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Section 2 (68) of the Companies Act 2013 states that a Private Limited Company is a type of company whose Article of Association (AoA) restricts the transfer of shares and limits the number of public subscribers. In essence, a Private Limited Company is a business entity that is privately owned, often by non-governmental organizations, small shareholders, or members of a company.
Limited Liability: Limited liability is a significant advantage of Private Limited Companies. This means that in the event of financial distress, members are only liable to pay up to the nominal value of their shareholding, and nothing more. For example, if the company is unable to repay a loan, the members are only responsible for the amount they own towards their shareholding. As a result, members are not required to pay any unpaid amount of the loan beyond their shareholding.
No Minimum Capital Required: When registering a Private Limited Company online, there is no requirement for a minimum capital amount. This means that you can start the company with as little as Rs. 1 lakh as the total authorized share capital.
Separate Legal Entity: The concept of a separate legal entity means that the assets and liabilities of a Private Limited Company are distinct from those of its directors. This separation of management from ownership allows for greater flexibility and protection of personal assets in case of any financial or legal issues faced by the company.
Perpetual Succession: The term “perpetual succession” refers to the uninterrupted existence of a Private Limited Company, which means that the departure, death or bankruptcy of any member will not affect the company’s operations. For instance, if one out of 200 members of a Private Limited Company dies or leaves, the company will continue to exist uninterrupted, thanks to the benefits of online company incorporation. Moreover, due to the optional registration, other sole proprietors may also use the same name.
Credibility: The public availability of details related to a Private Limited Company enhances the company’s authenticity and credibility. This, in turn, helps to build trust among customers towards the company.
Helps in Equity Raising: A Private Limited Company has the authority to raise equity funds from sources such as Private Equity Firms and other similar entities, allowing the promoters of the company to raise capital and grow the business.
Certifications Bay, as your consultant for private limited company Incorporation, offers comprehensive support throughout the online registration process in India. Our services include guidance on proper documentation, checking company name availability, and assisting with the application form.
We recognize the importance of time and coordination, ensuring timely follow-ups and clear communication to meet our clients’ needs. Our focus extends beyond paperwork, aiming to make your private limited company incorporation process smooth and hassle-free.
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