Starting a business is the toughest decision one can take but it gives you the maximum fulfillment of your dreams and desires. With big risk, massive rewards come. CorpSeed Welcomes you to the world of the business arena. Your decision to begin your entrepreneurial journey starts with the decision of selecting the right business structure to follow. We respect your daring and want to be a partner in your journey. A partner who can support you to select the right options for your business structure as well as support you in the initial setup of your business
Let’s take you to one step more closure to know Private Limited Company incorporation process and its implication on the business structure.
Anyone can choose a private limited company to build a scalable business. It’s the most famous legal structure for the business. There is a limited liability for all the directors, in case of bankruptcy, banks/creditors can sell only company assets but not the personal assets of directors. Due to its openness to all market scenarios, the private limited structure is very famous for small, medium and large businesses in India. This structure Is very flexible to external funding and investment. Stock option to employees is also possible through the private limited structure. A private limited company has more credibility as compared to other incorporation structures available.
If you want to limit your responsibilities, planning to get external funds /investment and want to be more credible in the market, then Private Limited Company (Pvt. Ltd) might be the best option to go with. Next step is to understand various other implications.
Steps to incorporate a Private Limited Company in India?
Step 1. Obtaining DIN & DSC
The initial step towards Private Limited Company Registration in India is to apply for DIN (Director’s Identification Number) and DSC (Digital Signature) of the Directors. Following documents are required in order to obtain the DSC and DIN:
Photo ID Proof of Business Owner: Aadhar card | Arms License | Department Id | Driving License | Freedom
Fighter id card | Pan Card | Passbook | Passport | Ration Card | Voter id card
Address Proof: Aadhar card | Arms License | Department ID | Driving License | Freedom Fighter ID Card | Pan Card | Passbook | Passport | Ration Card | Voter id card
Proof of Possession of Premises: Sale deed | Rent agreement | Electricity Bill, etc.
Photo: Passport size photograph
Step 2. Name Application Approval
One of the most important steps is to choose a unique and available name for the proposed Company.
Step 3. Application for Incorporation
It is the final step for Private Limited Company Registration Process. This requires filing of the Articles of Association of the Company and Memorandum along with several other documents by the proposed directors and shareholders.
After the Incorporation application is approved, the Registrar will issue a Certificate with a Corporate Identification Number (CIN). The TAN and PAN of the Company will be issued.
Benefits & Liabilities of a Private Limited Company
Benefits of a Private Limited Company
Shields personal assets from business liability, limits liabilities of Directors.
The Private Limited Company (Pvt. Ltd) continues to exist even after the death of the Shareholders
Open doors to raise capital from a venture capitalist, angel investor, financial institutions etc.
Creates brand value as private limited structure is more transparent compared to other business structures.
Ownership gets transferred by just transferring shares.
Private Limited Company is a unique identity, can own/acquire and alienate, property in its name. Property owned could be anything like copyrights, patents, machinery, building, intangible assets, land, residential property, factory etc.
It’s easy for a private limited company to get funding or borrow capital from angel investors/venture capitalists/banks/ financial Institutes in comparison to other company types.
Liabilities of a Private Limited Company
A private limited company must hold a board meeting annually
File annual returns with MCA (Ministry of Corporate Affairs)
Annual account audit by a CA is mandatory
Private limited company requires filing the annual return with the Income Tax Department
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Each company in India has to follow a set of compliances as set by different other regulatory bodies. The ‘Company Annual Compliance’ regimes need companies to gather their business information and update the regulatory bodies such as Ministry of Corporate Affair (MCA), Income Tax Department other regulatory bodies.
No, you need not to be present at our office or appear at any office for the incorporation of a Private Limited Company. All the documentation has been completed by us. In case of any communication during incorporation, we might use email to receive or send documents to you.
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