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Limited Company in India
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What Is Private Limited Company?
Private Limited Company registration is the most popular legal structure option for businesses in India. A private limited company can have a minimum of two members and a maximum of fifty members. The directors of a private limited company have limited liability to creditors. In a case of default, banks/creditors can only sell company’s assets but not personal assets of directors. If you want to start a company in India then make sure your company is registered as Company Registration should be your first priority. It is very important to register your company as a registered company have multiple advantages from easy to register to easy to dissolve. Start-ups and growing companies prefer private limited company as it allows outside funding to be raised easily, limits the liabilities of its shareholders and enables them to offer employee stock options to pull in top talent.
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Application Processing
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Advantages Of Private Limited Company
There are multiple reasons to choose private limited company :
- 1. Preferred by banks, VCs & investors.
- 2. Easy to allocate and redistribute shares to investors or other directors.
- 3. Separate legal entity which limits your liability.
- 4. Offers the flexibility of a partnership firm and the advantages of a Public Ltd Company.
- 5. Easy to register, manage & run.
- 6. Easy to dissolve or wind-up.
5 Steps For Company Registration
- 1. Application of DSC & DPIN : First of all, the partners have to apply for Digital signature and DPIN. Digital signature is an online signature used for filing and DPIN refer to Directors PIN number issued by MCA. If the directors already have DSC and DPIN, then this step can be skipped.
- 2. Name approval : You need to provide 3 different options for your company name to MCA of which one will be selected. Names provided should ideally be unique and suggestive of company business.
- 3. MOA & AOA submission : Once name is approved, one needs to draft Memorandum of association and Articles of Associate. Both MOA and AOA are filed with the MCA with the subscription statement and
- 4. Get incorporation certificate : It typically takes 15- 25 days to form a Private limited company and get the incorporation certificate. Incorporation certification is a proof that company has been created. It also includes your CIN number.
- 5. Apply for PAN, TAN and Bank account : Then you need to apply for PAN and TAN. PAN and TAN are received in 7 working days. Post this, you can submit the Incorporation certificate, MOA, AOA and PAN with a bank to open your bank account.
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What Is FSSAI Food License
FSSAI registration is an abbreviation used for Food Safety and Standards Authority of India. FSSAI license is mandatory before starting any food business. All the manufacturers, traders, restaurants who are involved in food business must obtain a 14-digit registration or a license number which must be printed on food packages. This step is taken by government’s food licensing & registration system to ensure that food products undergo certain quality checks, thereby reducing the instances of adulteration, substandard products and improve accountability of manufacturers by issuing food service license. FSSAI Online Registration is done through LEXQUAL Prectice(FSSAI license consultants). FSSAI online registration is done through legalraasta for basic and central level. For state, the Fssai registration is done through offline mode.