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A Private Limited Company is the most popular legal structure for businesses in India. It should be chosen by everyone who is looking to build a corporate entity and raise funds in future. This company registration has a minimum of two members and a maximum of fifty members. The director of a Private Limited organization has constrained obligation towards the lenders. On account of misfortune, banks/lenders can move just the organization's benefits however not the individual resources of the chiefs or investors. A private restricted organization is viewed as a standout amongst the most prominent corporate element among all the little, medium and the extensive organizations in India because of its different points of interest.The Private Limited Company registration is governed by the Ministry Of Corporate Affairs under the Companies Act, 2013 and the Companies Incorporation Rules, 2014. There are many unique features of a Private Restricted Business such as the limited liability protection to shareholders, the ability to raise the equity funds, separate legal entity status and the perpetual existence. This makes this type of firm as one of the most recommended types of business entity for a small and medium-sized business that are owned by families or professionally managed people. It takes around 10-12 working days to register a Private Limited Company, subject to the Government processing time and the client document submission.
Advantages of a Pvt. Ltd. Company Registration
Limited Liability ProtectionOne of the biggest benefit of such company is the Limited Liability Protection. These companies are treated as a single entity that makes the firm responsible for all the debts, if anything happens to the company or entity.
Separate Legal EntityA Private Limited Business is a legal entity and juristic person established under the Companies Act, 2013. A member (Shareholders/Directors) of a firm has no personal liability to the creditors of a firm for the company's debts. These firms have no effect even on the death of any director.
Easy TransferabilityThe ownership of a business can be easily transferred by transferring the shares of the firm. The signing, transfer and filing of a share transfer form and the share certificates are adequate to transfer the ownership of an organization.
Finance and ResourcesWhen more resources or large-scale production is required for a business, registering an Individual Limited Firm in India protects the interests of the lenders. One is eligible to raise funds with such type of company registration. With adequate funding, a company can produce goods at a lower cost and it thus helps in increasing the profits and further, the customer satisfaction.
Disadvantages of a Private Limited Company
High statutory compliance:The statutory compliances of an Individual Ltd Company are very high. There is a complex framework which have to be followed by such companies which is difficult to travel behind.
High setup cost:These firms require a high setup cost as compare to other firms due to which it requires a huge cost in running such big companies.
Decision making:The process of decision making is difficult in such companies due to the involvement of other directors in the decision making.
Documents Required for Pvt. Ltd. Company Registration
The rules for the Private Limited Company Registration online in India are as follows:
Identity Proof of the Director(s):This includes the Aadhaar card, Driving License, PAN card etc. of the Director(s). However, if the Director belongs to an Indian Sub-continent, then a PAN card is required. In the same way, if the Director belongs to a foreign national, then a copy of Passport is entailed.
Specimen signature:The specimen signature of the respective Directors are required on a blank document for the registration process.
Address Proof of the Director:This includes the electricity bill, water bill or bank statement of the Director. These documents must not be older than 2 months from the current date.
Scanned passport-sized photograph of Director:A scanned passport-sized photograph of the Director is required for the new firm registration.
Office address proof:A registered office is required for this company registration. The office proof includes the utility bill of the office premises. This could be a water bill, an electricity bill, rental agreement or sales deed.
Pvt. Ltd. Company Registration Process in Delhi
There is an easy process for registering Private Limited Company online in Delhi. The process is as follows:
The Directors of this firm should have a digital signature. The digital signature will be used to file the registration, ROC compliance forms and the Tax returns of the company.
When a Digital signature is approved, you will get an approval email from the Registrar of companies for your eligibility to be the director of a company. It will take around 1-2 working days to approve the DIN of a Private Ltd. Firm.
After DIN allotment, we will proceed to file a "name approval application" to ROC on your behalf.
After the Name approval from the Registrar of Companies, we will file incorporation form with all supporting documents. The registrar of companies normally takes 3 working days to complete this approval.
For 2 Directors & 1 Lakh Paidup Capital
7-10 Working Days
2 Directors & Paidup Capital upto 5 Lakh
7-10 Working Days
7-10 Working Days
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Q1. Can one person start a Private Limited Firm?
Ans. Yes, but a minimum of two directors is required to incorporate this type of firm. The Companies Act, 2013 has introduced the concept of One Person Company (OPC) private limited, in which a single individual can start an Individual Restricted Business. Thus, if you plan to incorporate OPC, you can incorporate it with only one director.
Q2. What are the requirements for a Pvt. Ltd. Company?
Ans. There are some documents like Identity proof of director, specimen signature, address proof of premises, address proof of directors, passport size photographs, utility bill (like electricity bill) which are required for this filing process.
Q3. How can I check a firm status in India?
Ans. Steps to Check Company Registration Status:
Step 1: Go to the MCA website.
Step 2: Go to the MCA Services tab. In the drop-down click on View Company/LLP Master Data.
Step 3: Enter the companies CIN. Enter the Captcha code and click on submit.
You will get all the details of the entered company.
Q4. How do I know if my business name is already taken?
Ans. To find out if your business name has been claimed online, do a simple web search to see if anyone is already using that name. You also need to check whether a domain name (or web address) is available. You can do this using the WHOIS database of domain names. If it is available, be sure to claim it right away.
Q5. Is CIN number mandatory?
Ans. Corporate Identification Number (CIN) is mandatory to be mentioned along with the name of the Company. With applicability of the New Companies Act, 2013, now Companies are required to add details of its CIN along with all other details.
Q6. Can a registered office be a residential property?
Ans. Yes, residential property can be used as the registered office of a company. However, empty land or vacant buildings cannot be used as a registered office.
Q7. Can I start a business without registering it in India?
Ans. The answer is a big no! Registering a firm is not the only way to start a business in India. The simplest way to start your own business is to acquire any tax license, like service tax filing.
Q8. How much does it cost to register a small business?
Ans. In some states, you can file your name statewide by filing a form and paying a fee and the fee varies in different states.
Q9. How do I register my business legally?
Ans. There are three options for business name registration.
1. Use a Doing Business As (DBA) The easiest way to register a business is to file a DBA, also sometimes called registering a fictitious business name, with your state or county clerk office.
2. Create a Business Structure.
3. Register a Trademark.
Q10. Can a Limited Company buy a new house?
Ans. If you are a contractor, business owner or independent professional you may have considered buying property through your business. However, depending on your individual circumstances, it can be tax efficient to buy an additional property through your company.
Q11. Can I transfer my property into a limited firm?
Ans. In order to transfer the properties into a limited company, the properties must be legally sold and it may rise to some additional costs such as stamp duty, land tax etc.
Q12. What are the advantages of a private firm?
Ans. There is limited liability protection under this firm and the firm has its own separate legal identity. The ownership of the business can be transfer easily.
Q13. Which is better, an LLP or a Private Limited Company?
Ans. Private limited firms have greater applicability. In addition to all an LLP can offer, a private firm distinguishes between shareholders and directors.
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We at GSB Taxation believe in high quality and exceptional customer service but most importantly, we believe helping others should be the primary purpose of a good service agency. So, we strive to give the best services at the most affordable prices. We’ve come a long way, so we know exactly which direction to take when supplying you with high quality yet budget-friendly services. Whether it is a Private Limited Company Registration, LLP Registration, One Person Company Registration or an FSSAI License Registration, we got it covered. We know that it’s hard for a person to stand on its own. He/she have to think twice before taking any step. Therefore, GSB Taxation offers all of these and other major services with excellent and friendly support in order to do the best for you. We are here to help you in nourishing your business. Trust our dedicated team get ready to live your dreams with us.