PRIVATE LIMITED COMPANY
A Private Limited Company can easily be started and registered by a combination of two members. The day to day affairs of management is carried out by the directors. Books of accounts are properly prepared, maintained & their audit is compulsory once in a year. It can be wound up with the consent of members and also through court.
A private limited company can either limited by shares or by guarantee. A private company limited by shares is owned by its members & the liability of each member is limited to the original value of shares issued to them.
If the private company is limited by guarantee its members back it up financially, to a previously agreed amount, in times of trouble.
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Private Limited Company
1. Separate legal entity
2. No personal liability
3. Share the responsibilities
4. Tax Savings -It has the advantages of more tax-deductible allowances & costs, which are redeemable against profit.
5. Business Continuity -It can choose other people to take control when you were not there.
6. Members are well known to each other.
7. In the management of affairs and conduct of business is greater flexibility.
PROCEDURE FOR REGISTRATION
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Reserve Unique Name procedure
INC 32 with Spice INC – 33 (MOA) and Spice INC – 34 (AOA)
Affidavit and Declaration
Collect affidavit and declaration of subscribers and ID proof and address proof of subscribers
Collect Utility bill (Electricity bill, Water bill, Telephone bill etc.)
Collect Office address (Rent agreement with rent receipts or NOC [No Objection Certificate] and Building Tax Receipt
- Extra INR 2,000 for each Additional Director -