Struck off companies are those companies which are not been filing their annual compliances for a couple of years or more. Such companies are therefore considered (by RoC) not to carrying on their business.
Director of a company is a person delegated by the shareholders to manage the activities of the company. Legally it’s advisable to make any change in the Board of Directors (BD) of a company as per the provisions given in the Companies Act of 2013. The need for change in director of a company must be duly justified and approved by all the shareholders/existing directors of the company.
If you want all your official communication and reminders to be sent to a different address apart from what was mentioned at the time of incorporation, then changing registered office address will solve your query. You can change your registered address within the same state or to a different state.
Ownership of a company is with the shareholders of that company. Transfer of ownership to any person or entity can be initiated by the process of relocating shares of the company to that person or entity. Before transferring shares to any outside entity or person, it’s mandatory to review the AoA of the Company.
An increase in authorized capital can be possible by issuing new shares and/or inducing more capital into the Company. The common authorized capital of the Company is declared in the Memorandum of Association and is basically Rs. 1 lakh. An organization can increase the authorized capital at any time with the consent of existing shareholders and by applying with additional fee to the Registrar of Companies.
Every entrepreneur wants its business to flourish more & generate profits, but there are multiple scenarios wherein an entrepreneur has to take the decision of closing down his business. In legal terms, we call it as winding up of a Private Limited Company. It is the last stage of a Private Limited Company in which its presence for past several years is dissolved and all its assets are used to pay off the creditors, shareholders and other liabilities.
Every entrepreneur wants its business to flourish more & generate profits, but there are multiple scenarios wherein an entrepreneur has to take the decision of closing down his business. In legal terms, we call it as winding up. It is the last stage of a company in which its presence for past several years is dissolved and all its assets are used to pay off the creditors, shareholders and other liabilities.
A Limited Liability Partnership (LLP) may prove to be a much superior business structure than a regular partnership. LLP are having minimal compliances, tax benefits, limited liability, separate legal entity, no audit requirements below a certain capital, no cap with regard to the number of partners etc.
Conversion of Partnership Firm Into Private Limited Company
Anyone can choose a Private limited company to build a scalable business. It’s the most famous legal structure for business. There is limited liability for all the directors, in case of bankrupt, banks/creditors can sell only company assets but not the personal assets of directors.
A Sole Proprietorship is an easy structure to start your entrepreneur journey, but it might create obstacles in your future growth. If you’re looking to add partners in your business to have more diversity in thoughts, but don’t want too much of disturbance, in the way of compliance, structure or cost, it is wise to switch to an LLP.
The partnership is when two or more people agree to go into business together and both might be from same family or same association, whether or not they have a written contract. Ideally its mandatory to validate the details in a partnership agreement that specifies each partner's rights, responsibilities, and share of the profits.
Converting your sole proprietorship into a Private limited company is often a wise decision. Changing your existing structure of Sole proprietorship to a private limited company might help you to expand your business reach, have better access to various sources of financing, protect your personal assets, manage your liabilities, enjoy tax incentives and benefits given by Govt., attract more investors and approach quality talent for your company.
Convert limited liability partnership (LLP) to a Private Limited Company
Starting a business with a Limited Liability Partnership (LLP) is a good idea. The next stages is when you what to convert Limited Liability Partnership (LLP) to a Private Limited Company for more growth in business or maybe for Funds Raising.
Conversion of Private limited company to Section 8
When a registered private limited company wants to convert themselves to section 8 company then have to seek approval from its existing member in AGM/EGM after passing a special resolution in that meeting.
After this company need to file MGT-14 within 30 days from the date of the resolution to the registrar of the company and for further Process Company need to comply following steps
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