A Public Limited Company (PLC) is the legal assignment of a limited liability company which has offered shares to the overall public and has limited liability. A PLC's stock is offered to the overall public and can be procured by anybody, either privately, amid the first sale of stock or through exchanges on the stock exchange. A public limited company (PLC) is the legal assignment of a limited liability company which has offered shares to the overall population and has the restricted risk.
Public Limited Company is a type of organization which offers its shares to the overall population. It gives the constrained obligation to its owners and shareholders.
The Capital required is 5 Lakh and GSTIN is Mandatory. Annual Filings are also required. The base number of shareholders can be 7 and the minimum number of directors required is 3 and most extreme is boundless.
Reasons to register a Limited Company:
Separate Legal Entity
A company is a legal entity and a juristic person established under the Act. Therefore a company form of organization has the wide legal capacity and can own property and also incur debts. The members (Shareholders/Directors) of a company have no liability to the creditors of a company for such debts.
Shares of a company limited by shares are transferable by a shareholder to any other person. Filing and signing a share transfer form and handing over the buyer of the shares along with share certificate can easily transfer shares.
A company is a juristic person, can acquire, own, enjoy and alienate property in its own name. No shareholder can make any claim upon the property of the company so long as the company is a going concern.
A company has 'perpetual succession', that is continued or uninterrupted existence until it is legally dissolved. A company, being a separate legal person, is unaffected by the death or other departure of any member but continues to be in existence irrespective of the changes in membership.
A company enjoys better avenues for the borrowing of funds. It can issue debentures, secured as well as unsecured and can also accept deposits from the public, etc. Even banking and financial institutions prefer to render large financial assistance to a company rather than partnership firms or proprietary concerns.
DOCUMENTS REQUIRED FOR PUBLIC LIMITED COMPANY:- (All copies of documents should be self-attested by the customer)
Identity and Address Proof
Identity and address proof will be required for all directors and shareholders of the company to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarized copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months old.
Registered Office Proof
All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
Signed Incorporation Document:
Signed digital signature application documents in hard copy. Other incorporation documents signed and uploaded as soft copy.
Process for Limited Company
To start a Company
Obtain director identification number (DIN) for all the proposed directors of the Indian Company
Obtain Digital Signature Certificate (DSC) for at least one of the proposed directors. To file all the forms electronically
File an application seeking approval for the proposed name of the company
Payment of registration fee to the ROC and submission of all the documents
Receipt of Certificate of Incorporation
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