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The private limited company is a company where shares of the company are owned privately and not offered for sale to the public. Its liability is limited to the extent of their shares. Shareholders either can manage the company on their own or hire directors to do the same. The limit on maximum no. of shareholders is 200. The advantages of Private Limited Company over proprietorship are:
Liability of shareholders is limited to the extent of their shareholding. Their personal assets are not acquired to repay the debts of the company except in the case of fraud.
As there cannot be public trading of shares there is restricted trade of shares. It lowers down the risk of hostile takeover.
It has perpetual succession and an independent identity that is different from its shareholders. The company will still exist even if shareholders die or cease to be a member
It has a separate and individual separate legal entity. It has its own assets and liability, it can be sued or can sue, dispose of property of the company.
Its procedures are governed by the Companies act 2013.
It has a lower tax burden and rates under the income tax act 1961.
Proprietorship advantages or benefits over pvt ltd company
A sole proprietorship is a business form where there is only one owner and there is no legal difference between the business and the owner. Here one single person holds the control. His liability is unlimited as the business and the owner has no legal difference. The advantages of proprietorship are:
It is the simplest and easiest form of business
There is no legal distinction between the owner and the business so there is no need for the board of director or shareholders.
The owner is not answerable to anyone.
There are less legal compliances and regulation in comparison to company
Income tax is not paid twice as business’s income is owner’s income so the owner will have to pay only income tax.
Recommend : Disadvantages of sole proprietorship firm
Difference between Proprietorship and Private Limited Company
S. no.
Point of difference
Private limited company
Proprietorship
1.
registration
It will be registered under the companies Act 2013 with the Ministry of Corporate Affairs.
There is no formal registration.
2.
Name of the business
It must be approved by the Registrar of the company. It will end with words Private Limited Company.
There is no need for approval before using the name.
3.
Separate legal entity
It is a separate legal entity under the companies act 2013
it does not have a separate legal entity and owner is personally liable for the liability of the business.
4.
Liability
Limited to the extent of their shares
Unlimited
5.
Minimum and maximum members
Minimum- 2 members
Maximum- 200 memebrs
Minimum- 1 member
Maximum – 1 member
6.
Foreign ownership
In many sectors, it is allowed to invest in it under automatic approval route
Not allowed
7.
Transferability
By way of transfer of shares
Not transferable
8.
Existence
Independent of its members and directors
Depends on the owner.
9.
taxation
Its profit are taxed at 30% plus surcharges and cess as applicable
Under owner’s income tax
10.
Legal compliance
Board and general meetings to be conducted. It has to file Annual Accounts and Annual return with the Registrar of the company every year. also, income tax return has to be filed for it.
Not required to conduct any annual meeting. No need for filing an annual report with the registrar of the companies. it files income tax return on basis of income of the owner.