A Private Limited Company; where the management is different from its ownership. Means private limited company owned by minimum two and maximum 200 members and these members have limited liability over their ownership. The shares cannot openly sell out to general public that are only limited to other shareholders of the same company. Private limited company formation in India is made as per New Companies Act 2013 that comprised of several points and procedures for forming a private limited company. Here in India, there are several Registrar Office of Company situated at different states and union territories of India in order to handle the applications for company registration from different regions of the country. This ROC is worked as per New Companies Act 2013 and administered under Ministry of Corporate Affairs.
While forming a private limited company in India; there are several rules and regulations that are exempted from the same like private limited company need not to file an application in a form of prospectus to the Registrar and need not to file an application for obtaining a certificate for commencement of business and need not to file the statutory report. The main advantage of these companies are can be continue even after death or desert of members as ownership and management are different from each other; secondly, members enjoy the benefit of limited liability and less legal restrictions.
Documents Required For Pvt Ltd Company Formation
Documents are the legal formalities as prescribed by the New Companies Act, 2013 where one company needs to accompany before filing an application for company formation.
- Need to file an application for approval of name while applying to ROC in the same state where the head office of the company is being located.
- After approval of name; get file an application for registration to the same ROC.
- Need to submit MOA / AOA with company registration fees and other documents like members details, owner's details with ID proofs and company aims and objectives in brief and all documents need to be stamp.
- After verification of all these documents; one need to file an application for obtaining certificate of commencing of private limited company.