Private-Limited-Company


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Private Limited Company

OVERVIEW

The most famous and commonly used form of corporate legal organisation in India is private limited company. The incorporation of private limited corporations is covered by the Companies Act 2013. Private Limited companies are the most popular legal structure of the business. Generally, Start-ups and businesses with bigger growth aspirations choose to start a private limited company.

DEFINITION

A private company is defined in Section 2(68) of the Companies Act, 2013. It's a company that:

Restricts the transfer of its shares
Limits the number of members to 200, except for One Person Companies
Prohibits public subscription to its securities
Must add the word "private" after its name

CHARACTERSTICS

MEMBERS - Minimum of 2 members, maximum 200 members.
DIRECTOR- Minimum of 2 directors, maximum 15 directors.
LIABILITY- The liability of all members or shareholders of a private limited company is limited.
PERPETUAL SUCCESSION- It means the company will continue to exist in the eyes of the law irrespective of insolvency, bankruptcy or death of any of its members. The life of the company continues to exist forever.
NAME- A private limited company name must have the words ‘Private Limited’ after its name.

TYPES OF PRIVATE LIMITED COMPANIES

LIMITED BY SHARES: In this case, the liability of the members is limited to the amount unpaid towards the company with regard to the shares held by them.
LIMITED BY GUARANTEE: The liability is limited to the sum of money the members guarantee to pay if the company is wound-up.
UNLIMITED LIABILITY: The liability of members is unlimited, which means that members’ personal assets can be sold when the company is wound-up.

PROFESSIONAL CERTIFICATION

For establishing a private limited company, certification by professionals is necessary. A professional such as a chartered accountant, company secretary, or cost accountant must make his/her certification when applying for company registration.

BENEFITS

Easy transferability of shares - Shares of a company limited by shares are transferable by a shareholder to any other person. The transfer is easy as compared to the transfer of an interest in a business run as a proprietary concern or a partnership.
Borrowing Capacity - A company enjoys better avenues for borrowing funds. It can issue debentures, secured as well as unsecured. Even banking and financial institutions prefer to render large financial assistance to a company rather than partnership firms or proprietary concerns.
Capital Requirement - Whatever amount the founder members deposit from their OWN POCKET is called CAPITAL. It could be the amount that you need to start the business. There’s no minimum or maximum limit to this.
Eligible to apply for Start-up India and take benefits from the Start-up India registration.
No need to appoint independent directors.

DOCUMENTS REQUIRED FOR INCORPORATION

KYC of Directors and subscribers.
Company’s Registered office address with address proof (utility bills not older than 2 months)
Directors and company’s mobile number and Email ID.
Address proof of directors (utility bills not older than 2 months)

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