Private Limited Company

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PRIVATE LIMITED COMPANY
A private limited company is a kind of business entity in 'private' ownership used in many jurisdictions, in contrast to 'public' ownership, with some differences from country to country.

It is governed by the MCA (Ministry of Corporate Affairs), Government of India, and overseen by the Companies Act, 2013 and the Companies (Incorporation) Rules, 2014.

A Private Limited Company is a company registered under Companies Act which restricts the right to transfer its shares and is not allowed to increase its number of shareholders more than 200.

Nearly 93% of the Indian Companies are Private Limited Company.

A Private Limited Company has to use “Private Limited” or “Pvt. Ltd” as a suffix.

In a Private Limited Company, the minimum number of members/ shareholders are 02 and the maximum number of members is 200

In Private Limited Company the minimum numbers of Directors are 02.

Private Limited Company makes its decisions through a meeting of Board and meeting of members.

A Private Limited Company needs to follow lesser regulation compared to a Public Limited Company.

Steps of Incorporation of Private Limited Company

Name Availability

Check whether proposed name(s) do(es) not match with existing names of the companies.

01

DSC

For incorporation of Company and its further compliances Class 2 DSC is necessary.

02

RUN

File web based Form RUN for the purpose of reservation of name for the company

03

SPICe+

File web based forms Form SPICe+, Forms SPICe+ MOA, Forms SPICe+ AOA, Form AGILE Pro, and Form INC-9 for completion of incorporation process.

04

Advantages of Private Limited Company

Limited Liability

Due to limited liability risk of attachment of personal assets does not exist.

Company Limited

Shares of a company limited by shares are transferable by a shareholder to any other person subject to the restriction as given in the definition. The transfer is simple as compared to the transfer of an interest in a business run as a proprietary concern or a partnership.

Private Limited Company

A Private Limited Company is a separate legal entity which means a Private Limited company can file a court case in its name and if a particular person wants to file a case against the company then he cannot file such a case against the shareholder or Director but he can do it against the company itself.

Directors or Members

A Private Limited Company enjoys Perpetual Succession which means a company’s existence does not depend upon the existence of its Directors or Members.

Legal procedure

A company can be shut down only by a legal procedure as may be prescribed in the Companies Act.

Equity capital

A company can raise equity capital from persons or entities interested in becoming a shareholder subject to condition given in Definition above. Entrepreneurs can raise money from banks, financial institutions, angel investors, venture capital firms, private equity firms, and hedge funds.

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