Under section 2 (68) of the companies Act, 2013, a Private Limited Company is a company having a minimum paid-up share capital and which by its articles -
A company must fulfill the following conditions to be registered as a Private Limited Company:-
The process of registering a Private Limited Company is quite simple and hassle-free. Here is a step by step guide on how to register a Private Limited Company:-
Note: The documents have to be self-attested copies and should be properly scanned. Also, all the bills should not be older than two months.
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No Private Limited Companies cannot list their shares on Stock Exchange and thus are not available to the normal public.
A Private Limited Company can have a minimum of 2 Directors and a maximum of 15 directors. The minimum number of shareholders must be 2 and the maximum number is 200.
Yes, foreign investors get quite attracted to the growth potential of private companies.
Private Limited Companies that have an annual turnover of fewer than 400 crores are taxed 30% of their total income while the companies whose turnover crosses 400 crores are taxable at 25% of their total income. Apart from this, the income tax surcharge, education cess, secondary and higher education cess are also applicable to them.
Under the Companies Act 2013, the government has laid the rules for starting a One Person Company Private Limited, hence, a single individual can incorporate a Private Limited Company with one director only.
Shutting down a private Limited Company can be done in three ways:-
Selling off- one of the ways is by selling off the shares to another person/company and thereby transferring all the rights and responsibilities to the other person.
Strike off the company- a company that has not been functional in the past can get its name struck off from the Registrar of the Ministry by applying in the Fast Track Exit form.
Winding up - Any company whose partners decide to close down by mutual agreement can do so and after the winding-up, the relevant documents must be presented before the court for getting the order of dissolution.
Yes, as per the Companies Act, 2013, any startup or an established company needs to get a mandatory account audit done. After the incorporation of the company, it is mandatory to appoint an auditor within 30 days.