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company incorporation

Incorporation

Incorporation is the legal process used to form a corporate entity or company. A corporation is a separate legal entity from its owners. It is the process of legally declaring a corporate entity as separate from its owners.

Process of company Incorporation in India

  •  DIN of proposed Directors
  •  DSC of proposed Directors
  •  Filling the proposed name of company for approval to the Registrar of the company
  •  Get the Memorandum of association and Article of association printed
  •  File all incorporation forms online
  •  Obtain the certificate of incorporation

Why company incorporation is required

  •  Owners are protected from personal liability from company debts and obligations.
  •  Corporations have a reliable body of legal precedent to guide owners and managers.
  •  corporations are the best vehicle for eventual public companies.

How can I incorporate private Ltd company in India?

  •  Obtain Digital Signature Certificate (DSC)*
  •  Obtain DIN*
  •  Name Availability
  •  Form SPICE INC-32
  •  MOA and AOA
  •  PAN and TAN Application

what is sole proprietorship?

The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

How to incorporate Sole proprietorship?

  •   Choose a name for the business. Verify through the local registrar of businesses that the name is not already in use; if it is, select another name.
  •   Create a statement of purpose, articles of incorporation and bylaws for the small business.. The articles of incorporation and bylaws provide the legal guidelines by which incorporated business will be operated.
  •   Work with the attorney to file the completed incorporation paperwork with the local and federal authorities, including the Internal Revenue Service. Register the new business entity with the local business or corporations department to obtain any required business licenses.
  •   Transfer the company name, permits and licenses and other assets from the sole proprietorship to the new corporation. Close the sole proprietor bank account and open a new account for the corporation. Apply for a new federal tax ID number in the name of the new corporation.
  •   Identify any potential stockholders and their basis of involvement in the company. You may issue stock immediately or at a later date. The type of corporate entity elected will determine the minimum and maximum numbers of stockholders that are required to have.

What is one person Company?

The concept of One Person Company [OPC] is a new vehicle/form of business, introduced by The Companies Act, 2013 [No.18 of 2013], thereby enabling Entrepreneur(s) carrying on the business in the Sole-Proprietor form of business to enter into a Corporate Framework. One Person Company is a hybrid of Sole-Proprietor and Company form of business, and has been provided with concessional/relaxed requirements under the Act.

Steps to incorporate one person company

  •  Obtain Digital Signature Certificate [DSC] for the proposed Director(s).
  •  Obtain Director Identification Number [DIN] for the proposed director(s).
  •  Select suitable Company Name, and make an application to the Ministry of Corporate Office for availability of name.
  •  Draft Memorandum of Association and Articles of Association [MOA & AOA].
  •  Sign and file various documents including MOA & AOA with the Registrar of Companies electronically.
  •  Payment of Requisite fee to Ministry of Corporate Affairs and also Stamp Duty.
  •  Scrutiny of documents at Registrar of Companies [ROC].
  •  Receipt of Certificate of Registration/Incorporation from ROC.

What is LLP?

A Limited Liability Partnership (LLP) has the best of both partnership and company. It has the features of a partnership, vis-à-vis, agreement, to carry lawful business, and motive to make profit, as well as features of a company, vis-à-vis, perpetual succession ( coming and going out of members do not affect the continued existence of the company), and legal personality separate from its partners.

What is producer Company?

Producer Company is a company registered under the Companies Act, 2013, which has the objective of production, harvesting, procurement, grading, pooling, handling, marketing, selling, and export of primary produce of the Members or import of goods or services for their benefit. Produce are things that have been produced or grown, especially by farming. Therefore, a Producer Company deals primarily with agriculture and post-harvest processing activities.

Steps to incorporate LLP

  •   Obtain Directors’ Identification Number (DIN)
  •   Register Digital Signature of Designated Partners
  •   File Form 1 for Name Availability
  •   File Form 2 for Incorporation of LLP
  •   Drafting LLP agreement
  •   File Form 3 for LLP Agreement

what is the Advantages of company incorporation

  •   Corporations can more easily raise capital through the sale of securities.
  •   Corporations can easily transfer ownership through the transfer of securities.
  •   Corporations can have an unlimited life.
  •   Owners are protected from personal liability from company debts and obligations.
  •   Corporations have a reliable body of legal precedent to guide owners and managers.
  •   Corporations are the best vehicle for eventual public companies.