| Dear All, Lets start a new topic! "The Companies Act 1956" Mr. X wish to start a new Private Limited company, what documents is required? Has he registered his company before construction of building? Is he obtained the Factory licence before Incorporate Registration? What Compliances we have follow under the companies act-1956 ? How much munimum & maximum partners/directors could be in a private company? Is this registration would be for whole life? What would be the registration fees? to whome we will submit the documents for registration? What is the difference between Private Limited and Limited ? Could family members be partners in a Pvt Ltd Company ? Your valuable posts higly appricated. Rgds/Jitender Dear Mr.Jitender, In the first instance, such queries needs to be posted under a separate Module viz.’ Corporate Affairs’ which already available under Citelegal services. By mixing up unrelated topics to Labour Laws, we would only confounding others. I wish the Moderators/ Administrators of the site to monitor and regulate the discussions productively. The aforesaid clarifications notwithstanding, provided below are the relevant information desired by you: 1. A Pvt. Ltd. Company ( Sec.3(1)(iii), means company which has a minimum paid up capital of rs.1,oo,ooo or such higher paid up capital as may be prescribed and by its articles a. Restricts the rights to transfer its shares b. Limit its no. of members to 50 c. Prohibits any invitation to the public to subscribe for any shares of the company d. Prohibits any invitation or acceptance of deposits from persons other than its members, directors or their relatives. 2. Min. 2 members and max. 50 members for Pvt. Ltd company as against min. 7 and max. – No Restriction for a Public ltd. Company. 3. Formation of a Company - Formalities i. Obtain Name approval from Registrar of company of your jurisdiction ii. Get the Drafts of Memorandum of Articles of Association prepared. iii. Get the Memorandum of Articles of Association printed and then duly stamped and then get it signed by at least two subscribers. iv. Get Form 29 duly filled up and signed to accord to consent to be the Director of the company v. Notice of Situation of the Registered Office in Form no.18. vi. Submit the particulars of Directors, Manager or Secretary in form no.32 vii. Get the Statutory Declaration in Form No.1 viii. File the aforesaid documents with the required fee as Notified by the Registrar of Companies. ix. Get the Certificate of Incorporation issued by the Registrar of Companies. I advise you to take the help of a Company Secretary or Chartered Accountant or Advocate in practice for Incorporation of the Company. 4. Construction of building is not a pre-requisite for incorporation of a Pvt. Ltd. Company. What is relevant is formation of Memorandum of Articles of Association and subscription to shares of the company. 5. Factory Licence can be obtained only after incorporation. 6. Family members can very well be Directors of the Company ( Not as partners) depending upon percentage of holding of shares. For more details, please approach a Professional. A.Irudayam Advocate & HR Consultant +919940686632
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