Ø What is a Company ?
Company is an association of persons registered under the Companies Act 1956. It has a legal personality separate from the persons who own or manage it.
Ø What are the different types Companies?
The following are the types of companies that can be registered in India
a. Private Limited Company
b. Public Limited Company
c. Unlimited Liability Company
d. Non profit Organisations (Generally known as Sec.25 Companies)
Ø What is Private Limited Company?
Private Limited Company is formed with minimum of 2 members and 2 Directors. Maximum number of members in a private company is restricted to 50. The name of the company shall end with the words 'Private Limited'.
Ø What is Public Limited Company?
Public Limited Company is formed with minimum of 7 members and 3 Directors. There is no restriction on maximum number of members. The name of the company shall end with the word 'Limited'.
Ø What is Non profit Organizations?
Sec.25 Company is formed for the purpose of promoting commerce, art, science, religion, charity or any other useful objects and not with the object of making profit. Registration of such companies require prior permission from the Central Government and the words 'Private Limited' or 'Limited' can be dispensed from the name.
Ø What are rules of choosing name of the company?
The name of the company shall be unique for registration. The name of a Private / Public Company shall end with the words "Private Limited" or "Limited" respectively. The name of the company shall comply with the Guidelines for Name Availability as prescribed by the Ministry of Corporate Affairs.
Ø What is Authorised Capital / Registered Capital of the company?
Authorised Capital (Registered Capital) of a company is the upper ceiling limit of capital which a company can issue shares and collect money from the shareholders. Authorised Capital of a company can be enhanced by a Resolution at a meeting of Shareholders.
Ø What is Issued Capital?
Issued Capital is the portion of Authorised Capital that the company has issued shares to the shareholders of the company.
Ø What is Digital Signature?
Digital Signature is a legally recognized method of signing documents electronically. A digital signature is a type of asymmetric cryptography used to simulate the security properties of a handwritten signature on paper. Digital signature schemes normally give two algorithms, one for signing which involves the user's secret or private key, and one for verifying signatures which involves the user's public key. The output of the signature process is called the "Digital Signature".
Ø What is Directors Identification Number (DIN)?
Directors Identification Number or DIN is an identification number issued by the Ministry of Corporate Affairs to a director or a prospective director of a company. For obtaining a DIN, an online application has to be made to the Ministry of Corporate Affairs and the documents supporting Identity / Address Proof has to be submitted to their office. On verification of the documents, MCA will allot the DIN.
Ø What is Memorandum of Association (MOA)?
MOA is the charter document, by which a company is registered. It contains name of the company, state in which the registered office of the company is situated, objects of the company, capital and subscribers / promoters / first shareholders of the company.
Ø What is Articles of Association (AOA)?
AOA is the bylaws for the internal management of a company. This document defines the relationship of members and directors. It also restricts powers of directors, transfer of shares etc.
Ø What is PAN?
PAN means Permanent Account Number allotted by the Department of Income Tax. This is the number every tax assesses need to be obtained from Income Tax department. PAN is used for filing Income Tax return.
Ø What is MCA21?
MCA means Ministry of Corporate Affairs. MCA 21 is the electronic filing system of documents with MCA through the web site www.mca.gov.in
Ø What is Service Request Number (SRN)?
Service Request Number (SRN) is the unique number generated by MCA 21 while filing an electronic document with the MCA web site.
Ø What is Corporate Identification Number (CIN)?
Corporate Identification Number (CIN) the number allotted to a Company registered in India by the Ministry of Corporate Affairs.
Ø What is Form 1A?
Form 1A is the Application Form to be filed with Ministry of Corporate Affairs to check the availability a proposed name for registration of new company or for changing the name of an existing company.
Ø What is Form 1?
Form 1 is the Statutory Declaration to be filed at the time of incorporation of a company confirming the compliance of legal requirements under the Companies Act for registration of a new company.
Ø What is Form 32?
Form 32 is the return to be filed with MCA regarding the appointment / cessation of Directors / Secretary / Manager of the company.
Ø What is Form 18?
Form 18 is the notice of situation of registered office to be filed with MCA. The address stated in this form will be Registered Office of the company.
Ø What is Certificate of Incorporation?
Certificate of Incorporation (COI) is the certificate issued by Registrar of Companies confirming the registration of the company.
Ø What is Annual General Meeting (AGM)?
Annual General Meeting (AGM) is the meeting of shareholders required to convened by a registered company in every calendar year.
Ø What is Common Seal?
Company is a legal person and can not sign any document like a natural person. A Company executes the documents by affixing an impression seal called Common Seal duly witnessed by its Director / authorized representative as per the provisions of its Articled of Association.
Ø What is Share Certificate?
Share Certificate is the proof of share holding in a company in the name of a person.
Ø What is Registrar of Companies (ROC)?
Registrars of Companies are the officers vested with the primary duty of registering companies in respective States. These offices function as registry of documents filed by the companies which are available for inspection by public on payment of the prescribed fee.