Private Limited Company

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Private Limited Company Registration

APPLICANT NAME * MOBILE NUMBER * EMAIL ID * PROPOSED REGISTERED ADDRESS OF COMPANY * STATE * PINCODE * AUTHORIZED CAPITAL (INDIAN RUPEES) * NUMBER OF DIRECTORS *

I AGREE TO THE TERMS OF SERVICE

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What Is a Private Limited Company?

Under section 2 (68) of the companies Act, 2013, a Private Limited Company is a company having a minimum paid-up share capital and which by its articles -

Restricts the right to transfer its shares,
Limits the number of members to two hundred, except for One Person Company(where two people jointly hold one or more shares, they may be treated as a single member)
Provide that persons are currently in the employment of the company, or,
Persons who were members while their employment ceased will not be included in the number of members.
Prohibits trading of shares publicly.

Requirements Of A Private Limited Company

A company must fulfill the following conditions to be registered as a Private Limited Company:

Minimum 2 shareholders and 2 directors
The shareholders can either be individuals, companies, or any LLPs, but the Director must be an individual only.
It is unnecessary that the shareholders become the Directors, and it isn't necessary that Directors need to be shareholders in the company.
There are no minimum requirements for authorized as well as paid capital.

Features of a Private Limited Company

A Private Limited Company is a separate legal entity and works independently under its own brand name.
A Private Limited Company continues to exist even in cases of bankruptcy, death, insanity, or change in membership.
A minimum of two directors is required to form a private limited company, and one must be an Indian citizen.
The maximum number of members a Private Limited company can accommodate is 200.
Private Limited Companies need to be operated with a minimum paid-up capital of around 1 lakh.

How to Register A Private Limited Company?

The process of registering a Private Limited Company is quite simple and hassle-free. Here is a step-by-step guide on how to register a Private Limited Company:

Visit our website https://startupindiaonline.in/ and click on the Business Formation tab, then select Private Limited company from the drop-down menu.
Fill out the form containing basic details like the applicant's name, mobile number, email ID, address, state, and the amount of capital, then submit it.
Pay the required fee by choosing from the various payment options available.
Our executives will assist you with a call shortly to carry the application process to the next level.

The Documents Required For Registering A Private Limited Company

The following list of documents are required when an individual stakeholder is applying for registration of a private limited company:

PAN card of the would-be Director
Any of the self-attested valid address proof such as Electricity Bill, Mobile Bill, or Bank account statement (not older than two months)
Aadhar card
Valid ID proof such as Passport, Driving License, or Voter ID card

In case the Company is a corporate body and the stakeholder is not an individual, the following list of documents are required:

Photocopy of the PAN card with a seal and signature of the Authorized person
Letter of Consent from the Board
Any of the address proof such as Electricity Bill, Mobile Bill, or Bank Account statement not older than two months
Address proof of the Office is also required to be submitted

Note: The documents have to be self-attested copies and should be properly scanned. Also, all the bills should not be older than two months.

Documents Required For Public Limited Company Registration

Perpetual succession: Private Limited companies follow the policy of perpetual succession and continue to exist regardless of ownership changes, death, or even bankruptcy.
Limited Liability: Private Limited companies limit the liability of shareholders and directors. In financial crises, the director’s shares are frozen and remain safe.
Equity funding: Since shareholders and directors have separate shares, the company can raise capital through equity funding by selling shares.
Great Borrowing power: Private Limited Companies, perceived as low risk, are favorable for banks and financial institutions for lending. They can issue shares, debentures, and funds to generate capital.
Endless opportunities for expansion: Private Limited Companies have ample opportunities for domestic and international expansion, attracting foreign companies for investments.
Great credibility: LLPs face fewer legal restrictions, enhancing their credibility as they adhere to fewer compliances.
No mandatory audit: Private Limited Companies provide information to the registrar, increasing public domain transparency and credibility.
No restriction on the number of partners: Although LLPs require a minimum of two partners, there’s no maximum limit.
LLP as a sole entity: LLPs, although requiring two partners to form, have no cap on the number of partners they can have.

The Pitfalls of Registering a Private Limited Company

There can be a conflict of interests between shareholders and directors.
The various legal formalities associated with the registration of Private Limited Companies can be quite overwhelming and complying with all the government rules and regulations can cause a burden for some.
As private Limited Companies need to provide all their details open to the general public, therefore, nothing remains personal.
Private Limited Companies restrict the transference of their shares to the public.

Conclusion

We at Filinglounge assist you in registering your Private Limited Company with utmost ease. We have a team of experienced professionals to take care of all the requirements including the documentation and ensure timely support and proper management. Please Follow our Facebook page for regular updates.