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Fastest Private Limited (Pvt. Ltd.) Company Registration In India | Same Day Process
Register your startup company as private limited with Plead Law. Our experienced CA/CS will draft & complete all the documentations on the same day.
Overview
Private Limited Company in India is one of the popular forms of business entities. Approximately 90% of companies in India are registered under Private Limited Company. There are more than 150,000 companies that are being registered on a yearly basis. It is a separate legal entity with limited liability and perpetual existence incorporated now under the Companies Act, 2013.
Eligibility to form Private Limited Company
- Number of Directors- Minimum 2 and Maximum 15.
- Citizenship- At least one director should hold Indian Citizenship.
- Number of shareholders- Minimum 2 and maximum 200. However, one person can act as both director and shareholder
Comparison
Private Limited Company | One Person Company | Limited Liability Partnership | Partnership Firm | Proprietorship Firm | |
Act | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Partnership Act, 2008 | Indian Partnership Act, 1932 | No specified Act |
Registration Requirement | Mandatory | Mandatory | Mandatory | Optional | No |
Number of members | 2 – 200 | Only 1 | 2 – Unlimited | 2 – 50 | Only 1 |
Number of Director/Partner | 2 – 15 | Only 1 | 2 – Unlimited | 2 – Unlimited | Only 1 |
Separate Legal Entity | Yes | Yes | Yes | No | No |
Liability Protection | Limited | Limited | Limited | Unlimited | Unlimited |
Statutory Audit | Mandatory | Mandatory | Dependent | Not mandatory | Not mandatory |
Ownership Transfer ability | Yes | No | Yes | No | No |
Uninterrupted Existence | Yes | Yes | Yes | No | No |
Foreign Participation | Allowed | Not Allowed | Allowed | Not Allowed | Not Allowed |
Tax Rates | Moderate | Moderate | High | High | Low |
Statutory Compliance | High | Moderate | Moderate | Less | Less |
Required Document
Passport Size Photograph
PAN Card
Registered Office Proof
Copy of Aadhaar Card
Address Proof
No Objection Certificate
Advantages of Becoming Private Limited Company
Limited Liability
If a private limited company was in financial trouble and had to close, shareholders would not risk losing their personal assets.
Selling the Business
As business Corporation value will be based on the business, not the owner, therefore making it easy to sell the company.
Separate Property
A Company as a legal entity is capable of owning its funds and other properties. The property of Company is not the property of its shareholders.
Helpful in Startup India Registration
Under the Startup India scheme you can avail lot of the benefits like raise the funds, subsidy for the trademark registration etc.
Better Governed
Companies are governed by the companies Act, 2013 and have to follow various other regulatory procedures during the course of its governance.
Raising Money
As per Companies act 2013 a company can sell shares to the public or can accept deposits from public and can therefore raise money easier than other business structure types.
Easy Transferable Ownership
It is easier to subscribe or leave the membership of the company. Also it is easier to transfer the ownership.
Perpetual Succession
The company shall continue to exist till it’s wound up in accordance with the provisions of the relevant law.
Taxation
Companies are often taxed at a lower rate and are provided with better taxable benefits as compared to other forms of business organization.
Capacity To Sue
As a juristic legal person, a company can sue in its name and be sued by others.
Compliances for a Private Limited Company in India
In order to get a compliance certificate for the private limited company registration there are various aspects that need to be kept in mind. Some of the elements are:
2 board meetings in a calendar year with 1/3rd of the total number of directors or a minimum of 2 directors. The minutes are to be recorded.
An AGM is required to be conducted every year and there should be a gap of 15 months between each of the two AGMs.
Appointment of the Auditor within 15 days of the incorporation of the company through Form ADT-1 to the RoC.
Apart from these there are other requirements too which are:
Director
Discloser :
The Other Non-
RoC Compliances are :
TDS/TCS payment | GST payment and GST filing | Other payments of periodic dues | Filing of quarterly TDS returns | Advance tax payment | Filing of IT returns | Filing of tax audit reports | Tax audits
Process of Registering PVT. Ltd. Company
Fill the form and make the required payment for the application.
Post-Payment the experts will call back and proceed accordingly.
A draft regarding how to register a pvt ltd company will be made.
The DIN Number and the DSC will be applied for.
AOA and MOA are the next document that needs to be submitted for approval.
Once all the process is done it is just a matter of time before one gets to register a company.
After the private limited company registration, the document is then sent to the person.
All documents are then sent to the Registrar Of Companies (ROC) of the concerned state for registration and incorporation.