What is a Private Limited Company?
About Private Limited Company Registration
A private limited company is one among the prominent legal structures for doing business in India. For Raising outside funding, private limited company registration is the best form available. The Liabilities of shareholders is limited to the extent of their shareholding and it enjoys perpetual existence. It is required to hold board meetings and file annual returns with the Ministry of Corporate Affairs (MCA), Private limited company registration has a lot of benefits when compared to a limited liability partnership (LLP), One Person Company (OPC) or ordinary Partnership firm. Private limited company registration/company Incorporation is a widely accepted business structure for startups.
There are few constraints for being a Private Limited company, minimum 2 to 50 members can be the member of any private limited company, minimum 2 directors (even members can be director), Minimum Authorized Capital of Rs. 1 Lakh (it’s just proposed share value limit and there is no requirement to invest completely authorized Capital Amount).
Private limited company’s director has only restrained liability to creditors. Bankers or Creditors can only sell Private limited company’s properties to get payback, they can’t sell personal assets of private limited company’s director.
Nowadays private limited company registration structure is highly preferred from startups & growing company, it helps them to collect funding or investment, limits the liabilities of its shareholder and push them to employee stock option to pull in top talent. Proworktree provides private limited company registration services across India.
Our goal at Proworktree is to get your company registered in Effective, Efficient and Economical way. This form of organization must have at least 2 directors and shareholders to initialize the process of establishing a private limited company. Proworktree provides you the most effective services for Company Registration in India.
Advantages Of Private Limited Company Registration
- It has limited liability and quite flexible.
- Stability & greater capital contribution.
- Freedom of expansion
There are various other reasons to choose private limited company registration:
- Banks, VCs & investors prefer Private limited company
- Distribution of share among investors or directors is somewhat easier.
- The separate legal entity for the limitation of your liability.
- Great combination of the flexibility of partnership as well as advantages of public Ltd.
- Documentation work is easy i.e. register, manage & run
Registering a Private Limited Company
How to register a start-up company in India
Fill-up company registration form : You have to initially fill-up the proworktree company registration form and submit the same.
Get DSC and DPIN from us : After filling up proworktree company registration form and your documents submission. We will provide DSC & DPIN. (1-2 working days)
Name approval and verification : Verification of all the details and after verification, we will apply for name availability using New RUN (Reserve Unique Name) Process. (1 working Days)
Submission of documents : after all the required documents are ready and we will file them with ROC on your behalf. (3-5 working Days)
Congrats : Your Private limited company registration is done, once your start-up company registration process gets over we will provide you incorporation certificate, AOA & MOA, DSC, PAN & TAN Number for your documentation purpose.
5 Steps for Online Company Registration
- DSC & DPIN application : For private limited company registration, the first step is applying for Digital signature and DPIN by proworktree team. For filing, digital signature is required which has been done through online. DPIN means director’s PIN number issued by MCA. You can skip this step if you already have DSC and DPIN.
- Name Availability & Approval : As per current Company Name Reserve system is modified by Reserve Unique Name (RUN), the applicant can apply only one unique name as his proposed company name in electronic form on MCA portal after paying prescribed fees. The said fees is non refundable as well as there will less chances given to resubmit the same application without paying fees again. The name should be unique and a symbolic of your private limited company business. The proworktree team helps you to decide your company name.
- MOA & AOA submission : After approval of the name, one needs to draft Memorandum of association (MOA) and Associate’s article. Along with MCA and subscription statement, MOA and AOA need to be filled. At proworktree we help you with excellent drafting services.
- Issuance of incorporation certificate : After proworktree team files incorporation documents, 2-4 days are required to file final forms for a private limited company registration and the issuance of incorporation certificate. It comprise of CIN number and it is the proof of that company has been created.
- PAN, TAN and Bank account application : Once PAN and TAN received thereafter you can submit the incorporation certificate, MOA, AOA, and PAN with a bank to open your bank current account.
A company is distinct and separate from its members who may die or change without affecting its continued existence until it is wound up on the legal grounds
For the debts of the company, its creditors can sue it and not its members whose liability is limited to the unpaid amount on shares held by them or the guarantees provided by them to contribute on the winding up of the company, depending on the type of company
For the debts of the company, its creditors can sue it and not its members whose liability is limited to the unpaid amount on shares held by them or the guarantees provided by them to contribute on the winding up of the company, depending on the type of company
A company can own property, have banking account, raise loans, incur liabilities and enter into contracts. Even members can contract with company, acquire right against it or incur liability to it
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