All You Need to Know
Private Limited Company is one of the most preferred types of Company registration among entrepreneurs and startups in India. Its quick decision making, lesser compliances, and ease of fundraising make it the most successful form of business structure.
Private Limited Company is a company with a limited liability governed by the MCA (Ministry of Corporate Affairs) and regulated by the Companies Act, 2013. It is a registered entity having separate legal identity from its members. Shares of Private Limited Company are closely held which are not publicly traded. All the aspects of Private Limited Company are discussed in the article.
Advantages of Registering A Private Limited Company
No Minimum Capital Required
There is no minimum capital requirement for registering a Private Limited Company. Earlier minimum capital requirement of Rs100,000 have been omitted now.
Minimum 2 and Maximum 200 Members
A private company can have a minimum of just two members (but just one is enough if it a One Person Company), and a maximum of up to 200 members.
Liability of Private Limited Company members are limited to the extent their capital contribution in the company. Means in case of unforeseen situation of insolvency the liability of members cannot be more than the amount invested in the company. Thus it provides security to the personal assets of members.
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Since Private Limited Company is a registered entity having it own identity in the eye of laws it can easily raised fund from its members and obtain loans from Banks and Financial Institutions.
Privileges and Exemptions
Since Private Companies do not freely transfer their shares and involve limited interest by members, there are various privileges and exemptions given to the Private Limited Company in the form of lesser compliance and taxability.
Steps to Register Private Limited Company
Documents Required for Private Limited Company Registration
Private Limited Company Registration Fees
Choose Your Package
Sourcepect can help your online company registration in India at a very affordable price within 7-8 business days subject to government approval.
Sourcepect is an online platform that helps in end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. The process of Private Limited Company registration is easy, cheap, and quick at Sourcepect. Sourcepect also provides LLP Incorporation, Partnership Registration, and One Person Company Registration.
Frequently Asked Questions
How to reserve name of Company?
For reserving names, part A of Spice+ is required to file mention maximum two names in order of preference. While filing name reservation it shall be noted that names shall be unique and fulfilling other mandatory requirements of Company Law.
Who can become director of a Private Limited Company?
There is no specific requirement to become director of Private Limited Company. Any natural person of age 18 years or above having DIN (Director Identification Numbers) can become Director.
Can I register a Private Limited Company at my residential Address?
Yes, one can register Private Limited company any commercial or residential address subject to submitting a valid address proof (Electricity bill or other utility bill) and NOC from landlord if it is rented place.
Can one person register Private Limited Company?
Minimum two members are required to register private Limited Company. However Company Act, 2013 introduced new concept of one person limited company popularly know as OPC in which even one person can register the Company.
What id Digital Signature Certificate?
A Digital Signature certificate is use to digital signing of documents. It is essential to obtain before proceeding Company registration.
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