The word ‘company’ is derived from Latin. Originally, the word referred to as an association of person or merchantmen discussing matters and taking food together. It denotes a group of persons. The effect of registration under the act is that such a group becomes a corporate body having perpetual succession. A common seal section 34.
The companies act 1956 states that a company means a company formed and registered under this act or an existing company. A company formed or registered under any of the previous company laws. Company registration is effective of rights, owning property, duties and incurring charges in its own name. There are top 4 types of company registration in Chennai they can be described below.
Broadly, the companies incorporated under the companies act 1956 fall into two categories. They are Private Limited Companies and Public Limited Companies. According to section 3 (1)(iv) of the act, a public limited company is defined as a company. Which is not a private limited company. The companies can be classified as under :
There are top 4 types of company registration in Chennai they are :
Private Limited Company Registration.
Public Limited Company Registration.
One Person Company Registration.
Limited Liability Partnership (LLP) Registration.
Private Limited Company Registration
Where in case of a private limited company registration, only two persons are required to registered a private company. The number of members in a private limited company should not exceed fifty. The transfer of shares in a private limited company are subject to certain restrictions. The registration of a private limited company has the word “PRIVATE LIMITED” at the end of its company name.
A private limited company can commence business immediately after registration. The company need not have more than two directors. In a private limited company the managing director may be appointed for a period of more than 5 years at a time. The private limited company registration requires two or more persons hold one or more shares in a company together. Most of the start up business persons are registered private limited company in Chennai.
Public Limited Company Registration
public limited company
A public limited company registration can be registered within seven or more persons. There are no restrictions for transfer their shares in a public limited company. This company has to add the word “LIMITED” at the end of its company name. A public company has accepted/renew deposits from public.
After company registration, this business cannot commence immediately. The minimum number of seven persons is required for public limited company registration. In Chennai, the maximum number of persons are registered this public company.
One Person Company Registration
The ‘One Person Company’ (OPC) has been commenced by the Companies Act, 2013. The one person company (OPC) represents a company which has only one member. One Person Company requires to have one director. It can have maximum of 15 directors. A person can incorporate a maximum of 5 OPCs.
The new Companies Act, 2013 gives specific notices to the contracts which will be entered by One Person Company. This one person company registration is the easiest and common registration process in Chennai.
The one person company (OPC) registration has the following categories :
Company limited by shares
Company limited by guarantee.
An one person company (OPC) limited by shares shall follow as :
Shall have paid up capital of minimum Rs.1 Lakh.
Restricts the access to transfer its shares.
Limited Liability Partnership Registration
The withheld Rules relate to conversion of From, Private Company and unlisted company into LLP and those relating to registration of LLP in India by foreign LLPs. LLPs are essentially a highly matched to the professionals, small and medium entrepreneurs (SMEs).
A business vehicle to order operate and combine their business effectively. In Limited Liability Partnership (LLP) has no limit on the maximum number of partners. Which is an improvement over the partnership Act. The Registrar of Companies (ROC) in Chennai to register the company registrations.
Every LLP is required to prepare and file with the Registrar the Solvency and Statement of Account within six months from the close of the financial year in such form as may be recommended. These documents concern to the financial areas of LLP as on the last day of the financial year and they are available for public inspection. The above four types of company registration in Chennai makes every one to start their business with these four company registration procedures.
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