• Private Limited Company

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Private Limited Company

A Private Limited Company is a privately held small business entity. The liability of members of a private limited company is limited to the number of shares held by that member. A private limited company is governed by Companies Act,2013. Minimum number of shareholders required to start a private limited company is two while the upper limit of members is 200 in accordance with the Companies Act,2013.

A Private Limited Company is a privately held small business entity. The liability of members of a private limited company is limited to the number of shares held by that member. A private limited company is governed by Companies Act,2013. Minimum number of shareholders required to start a private limited company is two while the upper limit of members is 200 in accordance with the Companies Act,2013.

If a private limited company faces financial risk, its shareholders are not liable to sell their individual assets i.e. they have limited liability. There must be minimum two directors and maximum 15 directors for a private limited company and a director must be 18 years above in age. A foreign national can become a director of private limited company India. It is compulsory to add private limited (pvt ltd) to the name of a private limited company India. Minimum paid up capital amount for a private limited company is Rs. 1 Lakh. A private limited company keeps on existing even in the case of death or bankruptcy of its Members.

  • Share capital amount and proposed ratio for holding share.
  • A short description of the company and the business.
  • Name of the city where the registered office of the company is located.
  • Ownership and sale deed (In case your own premise).
  • Identity proof of the Directors and Shareholders (PAN Card).
  • Address proof of the registered office (Electricity bill, telephone bill etc.)
  • Address proof of the Director or the Shareholder (Voter ID, Passport, Driving license etc.)
  • A duplicate copy of the latest electricity bill, telephone bill, or mobile bill for directors.
  • liOccupation details of directors as well as shareholders.
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  • Email address of the directors and shareholders.
  • Contact details of directors and shareholders.
  • Passport size photo of directors and shareholders.
  • In case the property is on rent then you need to submit a copy of rent agreement with No Objection Certificate (NOC) from the landlord.
  • Affidavits for non- acceptance.

Limited liabilities

The liability of the members of private limited company is limited to their share only as the private limited company is separate legal entity. Limited liabilities means the individual do not have to spend their personal assets for the payment of the liabilities in the firm.

Legal entity are separate

One of the significant benefits that accompany private limited company is that the organization is a different lawful element according to the law. Because of this difference the individuals from private limited company are responsible just for the activity attempted by them and not by different individuals.

Easy to form

It is very easy procedure to form or start a Private limited company. As compared to the formation of public sectors the process is very simple.

Funds

Private limited company can borrow funds from the debentures as well as the shareholders. Banking and other financial organization provide assets on higher bases rather than other public sectors.

Several Tax advantages<

A private limited company enjoys more tax benefits than public sectors. Here the company pays corporation tax and gets rid from paying higher taxes.

Get several opportunities

In public sectors you might not receive any such legal entity as compared to the private limited companies.

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