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Formation of Entities
   
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Formation of Entities
1. Companies

Private Limited Companies

Private companies means companies which by its Articles of Association

  • Restricts the right of members to transfer its shares
  • Limits the number of its members to two hundreds.
  • Prohibits an invitation to the public to subscribe to any shares in or the debentures of the company
  • Prohibits any invitation or acceptance of deposits from persons other than its members, directors or their relatives.

One Person Companies (OPC)

  • Restricts the paid up capital to Rs. 50 lacs and restricts the average annual turnover to Rs. 2 cr.
  • Restricts membership of the Company to one person only.
  • Only natural persons with Indian citizenship and Indian resident can become member of OPC
Public Limited Companies

Public Limited Companies means companies which are not private limited companies and/ or OPC.

Companies Limited by Guarantee
In this category of company the liability of its members is limited by its memorandum of association to such amount as the members may respectively thereby undertake to pay if necessary on liquidation of the company. The liability of the members to pay the guaranteed amount arises on liquidation of the said company and not when it is a going concern. A guarantee company may be a company with share capital or without share capital.
Companies under section 8 of the Companies Act 2013 (Companies with Charitable Object)

Section 8 companies are formed for promoting commerce, arts, science, sports, education, research, social welfare, religion, charity, protection of environment or other socially useful objective and have been granted a license from the central Government recognizing them as such. The profits earned by these companies are not allowed to be distributed as dividend to its members and same must be utilized in furtherance of its objects.

Unlimited Liability Companies

Liability of members of unlimited company is unlimited.
 
2. Trust

Public Charitable Trust

Private Charitable trust
Indian Trust incorporated under Indian Trust Act
Besides individuals, a body of individuals, or and artificial person such as an association of person, an institution, a limited company, a Hindu Undivided Family through its karta, can form Trust. There is no any Central Act applicable in all States of India. Various states have enacted their own acts prescribing conditions and procedure for the administration of public trusts. These Acts are more or less similar in nature though there may be certain variations.
The essential distinction between a public and a private trust is that in case of Public Trust the beneficial endowments vests in an uncertain and a fluctuating body of the persons either the public at large or some considerable portion of it answering a particular description. On the other hand , in a private trust the beneficiaries are definite and ascertained individuals .
 
3. Societies

Societies are registered under the Societies Registration Act, 1860 or Societies Registration Act, 1960 as the case may be. A society can be formed by any seven or more persons assisted for any literary, scientific or charitable purpose or for any such purpose as described in Section 20 of the Act, may, by subscribing their names to the memorandum of association and filing the same with Registrar of Societies form themselves into a Society under the Act. Foreigners, partnership firms, limited companies, registered societies can become members of the society.

 
4. Limited Liability Partnership (LLP)

Limited Liability partnership (LLP) is an alternative business model having benefits of a limited liability and flexibility in structure as that of a partnership mutually decided by executing a Partnership Agreement. It is a body corporate and a legal entity separate from its partners incorporated under the Limited Liability Partnership Act, 2008 (LLP Act) having perpetual succession. This enables any two or more entrepreneurs from diversified fields to come together and provide services of any kind. It is also provided to convert existing partnership firm or a private limited company or an unlisted public limited company into an LLP. The Indian Partnership Act, 1932 is not applicable to LLP. However power is conferred on the Central Government to apply provisions of the Companies Act, 1956 as appropriate, by notification with such changes or modifications as deemed necessary.

 

We provide following services with respect to formation of entities:
  • Advice the client on choosing the format of corporate structure
  • Advice regarding name availability as per the Guidelines
  • Advice on various matters pertaining to Registrar of Companies
  • Drafting of Charter of the entity e.g. memorandum of association and articles of association in case of companies, LLP agreement in case of LLPs, Memorandum of rules and regulations in case of societies.
  • Incorporation of a Company / LLP/ Trust/ Society falling under any category as mentioned-above
  • Conversion of Company into LLP
  • Conversion of a Private Limited Company into a Public Limited Company and vice-versa
  • We act as Power of Attorney holders for all matter in connections with incorporation of a company
 
 
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