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A type of company that is owned and run by a group of people is a private limited company. Such entities are under the control of private stakeholders.
Unlike an LLP or a sole proprietorship, a Pvt. Ltd. company’s liability arrangement is less strict, protecting company assets from loss in the event of a financial crisis.
There is one exception to the rule that all partners in a Pvt. Ltd. company are liable for the company’s loss.
Such losses may be incurred by shareholders up to the number of shares they own. A member’s obligation to make up a business loss is therefore restricted to the number of shares they actually own.
The process for registering a private limited company with Genuine Filings involves several steps, such as obtaining a Digital Signature Certificate (DSC), filing for Director Identification Number (DIN), filing for the name availability, drafting of the Memorandum and Articles of Association, and finally submitting the incorporation documents to the Registrar of Companies (ROC).
The time it takes to register a private limited company with Genuine Filings depends on various factors, such as the availability of required documents, name availability, and approval from the Registrar of Companies (ROC). Typically, the process can take anywhere from 10-20 days.
The documents required for registering a private limited company with Genuine Filings include PAN card, Aadhaar card, address proof of the proposed directors, address proof of the registered office, and Memorandum and Articles of Association.
The costs involved in registering a private limited company with Genuine Filings may vary depending on the specific requirements of the business. Generally, costs may include government fees, professional fees for drafting and filing of documents, stamp duty, and other miscellaneous expenses.
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