Company Incorporation

Characteristics of Private Limited Company Members– To start a company, a minimum number of 2 members are required and a maximum number of 200 members as per the provisions of the Companies Act, 2013.

Limited Liability– The liability of each member or shareholder is limited. It means that if a company faces loss under any circumstances then its shareholders are liable to sell their own assets for payment. The personal, individual assets of the shareholders are not at risk.

Perpetual succession– The company keeps on existing in the eyes of law even in the case of death, insolvency, the bankruptcy of any of its members. This leads to the perpetual succession of the company. The life of the company keeps on existing forever.

Index of members– A private company has a privilege over the public company as it don’t have to keep an index of its members whereas the public company is required to maintain an index of its members.

A number of directors– When it comes to directors a private company needs to have only two directors. With the existence of 2 directors, a private company can come into operations.

Paid-up capital– It must have a minimum paid-up capital of Rs 1 lakh or such higher amount which may be prescribed from time to time.

Prospectus– Prospectus is a detailed statement of the company affairs that is issued by a company for its public. However, in the case of a private limited company, there is no such need to issue a prospectus because this public is not invited to subscribe for the shares of the company.

Name– It is mandatory for all private companies to use the word private limited after its name. give numbers to every point: this is Characteristics of Private Limited Company Procedure to register Private Limited Company
Once a name for the company is decided, the following steps have to be taken by the applicant:
Step 1: Apply for DSC (Digital Signature Certificate) and DIN (Director Identification Number)
Step 2: Apply for the name availability
Step 3: File the MOA and AOA to register the private limited company
Step 4: Apply for the PAN and TAN of the company
Step 5: Certificate of incorporation will be issued by RoC with PAN and TAN
Step 6: Open a current bank account on the company name

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