The process of legally declaring a corporate entity as separate from its owners. Incorporation has many advantages for a business and its owners.
Incorporation involves drafting an "Articles of Incorporation", which lists the primary purpose of the business and its location, along with the number of shares being issued, if any. Incorporation will also involve state-specific registration information and fees.
Company Incorporation service includes the Incorporation of an entirely new legal and separate entity.
There are 5 types of companies incorporated under the Companies Act, 2013. The details of the same are as follows:
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A Private Limited Company is a voluntary association of not less than two and not more than two hundred members,which is usually between closely held group like family, friends and relatives offering limited liability, placing restrictions on ownership thereby preventing any hostile takeover attempts.Private companies may issue stock and have shareholders but these shares are not tradable on public exchanges or offered to public.
It is comparatively less tedious to incorporate and operate as it has been exempted from many regulations and restrictions applicable to public limited company like:
The firm may be converted into a company by following the provisions of Part I of the Companies Act, 1956. For the purpose of Part I Company limited by shares, a joint stock company means a company having a permanent paid upshare capital of fixed amount divided into fixed amount of shares or held and transferable as stock, or both, to be held only by its members and no other persons. Such a company, when registered with limited liability under the Companies Act, 1956 shall be deemed to be a company limited by shares.A company cannot be registered under part I unless the assent of not less than 3/4th majority of its members (present/proxy) at a general meeting summoned for this purpose is obtained.
A one person company often called as an OPC came into existence from the current financial year 2013-14. It provides the benefits of a sole proprietorship business and a company making it a perfect hybrid structure. Here for starting up a company only one person is required who can act in the capacity of a director as well as a shareholder, which leaves the person from the hassle of finding the right kind of co-partner for starting a business as registered entity and at the same time can avail the benefits of limited legal and financial liability, easy procurement of capital and so on which are enjoyed by the company.Thus OPC is a Company which has only one person as a member.OPC can be formed as company limited by guarantee, limited by share capital or unlimited company. The process of incorporating the OPC is almost similar to that of a private limited company with minor differences. No person shall be eligible to incorporate more than one OPC or become nominee in more than one such company.
No. It cannot convert voluntarily into any kind of company unless two years is expired from the date of incorporation of One Person Company. Except in the case, when the paid up share capital is increased beyond fifty lakh rupees or its average annual turnover during the relevant period exceeds two crore rupees, then it will have to complete the procedure within six months from date of such exceeding.