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private-limited-company-registration

Private Limited Company Registration

Private Limited Company is the most prevalent corporate legal entity in India. Its registration is governed by the Ministry of Corporate Affairs, Companies Act, 2013 and the Companies Incorporation Rules, 2014. The private limited company itself defines that these are companies which have limited liability and is very personal. It is a registered corporate structure, that provides business a separate legal identity from its owners. Hence, providing key advantages like the ability to contract in its own name, and safeguard personal assets of the owners from business liabilities. However, now the companies & their name approval for every state is handled by a Special Central Registration Center which is Manesar, Haryana India. The complete process of company registration is digitalized. To register a private limited company, a minimum of two shareholders and two directors are required. A natural person can be both a director and shareholder, while a corporate legal entity can only be a shareholder. Further, foreign nationals, foreign corporate entities or NRIs are allowed to be Directors and/or Shareholders of a Company with Foreign Direct Investment, making it the preferred choice of entity for foreign promoters.

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Corpus fund refers to money donated to a charity with the provisions that the principal will not be spent , But the income from the principal or corpus will be used for the charity. Corpus fund denotes a permananet fund kept for the basic expenditure needed for the administration and survival of the organisation interest on corpus fund is to be used for the acuities of the NGO. 15 % is exempt by default. Balance 85% is exempt to the extent that it is used for charitable purpose.

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Corpus fund refers to money donated to a charity with the provisions that the principal will not be spent , But the income from the principal or corpus will be used for the charity. Corpus fund denotes a permananet fund kept for the basic expenditure needed for the administration and survival of the organisation interest on corpus fund is to be used for the acuities of the NGO. 15 % is exempt by default. Balance 85% is exempt to the extent that it is used for charitable purpose.

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Every person capable of holding property may be a beneficiary. A property may e a beneficiary or renounce his interest under the trust by disclaimer addressed to the trustee or by setting up with notice of the trust, A claim inconsistent there with. A person or corporation legally capable of taking and holding legal title to property can be a beneficially of a trust. Beneficiaries can be of two types.

Fixed beneficiaries.
Discretionary beneficiaries.

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Grants are non repayable funds disbursed by one party, often a government department , corporation, foundation or trust to a recipient often a non profit entity educational institution, business or an individual A trust can apply for government grant funding and applying for a government grant requires much effort. A government grant can help the project get underway save time and improve chains by followings the proper procedures.

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A trust can open a school but the purpose of opening a school should not be profits motive but must be for the overall welfare and development of the society . School must be opened by welfare of a community , needy and poor children who cannot get basic education trust cannot open school in Bihar and company U/s 25 cannot open a school.

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Income of an organisation is exempted if a NGO has 12A registration. All income shall not be taxable after 12A registration. This is one time registration. 80G: If an organisition has obtained certification under 80G then donors of that NGO can claim exemption from Income Tax. This is not one time registration and this needs to get renewed after validity period 12A AND 80G benefits available to a trust. Trust deed, Registration certificate, Trust Pan Card, ID Proof, Books of accounts e.t.c are required for registration U/S 12A and 80G to avail the benefit.

BENEFITS: Using 80G the trust can raise local fund

Registration Certificate of Trust/ Society 80G registration means donors can claim exemption. Valid Postal Address along with address proof(like electricitybill, warebill etc) and NOC from land lord. Evidence of welfare activities carried out. Books of accounts and ITR since inception

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Yes a trust can enroll members. For enrollment of a member trust has to comply with a enrollment process. Enrollment Process for the first party or a third party is similar but extra steps may be needed if a beneficiary is funding his or her own trust and is not financially capable.

Procedure for enrollment process:

  • gather supporting documents
  • complete the joinder agreement
  • submit check with documents
  • confirmation
  • Before registering a company, a person should know its process:

    • Obtaining Digital Signature Certificate (DSC) for All Directors and Subscribers,
    • Application for name availability in form RUN
    • Preparation of E-Memorandum of Association & E-Articles of Association
    • Filing of SPICe 32 Form
    • Registration of Company.
    • Issuance of PAN & TAN.

    Documents and information required:-

    Information required for approval of name for the proposed company: - Suggested name for the proposed company
    Details of the Directors (Promoters), (E-mail ID, occupation, Qualification and phone number)
    Address of the registered office of the company and ownership proof of the address-Gas Bill/Electricity Bill/telephone Bill(not be older than 2month)
    Proposed objects of the company
    Sharing ratio of Proposed directors
    2 photographs of each proposed Directors
    PAN card (Mandatory) of each proposed Directors
    Proof of identity: Passport/voter id /D.L.
    Proof of residential: Telephone Bill/Mobile bill/Electricity bill/Bank statement. (not be older than 2month)

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