Private Limited Company-Odisha (Upto 1 Lac Capital)(Excluding Goverment fees)

Description

Private Limited Company-Odisha

Private Limited Company-Odisha is a type of company that is incorporated under the Companies Act, 2013. It is a separate legal entity from its shareholders, and it has limited liability. This means that the shareholders are only liable for the amount they have invested in the company.

Formation

Private Limited Companies in Odisha can be formed by a minimum of two and a maximum of 200 shareholders. The shareholders can be individuals or other companies. The company must have at least one director, who must be an Indian resident.

The following documents are required to form a Private Limited Company in Odisha:

• Memorandum of Association (MOA)
• Articles of Association (AOA)
• Declaration by subscribers
• Affidavit by directors
• Proof of identity and address of directors and shareholders
• Digital Signature Certificate (DSC) of directors

Process

The process of forming a Private Limited Company in Odisha is as follows:

1. Name Approval: The first step is to get the name of the company approved by the Registrar of Companies (RoC). The name should be unique and should not be similar to any other existing company name.
2. Filing of Incorporation Documents: Once the name is approved, the incorporation documents can be filed with the RoC.
3. Certificate of Incorporation: After the documents are verified, the RoC will issue a Certificate of Incorporation. This certificate will confirm that the company has been legally incorporated.

Advantages

There are several advantages of forming a Private Limited Company in Odisha:

• Limited Liability: The shareholders are only liable for the amount they have invested in the company.
• Separate Legal Entity: The company is a separate legal entity from its shareholders.
• Ease of Formation: The process of forming a Private Limited Company is relatively simple.
• Tax Benefits: Private Limited Companies are eligible for several tax benefits.
• Professional Image: A Private Limited Company has a more professional image than a proprietorship or partnership firm.

Disadvantages

There are also some disadvantages of forming a Private Limited Company in Odisha:

• More Formalities: There are more formalities involved in forming and running a Private Limited Company than a proprietorship or partnership firm.
• Higher Costs: The costs of forming and running a Private Limited Company are higher than a proprietorship or partnership firm.
• More Regulations: Private Limited Companies are subject to more regulations than proprietorship or partnership firms.

Conclusion

Private Limited Companies are a good option for businesses that want to have limited liability and a professional image. However, they are more complex and expensive to form and run than proprietorship or partnership firms.