Private Limited Company Registration
Register your Private Limited Company at just ₹9,499/- (All inclusive)
Price Breakdown Documents Required Timelines
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Our Plan for Private Company Registration starts at just
₹8499/-
Deliverables
Name Approval of the Company
PAN and TAN
Main Object , MOA and AOA drafting
Certificate of Incorporation
2 Directors DIN and Digital Signature (DSC)
Documents Required For LLP Registration
- Photo, PAN and Aadhar of the Proprietor
- Copy of Notarised Rental Agreement
- Copy of Sale Deed/Property Deed (If owned property)
- Recent electricity bill in the name of owner
- Holding Tax Receipt/Municipal Khata Copy
- Latest Bank Statement of all directors
How long does it take?
20 Days
(From Receipt of All Documents)
Step 1
Company Name reservation (Spice Part A)
Step 2
Obtaining DSC for directors
Step 3
Preparation of Company’s AOA and MOA (Spice Part B)
Step 4
Issuance of Certificate of Incorporation, Pan and TAN
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Frequently Asked Questions
Advantages of a private limited company
A Private Limited Company (PLC) is a famous business structure offering its shareholders several advantages. Some of the advantages of a Private Limited Company include the following:
- Limited liability: One of the most significant advantages of a Private Limited Company is that it offers limited liability protection to its shareholders. This means that the shareholders’ assets are not at risk in case of any legal or financial liabilities of the company.
- Separate legal entity: A Private Company has its own legal identity, meaning it can own assets, enter into contracts, and sue or be sued in its name.
- Continuity of business: Unlike a sole proprietorship or partnership, a Private Limited Company has a separate legal existence, which means that the death or departure of any shareholder does not affect the continuity of the business.
- Better access to capital: A Private Limited Company can raise capital easily by issuing shares to investors. This can help the company to expand its operations, invest in new projects, and grow its business.
- Credibility: A Private Limited Company is often seen as more credible and professional than other business structures, which can help it to attract better employees, clients, and investors.
- Tax benefits: Private Limited Companies are eligible for several tax benefits and incentives, such as lower tax rates, deductions for business expenses, and exemptions for certain types of income.
- Limited compliance requirements: Private Limited Companies have to comply with fewer regulatory requirements compared to public limited companies, which can reduce their administrative burden and costs.
- Control over ownership: Shareholders in a Private Limited Company have control over the company’s ownership, meaning they can decide who can buy and sell shares in the business.
Overall, a Private Limited Company offers several advantages to its shareholders, including limited liability protection, separate legal identity, better access to capital, and tax benefits.
Disadvantages of a private limited company
While private limited companies offer several advantages, they also have some disadvantages. Here are some of the main disadvantages of a private limited company:
- Limited access to capital: Unlike public limited companies, private limited companies cannot offer shares to the general public, making raising large amounts of capital more difficult.
- Legal compliance requirements: Private limited companies are subject to various legal and regulatory requirements, including annual filings and other reporting obligations. Failing to comply with these legal requirements can result in fines and penalties.
- Limited ability to transfer ownership: Shares in a private limited company cannot be freely bought or sold, making it difficult for shareholders to exit the business or for new investors to join.
- Greater liability for directors: Directors of a private limited company have greater personal liability for the company’s debts and obligations than shareholders.
- Difficulty in attracting talent: Private limited companies may find it harder to attract and retain top talent, as they may not offer the same perks and benefits as larger, publicly traded companies.
- Lack of transparency: Private limited companies are not required to disclose as much financial information as public limited companies, making it harder for investors to evaluate their performance and potential.
The main difference between a partnership and a limited liability partnership (LLP) is the level of liability protection provided to the partners.
Partnership Firm
Two or more people can own and operate the partniship firm business together. The partners share the profits and losses of the firm and are personally liable for its debts and obligations.
Limited Liability Partnership Firm
LLP is a type of Partnership where the partners have limited liability for the debts and obligations of the business. If the company incurs debts or legal action, the partners’ assets are not at risk. LLPs are typically used in professional services such as accounting, law, and consulting.
Maintainance of Books of Account :
All LLPs must maintain proper books of account relating to its affairs each year on cash or accrual basis. The book of accounts must be kept as per double entry system of accounting at the registered office. In case of LLPs with a turnover of more than Rs.40 lakhs or capital of over 25 lakhs, the accounts must be audited by a Chartered Accountant.
Any LLP that does not comply with the provision of the Act can be punishable with a fine of not less than Rs. 25,000 and to a maximum of Rs. 5,00,000. Further, the designated partner could be punished with a penalty of Rs. 10,000 and Rs. 1,00,000 for non-compliance.
Annual Return Filing:
An LLP will have to file 2 types of MCA annual return each financial year, namely Form 8 & Form 11.
Form 8
Form 8 must be filed within 30 days from the end of 6 months of the financial year along with some prescribed fee. This must be digitally signed by 2 designated partners and it must be certified by a chartered accountant/company secretary/cost accountant. Form 8 has two parts:
Part A – Statement of Solvency
Part B – Statement of Accounts, Statement of Income & Expenditure
The penalty for not filing this form would be Rs. 100 per day until it is compiled.
Form 11
Form 11 contains details of the number of partners, total number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners. All LLPs should file this form within 60 days from the closure of the financial year with the prescribed fee. Hence, the due date for filing LLP Form 11 is 30th of May each year.
An LLP cannot be wound up or closed until all the annual returns are filed. Hence, it is important to file LLP Annual Return on or before the due date to avoid penalty.
Income Tax Return Filing:
All LLPs registered in India are required to file income tax return each year, irrespective of revenue or profits. Hence, even an LLP that is dormant not having undertaken any transaction must file income tax return.
Maintenance of Documents:
All LLPs are required to maintain its incorporation document, names of partners and changes made, proof of fee payment, statement of account & solvency & annual return filed by LLP with the Registrar at its registered office. The above records should be readily made available for inspection at the request of concerned authorities.