Private Limited Company (PLC)

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Private Limited Company

A Private Limited Company also known as a privately held company, is a company whose shares not be offered to general public but private issues are made. It offers limited liability and legal requirements are less strict then those of a public company. In India a Private Limited Company lies somewhere between a partnership firm and a widely owned public company. It can be registered with a minimum of two people. In a Private Limited Company a person can be both a director and shareholder.

The liability of the members of a PLC is limited to the number of shares held by them. In India a private Limited company can begin with operations after getting the Certificate of Incorporation. A PLC can be incorporated within a time period of 15 working days.

    • Selection of a suitable unique name of the company
    • Application to concerned ROC
    • Arrange for the drafting of the memorandum and articles of association
    • Filing of the Forms & Documents

    After completing the process for incorporation, the process of the registration of the Private Limited Company needs to be done. In India registration of a Private Limited Company (Pvt. Ltd. Co.) rules are governed by three major bodies namely, Companies Act, 2013, Ministry of Corporate Affairs and the Companies Incorporation Rules, 2014.

    Do not miss about filing Form INC 20A once you start your company.

A private limited company must have a minimum of two Directors and can have maximum fifteen Directors. But if you are a sole owner, you can incorporate an OPC as well.

In India it generally takes 8-10 working days to register as a Private Limited Company. However, this is dependent on the workload of the registrar.  To ensure quick and speedy registration, choose a unique name for your Company. The registration fees for  incorporation of a company is inclusive in the package offered to you.

The DSC is an instrument which is issued by certifying authorities (TCS and n-Code are two of them) by which you can sign electronic documents. Since, all the documents are electronic, a Digital Signature is required for all Directors of the proposed Company.

Yes, in India a Foreign National or an NRI can become a Director of a Private Limited Company after obtaining Director Identification Number (DIN). However, it is necessary that at least one Director on the Board of Directors must be a Resident India.

No, FDI is not allowed for One Person Company. If it does then it will lose its very n

Yes, a foreign parent company can incorporate a wholly-owned subsidiary in India, as a fully owned Private Limited Company subject to the Foreign Direct Investment (FDI) Guidelines.

ature of One Person Company.

No, the registration of a new company is entirely an online procedure. A scanned copy of all the required documents have to be sent via mail , and one does not have to be present at our office or any other place for the incorporation. They get the company incorporation certificate from the MCA via courier at their provided business address.

The cost can be divided into four categories:

  • cost of setting up a private limited company,
  • accounting and auditing cost
  • cost of compliance and
  • miscellaneous expenses.

There is no minimum required cost for starting a PLC. One may run a PLC at the very minimum cost of spend Rs. 40,000 on all of these.

Yes, a company must have an audit book, as it is necessary for a company to maintain a record of all the financial information. An auditor must be appointed within 30 days of incorporation.

The articles of association set out how the company is running, governed and owned on the other hand memorandum of association is the document that sets up the company. 

Any individual/organization (including NRI/foreigners) can become a member of a private limited company. The individual must be 18+ able to make sound decisions and should hold a valid PAN card.

Yes, director of a private limited company can also be a salaried person.

Yes, as per the provisions contained in Section 366 of the Companies Act, 2013 and Company (Authorized to Register) Rules, 2014, a limited liability partnership (LLP) can be converted into a Pvt. Ltd. Company.

  • Yes, a company is a separate legal entity as distinct from its members. Therefore it is established separate at law from its shareholders, directors, promoters etc like a different person under the Act. It is treated as a different person that can own a property and have debts or creditors. The members (Directors/Shareholders/promoters) of a company have no liability to pay back company debt in case company is unable to pay the debts.

Yes, it is a good to register a family member as a partner in company. At a later stage one can change this by transferring shares of the directors.

Yes any FLLP may establish its place in India by filling Form 27 (Registration of particulars by Foreign Limited Liability Partnership (FLLP). The e-Form has to be digitally signed by the authorized representative of the FLLP. There are no mandatory requirements to apply and obtain DPIN or DIN for the Designated Partners of the FLLP, but the DSC of the authorized representative is obligatory.

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