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Important Dates :

10 January 2021 - Last date of ITR filling
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Private limited company

When it come to a have a company in Indian the concept of business is common. Pvt Ltd Company is incorporated under the Companies Act of 2013, and governed by the Ministry of Corporate Affairs (MCA).
A Private limited company is a type of company held by a small business entity having a defined objective with small group of member who are the shareholders. The ownership is defined by the shares held by the owner in the company.

Benefits of One Person Company:
No minimum capital is required to form a Private Limited Company therefore there is no pressure of fund requirements.
Limited risk to personal assets in Private Limited Company.
It is easy to get funding in a private limited company by transferring of shares.
It is a Separate Legal Entity.

Procedure to register Private Limited Company


Once a name for the company is decided, the following steps have to be taken by the applicant:
Apply for DSC and DIN
Apply for the name availability
File MOA and AOA to register the private limited company
Apply for the PAN and TAN of the company
Certificate of incorporation will be issued by ROC with PAN and TAN
Open a current bank account on the company name
Documents required:
DIN, DSC, PAN card, Aadhar card, driving license, address proof of residence partner.
Sole proprietorship:
A sole proprietorship entity owned by an individual only, which do not required any registration. A sole proprietorship firm is an unlimited liability entity where you are your own boss and can hire associates for your support.
In proprietorship firm the owner can use his own name, where shareholder, professional, etc. are running their business or profession as a Sole Proprietor.
Benefits of Private limited Company:
• You are your own boss
• No profit sharing
• Easy formation
• Low cost required at the time of formation
• Registration is not required
• Single ownership

FAQs

Q1. Can a sole proprietorship use the word "company" in the trade name?
No. NDCC, Section 47-25-03 provides:
"A trade name may not contain the word "company", "corporation", "incorporated", "limited", "limited liability company", "limited partnership", "limited liability partnership", "limited liability limited partnership" or any abbreviation of any of these words unless the owner of the trade name is a corporation, limited liability company, limited partnership, limited liability partnership, or limited liability limited partnership as indicated by the words used in the name."

Q2. Can you convert your sole proprietorship to a different business structure, e.g., a corporation, and continue to use the name you developed as a sole proprietorship?
You, as the registrant of the trade name, will have to either:

• Grant consent to use of name to the newly forming entity,
• Assign the trade name to the newly forming entity; or
• Cancel the trade name registration at the time the new entity is filed with the Secretary of State.

Q3. Can you convert your sole proprietorship to a different business structure, e.g., a corporation, and continue to use any licenses or permits that you held as a sole proprietor?
A different business structure is a separate legal entity from the sole proprietorship. Licenses are not usually transferable from one business structure to another. Consult legal counsel or the agency that issued the license.