2. Company Incorporation
The procedure for incorporation of a company appears confusing to most
businesses. This has made way for various corporate law firms to extend corporate
legal services. They also look after all the tasks linked with incorporation of a
company. Also, they give corporate advisory services to help the clienteles to
make a decision as to which class of incorporation applies to the many different
types of clienteles. Let us take a look at the many various types of incorporations
as that will assist clienteles make head and tail of the operation of incorporation.
In plain words, incorporation means to change a clientele into a legal structure
that is accredited by law. After incorporation, a business becomes a distinguished
corporate entity. Many types of companies can get themselves incorporated to
reap the benefits of getting incorporated. Some of the types of the companies
that get incorporated are one person companies, private limited companies,
limited liability partnership, public limited companies, part IX companies, section
25 companies, and foreign companies. The process of incorporation for all of the
listed companies is almost the same except for a few inclusions and exclusions
here and there.
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3. Private company incorporation needs business to have at least two
directors with a paid up capital of at least one-lakh rupees. In a private
limited company, the capital is raised mainly by private shares or personal
deposits. For incorporation of a company as per company law, the
petitioner first needs to submit a minimum of one to six names for the
proposed company. The availability of the nominated names should be
checked online and submitted with an application to Registrar of
Companies (RoC) in order for the name of the company to be approved
and registered. Assistance is often rendered by the corporate law firms
with the availability of name and also suggestion with regard to the right
appropriate kinds of names that suit the company profile. The next step
after registration is for the petitioner to seek for Director Identification
Number (DIN). DIN is allotted to each of the company's directors. Digital
signatures applications are also made for the directors of the company.
Other forms such as form 1, form 18 and form 32, are needed to be filed
by the petitioner. The certificate of incorporation is issued by the RoC
after everything is found in order and everything gets through.
Private Limited company
4. Shares and public deports are the main source of capital of a public
limited company. Public limited company incorporation requires the
business to have a at least three directors, seven subscribers, and five-
lakh rupees minimum paid-up capital. Incorporation of a public limited
company procedure stands the same as it is for a private company with
the exception of additional forms such as form 29 and form 20 to be
submitted with the Statement in Lieu of Prospectus. Businesses seek
corporate legal services to avoid mix-up with mandatory and minimum
requirements for company incorporation.
Public Limited Company
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5. There has been a new addition to the Companies Act of 2013, which is the
One-Person Company. This allows the shareholders to get their
businesses incorporated. In One-Person Company, one shareholder is
eligible to be the company's director. For a One-Person company, there
are up to fifteen directors allowed. The benefits of a private limited
company are applicable to a One-Person Company. A minimum paid up
capital of one-lakh is needed for the incorporation of One-person
company. The procedure needed by the One-Person Company
incorporation just like the private limited company.
One-Person Company
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6. In a limited liability partnership, the name registration is done by
submitting form 1 and then the applicant needs to submit form 2 for
incorporation of company. In form 2, the things declared are partner
details and their authorization to act as partners. LLP agreement is made
after this under Section 23 of the LLP Act. Within 30 days, following
company incorporation, this has to be filed through eForm 3 with the
registrar.
Limited Liability Partnership
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7. In a limited liability partnership, the name registration is done by
submitting form 1 and then the applicant needs to submit form 2 for
incorporation of company. In form 2, the things declared are partner
details and their authorization to act as partners. LLP agreement is made
after this under Section 23 of the LLP Act. Within 30 days, following
company incorporation, this has to be filed through eForm 3 with the
registrar.
Part IX Company
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8. In a limited liability partnership, the name registration is done by
submitting form 1 and then the applicant needs to submit form 2 for
incorporation of company. In form 2, the things declared are partner
details and their authorization to act as partners. LLP agreement is made
after this under Section 23 of the LLP Act. Within 30 days, following
company incorporation, this has to be filed through eForm 3 with the
registrar.
Limited Liability Partnership
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9. While every facet of the work at an organization needs to have a specific set of
policies, at a minimum, companies need to have policies in place for
performance management, leaves, holidays, vacations, termination of
employment, recruitment, hours of work, and overtime. By seeking HR
consulting services for policy development, companies can ensure that unbiased
policies are in place, with the added advantage of ensuring employee morale.
Interviewing
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10. HR consulting is thus a silver lining for corporate firms, giving them not one by
many less things to worry about!
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