Private Limited Company


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Almost 90 percent of the Companies incorporated in India are registered as Private Limited Companies. It is governed by the MCA (Ministry of Corporate Affairs) & regulated by the Companies Act, 2013 & the Companies Incorporation Rules, 2014. As the name suggests, a private limited company means privately held business. It is held by private stakeholders. Or a private limited company is owned entirely by a relatively small group of individuals or by family members. And the private limited company is required to have minimum two (2) directors and maximum fifteen (15) directors (can have more than 15 by passing special resolution) and private limited company can have minimum member (shareholders) two (2) and maximum two hundred (200) shareholders. Company members and directors are often the same people, which means a company can be owned and managed by the same people.

 

In India, many startup businesses or entrepreneur choose to operate business under private limited company. Unlike working as a sole proprietorship or being in a partnership. A Private Company Limited by Shares (or just a Private Limited Company) is a classic form of legal entity that is separate and distinct from its shareholders and directors. Or in other word Private Company is a separate legal entity having perpetual succession, with limited liability only up to the share of capital. A shareholder is not personally liable to the amount of the debt and its personal assets won’t attach to pay the debt.

PAN Card

Self attested PAN Card issued by I.T. Department

Aadhar Card

Self attested Aadhar Card issued by UIDAI

Id Proof

Self attested id proof (Voter ID/DL/Passport)

Address Proof

One month bank statement or telephone bill

Photograph

A latest passport-size colour photographs

Utility Bill

Latest electricity bill with NOC

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Characteristics of Private Limited Company


Separate Legal Entity

A Company is a separate legal identity in the court of the law, means assets & liabilities of the business are not the same as the assets & liabilities of the members, both are counted as different.

Limited Liability

The liability of each promoter is limited to the contribution made by them. Promoters are under no obligation to pay any more than the value of the shares they have taken in the business.

Perpetual Succession

A company hold ‘perpetual succession’ status which means the company continues existing according to the law even on account of death, insolvency, the bankruptcy of any of its members.

Name

Every company registered under Companies Act, 2013, must add suffix that indicates the type of company. For company registered as Private Limited Company words “Private Limited” is suffix.

Restriction of selling share

There is a restriction on the transferability of shares in these companies. But not prohibited by the Company act. Shareholders need to discuss & take consent of other shareholders for the transfer of shares.

Separate Management

A company is administered and managed by its Board of Directors. The shareholders are simply the holders of the shares in the company and need not be necessarily the managers of the company.

Benefits of Private Limited Company

Funding Opportunities

The ability to raise capital and encourage investment into your business is one of the advantages of a Pvt Ltd Company. Raising money under partnership firm can be difficult.

Greater Flexibility

A private company is required to perform lesser legal formalities as compared to a public company. It enjoys special exemptions and privileges under the company law.

Tax Efficient

It’s well known that a Private Limited Company is more likely to be tax efficient compared to a sole trader, and that is one of the many reasons it’s a popular business model in India.

Prestige & Assurance

The transparency of running your small business as a private limited company provides a level assurance to potential investors, partners, customers and other stakeholders.

Documents required

PAN Card

Self attested PAN Card issued by I.T. Department

Aadhar Card

Self attested Aadhar Card issued by UIDAI

Id Proof

Self attested id proof (Voter ID/DL/Passport)

Address Proof

One month bank statement or telephone bill

Photograph

A latest passport-size colour photographs

Utility Bill

Latest electricity bill with NOC

Frequently Asked Questions

Section 2(68) of Companies Act, 2013 defines private companies. According to that, private companies are those companies whose articles of association restricts the right to transfer its shares or except in case of One Person Company, limits the number of its members to two hundred or prohibits any invitation to the public to subscribe for any securities of the company.
A Private Limited Company must have a minimum of 2 Directors or 2 Shareholders and can have a maximum of 15 directors or 200 Shareholders. One of the Directors of a Private Limited Company is mandatorily required to be an Indian resident. The other Director(s) can be a Foreign national.
The authorized capital is the capital limit authorized by the Registrar of Companies up to which the shares can be issued to the members / public, as the case may be. The paid-up share capital is the paid portion of the capital subscribed by the shareholders.
This is a certificate issued by the registrar of companies (roc) on successful incorporation of company. The certificate states the company corporate identification number, name, address and date of incorporation.
The Companies Act requires all companies formed in India to submit documents that declare the capital structure of the business, the business it is into and how it is run, owned and governed. These details are contained in the Memorandum of Association and Articles of Association. The Articles of association provides a framework for how the company should be managed by the directors.
Companies Act, 2013, has introduced the concept of One Person Company (OPC) Private Limited, in which a single individual can start a Private Limited Company. Thus, if you plan to incorporate OPC, you can incorporate it with only one Director.
Yes, A company can change its registered office any time by complying with the provisions of Companies act 2013. The changed address can be situated within the same state or in a different state from the state in which it was originally registered.
Yes, any foreign national or company or an NRI (non-resident Indian) can become a director or hold a share of a Private Limited Company in India. But at least one director on the Board of Directors of a private limited company in India must be a Resident of India.
Yes, a salaried person can become the Director in Private Limited Company, but there should not any legal bondages with your employment agreement if it contains any restrictions on doing so.
All companies are required by Companies Act to keep a full record of income, expenditure, assets, and liabilities and statutory register such as shareholder register, director register and other register. These records must be kept safe at the registered office of the company or at the corporate office of the company.

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