Closing the company has become comparatively easier now.Fast track exit mode has come to the rescue if one wishes to close the company and strike of its name from the register of companies.
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Closure of Private Limited Company
Private Limited Company is not running properly or faces continuous losses, it is better to close such private limited company and look for a new beginning. A private limited company needs to be closed or windup when there are no exchanges or the Directors of company are not willing to proceed its operations. A private limited company generally can be shut by both voluntary and compulsory circumstances.
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For small businesses, what are the benefits of Private limited company ?
It provides creditability to business in the eyes of financial institutions, suppliers and potential clients. As it makes easier for companies to get loans at favorable terms from banks or convincing potential clients while entering into deals.
Is there any qualification to become a director or shareholder in a Private Limited Company ?
Any individual can become a shareholder in a private limited company. For becoming a director in a company, no professional or educational qualification is required.
What address to be given as registered office of the company ?
A registered office is required to hold Annual general meetings, for keeping records and receiving correspondence from all the statutory/government authorities. The registered office does not have to be necessarily owned by the company, it can be on rented premises also. The registered office of the company determines its jurisdiction for registration, for instance, a company with registered office in Delhi will come under the jurisdiction of Registrar of Companies, Delhi.
Is it allowed to change registered office of the company after registration ?
Yes, A company can change its registered office any time after following specified procedure. The changed address can be situated within the same state or in a different state from the state in which it was originally registered.
I am carrying business as a sole proprietor/partnership, can I register a private limited company ?
Yes, A private limited company can be set up following provisions of Companies Act, 1956
Is Private Limited Company structure suitable for my business ?
As said before, the biggest advantage of starting a business with private limited company form of organization is the outlook by all outside parties towards the business. A private limited company is perceived to be more trustworthy compared to other business structures. Though the decision of whether to set up the business as a private limited company or not, rests upon you, but it is advised that the entrepreneur closely evaluate all the merits and demerits . In businesses which are in expansion mode or trustworthiness is an important part of business transactions, Private limited company form of structure can prove to be a good option.