Certificate of Incorporation of Company along with Corporate Identification Number (CIN). Note: Certificate of Commencement of business is not required to be filed in Form INC-21 as the same has been omitted by the Companies (Amendment) Act, 2015.
Requirements for Form INC-7, Form INC-22, Form DIR-12
Memorandum of Association & Articles of Association (MOA & AOA) along with subscribers sheet
INC-8 duly notarized INC-9 duly notarized
INC-10 duly verified by Banker or notarized
Affidavit for non – acceptance of deposit
Full address of Police Station under whose jurisdiction the registered office is situated
Utility Bill (not older than two months) of the registered office premise
Conveyance/Lease deed/Rent Agreement
NOC from the owner of the premise, if taken on lease
Form DIR-2
Directors Directorship details in other Companies / LLPs, if any
