Private Limited Company is one of the most stable and much used business structure in India owing to its stability and availability of limited liability protection. Registration is to be done with Ministry of Corporate Affairs (MCA). For private limited company registration in Bangalore, there should be a minimum two shareholders and 2 directors and the maximum number of shareholders can be 200. New company registration process is online and each of the Directors should have a Director Identification Number (DIN) and subscribers have to procure a Digital Signature for registration. Process of incorporation is online and it takes 10-15working days from the date you give your complete documents to us and subject to availability of the proposed name.
With the help of experts at Legalsyne, you can easily register your Private Ltd company without any hassle. Private Limited Company has shareholders and directors. This business structure is ideal for entrepreneurs who need external sources of funding.
Naming your new company can be an exciting yet challenging task. However, it is vital to follow a few naming guidelines set by the Registrar of Companies (ROC) while selecting a name for your new company. Follow the rules and get your company name approved in no time.
You need to have the following set of documents before proceeding for registration:
The private limited company registration cost is Rs. 9449.
It takes 10 days to complete the Private Limited Company registration process.
Legalsyne, founded in the year 2014, helps various businesses in the private limited company registration process.With over 20 years of experience in corporate laws, finance and taxation, 1000 plus businesses have been incorporated. We provide end-to-end business registration services in India, delivering quality services in a professional and time-bound manner. If you are looking for company registration, let our team of experts help you.Read also: 7 COMPANY REGISTRATION MISTAKES THAT LETS YOU DOWN, 8 BENEFITS OF INCORPORATING PRIVATE LIMITED COMPANY, 7 TO KNOW FACTS ABOUT BANGALORE COMPANY REGISTRATION, GUIDE TO SOFTWARE COMPANY REGISTRATION IN INDIA, 9 STRONG REASON TO REGISTER A PRIVATE LIMITED COMPANY, REQUIREMENTS TO START AND REGISTER A PRIVATE LIMITED COMPANY
Formation | Private Limited Company | Limited Liability Partnership | Partnership | One Person Company (OPC) | Sole Proprietorship |
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Do I need a Registration? | Yes, Ministry of Corporate Affairs registers Private limited company under the Companies Act, 2013 | Ministry of Corporate Affairs registers an LLP business under the Limited Liability Partnership Act, 2008. | Yes. Register with Registration of Firms | Yes, Ministry of Corporate Affairs registers One Person Companies under the Companies Act, 2013 | No legal requirement to do-so. |
What type of business names can I keep? | Firstly, submit a set of names to Registrar of Companies, wait for approval from Registrar. Best practice is that the names submitted must be inoffensive, legal and not similar to any registered LLP’s or companies | Firstly, submit a set of names to Registrar of Companies, wait for approval from Registrar. Best practice is that the names submitted must be inoffensive, legal and not similar to any registered LLP’s or companies. | Firm can use any name that he likes, but avoiding names already trademarked is advisable. | Firstly, submit a set of names to Registrar of Companies, wait for approval from Registrar. Best practice is that the names submitted must be inoffensive, legal and not similar to any registered LLP’s or companies | Promoter can use any name that he likes, but avoiding names already trademarked is advisable. |
How risky is it for me? | Private Limited Company is a separate legal person in the eyes of law, registered under Companies Act 2013. So, the shareholders are not responsible for business liabilities. | “LLP” is a separate legal person in the eyes of law, registered under LLP Act 2008. So, the partners are not responsible for business’ liabilities. | Partners will stand liable for the liabilities of the business. | OPC is a separate legal person in the eyes of law. So, the share holder is not responsible for business liabilities. | Promoter will stand liable for the liabilities of the business. Because the business is not considered as a separate legal person/entity. |
To what extent is each member of the business liable? | Liability is limited to his/her share capital contribution. | Liable to the extent of their contribution (in money, in kind or in services extended) to the LLP. | Unlimited liability. | Liability is limited to his/her share capital contribution. | Unlimited liability. |
Tell me the minimum membership limit. | 2 People | 2 People | 2 People | 1 People | 1 People |
Is foreign ownership allowed? | Yes | Yes | No | NA | NA |
How much will I get taxed? | Profits get taxed at 25% plus cess and surcharge is applicable if profit exceeds 1 Cr. | Profits get taxed at 30% plus cess and surcharge is applicable if profit exceeds 1 Cr. | Profits get taxed at 30% plus cess and surcharge is applicable if profit exceeds 1 Cr. | Profits get taxed at 25% plus cess and surcharge is applicable if profit exceeds 1 Cr. | Individual income tax slab of proprietor is the basis of taxation. |
What are my annual tax filing norms? | Every financial year Private Limited Company must file Annual Accounts and Annual Return with the Registrar of Companies. Plus, Income Tax must be filed separately. | Every financial year Annual Statement of Accounts & Solvency and Annual Return with the Registrar.Plus, Income Tax must be filed separately. | Only Income Tax must be filed for the income of firm and partners. | Every financial year OPC must file Annual Accounts and Annual Return with the Registrar of Companies. Plus, Income Tax must be filed separately. | Only Income Tax must be filed on the basis on proprietor’s income. |
Is Annual Audit Required? | Statutory audit is to be conducted irrespective of business transaction and turnover. Income tax audit is applicable if turnover exceeds 2 Crs | Statutory audit is to be conducted if partners contribution exceeds 25 lakhs or turnover exceeds 40 lakhs. Income tax audit is applicable if turnover exceeds 2 Crs | Only income tax audit is applicable if the turnover exceeds limit of 2 Cr | Statutory audit is to be conducted irrespective of business transaction and turnover. Income tax audit is applicable if turnover exceeds 2 Crs | Only income tax audit is applicable if the turnover exceeds limit of 2 Cr |
Can I convert my business into any other legal form?? | Yes, Private Limited Company can be converted into a Public Company or LLP. Even, Public Limited Company can be converted into a Private Limited Company. | Yes, Private Limited Company can be converted into a Public Company or LLP. Even, Public Limited Company can be converted into a Private Limited Company. | Yes, Partnership can be converted into a Private Limited Company or LLP. | OPC could be converted into any legal form. But, it depends on the number of promoters, business operations, funding requirements and other factors. Limited Liability Partnership or Private Company is preferred by promoters when seeking expansion of their OPC | NO |
Compulsory Conversion to Private Limited Company Applicable? | NO | NO | NO | NO | Yes. If turnover exceeds 2 cr |
It is a privately held business entity incorporated under the Companies Act, limits owner liability to their shares and limits the number of shareholders to 50.
A public limited company can offer its shares to the public and owner liability subject to their shares.
Members of a company are called Shareholders
Incorporation process is fully online now. After submission of scanned documents and approval of the name of the company, incorporation will take about 15 working days.
Getting a name of your choice is easy if you follow few basic guidelines such as similar names of existing companies or similar sounding names or those containing prohibited words such as Government, Bank, Exchange etc unless otherwise approved by the respective authorities.
Since documents are filed electronically, Digital Certificate (DSC) is mandatory. Once obtained, you can use this DSC for various other purposes where a digital signature is required.
It is necessary to appoint an Auditor within 30 days of incorporation of a company. Non-appointment can also attract heavy penalty.
Angels, Seed Funds or Venture Capitalists only fund a Private Limited Company, Liability of the shareholders is Limited to their Shareholding. So if there is loss also, shareholders will not suffer beyond their Unpaid Share Capital
Firstly submit a set of names to Registrar of Companies, wait for approval from Registrar. Best practice is that the names submitted need to be in-offensive, legal and not similar to any registered LLP’s or companies.
“Private Limited Company” (PVT LTD). This suffix should be at the end of the company name.
Private Limited Company is a separate legal person in the eyes of law, registered under Companies Act 2013. So, the Directors or Shareholders are not responsible for business’s liabilities.
Director is liable only to the extent of their share capital contribution.
Director is liable only to the extent of their share capital contribution.
Person 200 shareholders or members
Foreigners are allowed to invest via automatic approval route (without red tape) in many of the sectors
Yes. You can contact our company registration consultants in Bangalore for all support during transfer.
Discontinuance of a Private company could happen voluntarily or by regulatory action. Private company has to follow a due process and wait a certain span of time to dissolve. The will of Directors or Shareholders can’t assure fast dissolution.
Article of association contain the purpose of the business and it also lay out duties and right of its members. Memorandum of Association defines the company’s relationship with shareholders and others
Profits get taxed at 30% plus surcharge and cess is also applicable.
All companies must hold a board meeting once every 3 months. Annual general meetings are expected to be conducted periodically on an annual basis.
Every financial year Private companies must file Annual Accounts and Annual Return with the Registrar of Companies. Plus, Income Tax must be filed with Income Tax department.
Yes. Private Limited Company can be converted into a Public company. Even, Public Limited Company can be converted into a Private Limited company. Our company registration consultants in Bangalore can help you with the process.
Bookkeeping and Accounting
ROC Filing
LLP Annual Filing
Digital Signture
GST Registration
GST Return Filing
LLP Registration
LLP Closure
OPC Registration
Firm Registration
Payroll Companies in Bangalore
Winding Up of A Company
Proprietorship Registration
Trademark Registration
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