Message: Return type of CI_Session_files_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::close() should either be compatible with SessionHandlerInterface::close(): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::read($session_id) should either be compatible with SessionHandlerInterface::read(string $id): string|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::write($session_id, $session_data) should either be compatible with SessionHandlerInterface::write(string $id, string $data): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::destroy($session_id) should either be compatible with SessionHandlerInterface::destroy(string $id): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::gc($maxlifetime) should either be compatible with SessionHandlerInterface::gc(int $max_lifetime): int|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Cannot modify header information - headers already sent by (output started at /home2/franchi4/public_html/legal/system/core/Exceptions.php:271)
Limited Liability upon stakeholders: First and foremost benefit of doing business via company is the limited liability conferred upon the company's directors and shareholders.
Unlike proprietorship and partnership, if a Company becomes insolvent and is wound up, only the assets of the company are used to clear its debts. The Directors or Shareholders of the company have no personal liabilities and are not made bankrupt and are free to carry on business.
Legit: A private limited company is a legal entity, a juristic person established under the Act. It has its existence separate from its directors and members.Private limited company status enables you to be taken more seriously than a proprietorship/partnership status does.
Company remains forever: Another important characteristic of a private limited company is perpetual succession.A company once incorporated remains alive unless and until it is wound up by complying with the provisions of Law. The death, disability or retirement of any of its members does not affect the continuity of the company, irrespective of change in its membership.There is no obligation for a Private limited company to commence business/trading within any set time period after its incorporation
To Raising Multiple rounds of funding: For entrepreneurs going for hi-tech or high capital outlay projects it is always advantageous to go in for a company form of organisation. Where the financial stake involved is high, it is found that banks and financial institutions while sanctioning financial assistance, insist on having a private limited company.
Transferability beyond simplicity: Where it is proposed to sell the business as a going concern, all that is required is to transfer the entire shareholding to the purchaser and thus facilitate easy change in management and ownership. This will save time and money of the Promoters. Huge amount of stamp duty is saved.
Dual Relationship: In the company form of organisation it is possible for a company to make a valid effective contract with any of its shareholders/directors. It is also possible for a person to be in control of a company and at the same time be in its employment. Thus, a person can at the same time be a shareholder, director, creditor and employee of the company.
Borrowing Capacity: A company enjoys better avenues for borrowing of funds. It can issue debentures, secured as well as unsecured, accept deposits from the public, etc. Even banking and financial institutions prefer to render large financial assistance to the company rather than partnership firms or proprietary concerns.
Taxation: Sole traders and partnerships pay income tax. Companies pay Corporation tax on their taxable profits. There is a wider range of allowances and tax deductible costs that can be offset against a company's profits.
Raising Money from Public: Public Limited Companies can raise large amount of capital from the general public by issue of shares and public deposits.Private Limited Companies can raise capital only by private placement of shares and deposits.
Disadvantages-
It is costly to form one (though it is affordable)
Post incorporation compliance (though some of it are not mandatory)
Personal liability
Winding up of company costs you a decent money.
Company incorporation is streamlined with the introduction of INC-29
From May-2015, company incorporation can be divided to 2 broad steps
Obtaining Digital Signature Certificate
Preparing and submitting INC-29
Government Fees for various types of companies
One Person Company – Rs.6850/-
Limited Liability Partnership – Rs.3167/-
Private Limited Company – Rs.7800/-
Documents Required for INC-29
Director Identification Number (DIN)
Memorandum of Association (MOA)
Articles of Association (AOA)
Affidavit and declaration by first Subscribers and Directors.
Proof for Registered Office Address. – Rental Agreement / Sale Deed.
Copies of utility bill of the registered office address that are not older than 2 months.
If the proposed company name is a filed or registered trademark, then NOC from the trademark applicant or owner must be attached
