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| CS Santosh Jagtap practicing company secretary |
Introduction: On August, 2013 Indian
parliament has passed Companies Act, 2013 which is law related to corporate
affairs or companies throughout India. This can have a minimum of two (2)
members and maximum two (200) hundred members. Private limited company must
have at least 2 Directors and can have maximum 15 directors.
Definition of privatelimited company: According to Section
2, Clause 68 of
Companies Act 2013,
“private
company” means a company having a minimum paid-up share capital of one lakh
rupees or such higher paid-up share capital as may be prescribed, and which by
its articles,— (i) restricts the right to transfer its shares; (ii) except in
case of OnePerson Company, limits the number of its members to two hundred: Provided that
where two or more persons hold one or more shares in a company jointly, they
shall, for the purposes of this clause, be treated as a single member: Provided
further that— (A) persons who are in the employment of the company; and (B)
persons who, having been formerly in the employment of the company, were
members of the company while in that employment and have continued to be
members after the employment ceased, shall not be included in the number of
members; and (iii) prohibits any invitation to the public to subscribe for any
securities of the company.”
First we will discuss about
what is a private limited company?
It is
business entity incorporated by two or more persons in a corporate world to run
a business in name and style
of PVT LTD. It creates a
brand to the organisation.
AS
per sec 2 (68) Private limited company means a company, which
·
Restrict the Right to transfer its shares of the private
company.
·
Limits the number of its members to 200.
·
Prohibits any
invitation to the public to subscribe in to private company.
Minimum capital : To start a private limited company earlier it was mandated that
all Private Limited Companies must have a minimum paid up capital of Rs.1 lakh However the companies Amendment Act, 2015 relaxed the
minimum capital requirement therefore now no need to maintain any minimum
capital to start a company in India.
1.
Minimum Two (2) Shareholders.
2.
Minimum Two (2) Directors
(shareholders and directors can be same persons).
3.
No minimum capital required as compare
to earlier.
4.
DSC (Digital Signature Certificate)
for at least one director.
5.
DIN (Directors Identification Number) for all
the directors.
6. Registered Office (ever company must have registered office for
communication purpose all the records and register need to be maintained at
Registered Office we can use our home address while forming company later we
can change after setup).
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