Private Limited Company is the most common and popular form of doing business in India. Private Limited Companies formed under the eyes of Law and regulated by Ministry of Corporate Affairs. The minimum requirement of Private Limited Company registration is minimum 2 directors and Paid up capital of Rs. 1.00 Lakh. The Private Limited Company enjoys the benefit of Separate Legal Entity and have the Liabilities of the members is restricted to the extent of their Shares capital. The shareholders are the co-owners of the company which are called as members. As per Companies Act 2013, the restriction of members in the Private Limited Company is 200. A private Limited company has a restriction that it can not offers it shares to the public.
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Some of the advantages of a being Private Limited Company are as under:
Limited Liability:- The liability of the Shareholders of the Private Limited company is restricted to the amount unpaid on thier shares. Under Proprietorship and Partnership firms the Liability of the Proprietor and Partners are unlimited.
Perpectual Succession:- The company being an Artificial Person cannot die. The company enjoys the perpectual Succession. Perpetual succession refers to the continuous succession of a company even after the death of any of the director and/or shareholders.
Separate Legal Entity:- The Private Limited Company is created under the eyes of the Law hence company is an Artificial Person. The company enjoys all the benifits like a natural person. The Comapny is separate from its Directors and Shareholders.
Capacity to sue and be sued:- The Private Limited Company can initiate the legal proceedings against any person in the courts. The private limited company can sue and be sued in its own name.
Can own Property:- The Private Limited Company enjoys the benefit the Separate Legal Entity, hence can own the property under its own name like a Natural Person.
Easy Transfer of Shares:- The shareholders of the company can easily transfer the shares to the anybody. There is a provision under Companies Act, 2013 as regard to Transmission and Transfer of Shares.
PAN Card of proposed Directors
Passport / Voter ID / Driving Licence / Aadhaar Card
No Objection Certificate (NOC) from the owner
Latest Photographs of the proposed directors
Electricity / Water / Telephone Bill / Bank Account Statement of the proposed directors
Minimum Shareholders for Setting up a Company
Minimum numbers of shareholders needed to start the business are only 2.
Exception from Certain Statutory Compliances
A private limited company is subject to certain exemptions regarding compliance with regard to Director Remuneration, Unsecured Loans from Directors and General Meetings.
Private Limited Companies can raise capital only by private placement of shares and private deposits.
Company will not be affected with the change of Director or death of any member. It is continuous existence of Organisation despite of any changes.
Capacity to sue and be Sued
Company is a separate legal entity which has the capacity to sue and be sue in its own name as per court of law.
Separate Legal Entity
A company is a separate legal entity that enjoy a distinct entity from its members