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Company-formation
Company-formation-india

Company Formation

In India the Companies Act of 1956, administers the formation of the companies, which includes both public and private entities. A company is formed by registering the memorandum and articles of association with the State Registrar of the State where the main office of the company is located. Foreign companies who wish to operate in India, are granted permission by the Reserve Bank of India to operate branch offices in our country.

Company-formation---03

FORMS OF COMPANY OWNERSHIP:

  1. PROPRIETORSHIP: If a company is owned by a single person then the owner is called the proprietor and the form of ownership is called proprietorship.
  1. PARTNERSHIP: if a company is owned by more than one person then the number of people who own the company are called partners and the form of ownership is called partnership.

The above two Company formation can easily be done and does not require any complicated formalities in formation.

There are Companies which the Ministry of Corporate Affairs offers for Registration through Registrar of Companies (ROC). They are mentioned below:

  1. PRIVATE LIMITED COMPANY: A company which is not governed by
    public authorities is a private company and becomes a private limited company when it limits the rights and liabilities of its shareholders and does not provide 100% ownership to any of the shareholders.
  1. PUBLIC LIMITED COMPAY: It is similar to the private limited company excluding the fact that the company is controlled by public shareholders.
  1. LIMITED LIABILITY PARTNERSHIP (LLP): In this form, a company is owned by a number of partners it limits the partners from exercisingauthoritative control among the other partners, and also does not make the other partners liable for the misconduct or negligence of one partner.
  1. ONE PERSON COMPANY (OPC): it implies that the company is owned by just one person, where he is at freedom to employ any person at his own discretion, and there is no one who holds a higher position in the company other than him, unless he has authorized someone to do so.
  1. PRIVATE LIMITED COMPANY: A company which is not governed by public authorities is a private company and becomes a private limited company when it limits the rights and liabilities of its shareholders and does not provide 100% ownership to any of the shareholders.
  1. PUBLIC LIMITED COMPAY: It is similar to the private limited company excluding the fact that the company is controlled by public shareholders.

LEGAL REQUIREMENTS THAT NEED TO BE MET BEFORE THE FORMATION OF THE COMPANY:

The formalities required for registering a company under proprietorship is to get the PAN number and get the company registered under MSME which has now been transferred to UDYOG AADHAHAR REGISTRATION.

The formalities required for Partnership firm is to get PAN for the partners and PAN card for the Company along with the Partnership deed required to file the the company registration under UDYOG AADHAHAR.

Legal requirements come into play only when the form of ownership is either public or private limited and it becomes mandatory on its part.

CONDITIONS REQUIRED FOR FORMING A COMPANY:

  1. Choosing the business location.
  2. Deciding on the form of ownership.
  3. Deciding on the trademark.
  4. To acquire a TAX ID for the company.
  5. Apply for a license from the local authorities.
  6. Registering with the tax authorities.

Legal requirements for company formation

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