What are the different types of Private Limited Companies?
Corporations Act, 2013 permits for the incorporation of several types of corporations with various ranges of legal responsibility for the shareholders and members. Based mostly on the necessities of the enterprise, the promoters can additional select between the next three kinds of Private Limited Company – along with selecting between the entities (LLP, Personal Restricted Firm, One Individual Firm).
Firm Restricted by Shares
For an organization restricted by shares, the legal responsibility of the members is proscribed by the Memorandum of Affiliation to the nominal quantity of his/her share or a lot which stays unpaid. Subsequently, the legal responsibility of the shareholder with respect to a Personal Restricted Firm restricted by shares is restricted to the paid-up share capital or any quantity that continues to be unpaid. The shareholder can’t be held liable or requested to pay greater than his/her share capital invested within the firm.
Firm Restricted by Assure
In a Private Limited Company – restricted by assure, the legal responsibility of the members is proscribed to the quantity of legal responsibility undertaken by every of the members within the Memorandum of Affiliation. Subsequently, the members of a Personal Restricted Firm – Restricted by Assure can’t held answerable for an quantity greater the quantity of assure undertaken by the member within the Memorandum of Affiliation.
Additional, the assure of the members in a Firm Restricted by Assure will be called-for solely within the case of winding-up of the Firm. When the corporate is a going concern, the assure of the members of a Firm Restricted by Assure can’t be revoked. A personal restricted firm – restricted by assure is appropriate for golf equipment, commerce associations, societies and for entities that require very minimal capital or working capital funds.
Limitless Corporations
Limitless corporations are these kinds of firm that wouldn’t have any restrict on the legal responsibility of its members. The legal responsibility of every of the members extends to the entire quantity of the corporate’s money owed and liabilities.
Subsequently, the collectors of an infinite firm have the flexibility to implement the debt and legal responsibility of the corporate on the shareholders, if wound-up. Regardless of NOT giving the shareholders restricted legal responsibility safety, an infinite firm remains to be thought of to be a separate authorized entity. Subsequently, the members of an infinite firm can’t be sued individually.
Documents Required For Company Registration
- Copy of PAN Card of partners
- Passport size photograph of partners
- Copy of Aadhaar Card/ Voter identity card/ Driver’s license as address proof
- Electricity/ Water bill/ Telphone bill/ Latest bank statement as proof of Registered Office (Business Place)
- Copy of Rent agreement (If rented property)
- Landlord NOC (Format will be provided)
- Copy of Property papers(If owned property)
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