One has to obtain the license under section 8 of new companies with a charitable objective. The person who is desirous to incorporate a company under section 8 is required to file an application in form INC 12 along with the prescribed fees to Regional Director for a license. Only after obtaining this license can we apply for Certificate of incorporation for the Section 8 Company. If the Regional Director feels that the company being incorporated is not a charitable/not for profit organization, (s)he can reject the license and Incorporation won’t be completed.
Broadly, the name has three components: Unique component: This is the prime name of your company. It should be unique, not already been trademarked, and should not contain phrases and words that are blacklisted by the RBI. Even if a name meets these criteria, the RoC might reject the name application on grounds of it being similar to already existing names. Description of business: There should be a word or phrase which follow the Unique Component of the name which describes or indicates the main business of the Company. Some of the popular descriptive words are Technology/ies, Internet of Things,…
Broadly, the name has three components: Unique component: This is the prime name of your company. It should be unique, not already been trademarked, and should not contain phrases and words that are blacklisted by the RBI. Even if a name meets these criteria, the RoC might reject the name application on grounds of it being similar to already existing names. Description of business: There should be a word or phrase which follow the Unique Component of the name which describes or indicates the main business of the Company. Some of the popular descriptive words are Technology/ies, Internet of Things,…
It mostly depends on the type of business the company is dealing with, but still, there are few popular compliances & registrations which are Shops and establishment – If you are a retail business ESI- if you have more than 10 employees ( in some state > 20) and minimum-salary is 15000/- PM GST – whose turnover exceeds 40 lakhs ( I recommend you to register it anyway) Professional Tax -if you hire any employees having min 15000 salary Trademark – if you want legal protection for your intellectual property Copyrights- if you have uniqueness in your business that you…
Yes, a private limited company must appoint an auditor, no matter what its revenues. In fact, an auditor must be appointed within 30 days of incorporation.
With the amendments to the Companies Act in 2015, there is no prescribed minimum paid-up capital amount. You can choose how much do you want to start your company with and go up to a maximum of the Authorised Share Capital (again decided by you). However, as a general practice, most entrepreneurs start the company with a paid-up capital of Rs 1 lakh.
Director: Any Individual over 18 years of age – Indian, NRI, Foreigner, Resident in India (May or may not be a shareholder in the company). At least one of the Directors must be a resident in India. Shareholder: Any Individual over 18 years of age, Any body corporate (PLC, LLP, OPC, Public Company, Foreign Company, Trust, etc.). At least one of the shareholders must be a resident in India. The term ‘resident in India’ means a person who has stayed in India for a period of not less than 182 days during the immediately preceding one financial year.
Any individual – resident in India, NRI, Foreigner can become a partner. However, it is mandatory that at least one of the partners is a resident Indian. Any body corporate like Private limited company/ OPC/ LLP/ Section 8 company or even foreign body corporates can be Partners of an LLP The term ‘resident in India’ means a person (Indian or not) who has stayed in India for a period of not less than one hundred and eighty-two days during the immediately preceding one financial year.
‘Firm’ tax is applicable to LLP @ 30.90% on the net profit of the company. There is no DDT. Profit after tax will be credited to partners’ account and it will not be taxable in the hands of partners again.
Accounts to be audited by a Chartered Accountant only if the turnover exceeds Rs.40 lakh or contribution exceeds Rs.25 lakh.