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Started by : Veena Gupta, Analyst, Blackstone Group   07 15 2010 09:29:09 +0000
Activity:  75 views;  last activity : 04 27 2013 07:05:46 +0000

Starting a new business is not rocket science if one keeps the basic legal requirements in mind. But, then what are the legal requirements that one require. And there are many forms in which a business can be organized. Usually, the following models are popular:

    * Sole Proprietorship
    * Partnership ,including Limited Liability Partnerships called (LLP)
    * Company – Public/Private

While there are certain processes that are common to any form of business organization, each one of the above has certain peculiar requirements and knowing all these things can be a arduos process..So, let us list down the top 10 things interms of Legal formalities for starting a company in India.  Do, share your valuable inputs on this...

 
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1 2 3 4 5
1 Incorporating your company: Name approval
2 Documents Required to be Filed with ROC
3 Why Top 10 not 5 or 15
4 Director Identification Number (DIN)
5 IDENTIFY AUDITOR
6 A probate copy of partners

Incorporating your company: Name approval

idea posted by Veena Gupta Analyst, Blackstone Group

The first step in getting your company registered is the approval of name for the Company. Generally, it takes about seven days to get the approval. The following steps are required for name approval.

You have to file an application in Form No. 1A with the Registrar of Companies (ROC) of the State in which the Registered Office of the Company is proposed to be situated. The application is to be signed by one of the promoters and must contain the following details:

Minimum 2 alternative names for the proposed Company. (The name can be coined names from the objects of the Company or the names of the directors, etc. but should definitely be indicative of the main object of the Company. Justification for the name needs to be specified along with the application).

Names and address of the members (minimum 7 for a public Company and 2 for a private Company).

Authorized Capital of the Company (Minimum Rs.5 Lac for a public Company and Rs. 1 lac for a private Company).

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by Rathin Deb, Advisor and retail consultant, currently as Branch Manager, Tower Infotech Ltd  | 04 27 2013 07:05:46 +0000

On completion of all formalities the The Memorandum & Article of Association will be printed by the Company incorporating the registration number issued by ROC.

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by Divyani Garg, MBA/PGDM student, IILM Institute for Higher Education  | 04 26 2013 17:22:31 +0000

Hi, I am looking forward to open my online shopping store, I wanted to know the legal formalities for it and even I am looking to import the apparel and cosmetics from outside the country. Are there any legal formality for that also? What all license will I require? And is there any import duty on it? Please reply as soon as possible.

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by Gopesh Porwal, MCA student, Jain High School  | 03 22 2013 14:58:09 +0000

in indore where is Registrar of Companies (ROC) present pls mail me mail@swargaapti.com

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Documents Required to be Filed with ROC

idea posted by Aarti Gupta Legal Consultant

I would like to thank Veena for initiating this post, there would be many aspiring to start on their own..

The following documents are required to be submitted to the ROC (Registrar of companies):

Memorandum and Articles - These are required to be executed by the promoters in their own hand in the presence of a witness in quadruplicate stating their full name, father’s name, residential address, occupation, number of shares subscribed etc.

Form No. 1 - This is a declaration to be executed on a non-judicial Rs 20 stamp paper by one of the directors of the Company or other specified persons such as attorneys or advocates stating that all the requirements of the incorporation have been complied with.

Form No. 18 - This is to be filed by one of the directors of the Company informing the ROC of the registered office of the Company.

Form No. 29 - This is the consent obtained from all the proposed directors of the Company to act as directors of the Company. (Not required in case of private Company).

Form No. 32 - This states the appointment of the proposed directors on the board of directors from the date of incorporation of the Company and is signed by one of the proposed directors.

Name approval letter in original.

Power of Attorney signed by all the subscribers to Memorandum authorizing one of the subscribers or any other person to act on their behalf for the purpose of incorporation and accepting the certificate of incorporation.

Power of Attorney in case of a subscriber who has appointed another person to sign the Memorandum on his behalf.

Applicable filing fees.

These documents need to be filed online first and then a physical copy should be submitted to the ROC.

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by Gopesh Porwal, MCA student, Jain High School  | 03 22 2013 14:51:51 +0000

hello Aarti Gupta would u like to help me to setup my new company mail@swargapati.com

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Why Top 10 not 5 or 15

idea posted by R N Bhattacharyya Freelancer, Freelancer
There are number of ideate/insight discussions are based on TOP 10. Does it need only TOP 10,why not other numbers also!
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Director Identification Number (DIN)

idea posted by Sudeep Tarafdar Senior Consultant, IBM

Directors for an Indian company, both Indian and foreigners, must register and get identification number under the new requirements. It is called Director Identification Number (DIN). The application needs to be filed online.

The form along with the supporting documents (PAN Card & Residence proof duly attested by CA, Notary or Gazette Officer) is to be sent to the offices designated by respective ROCs. The fee for obtaining DIN can be deposited online or deposited in banks authorized for this purpose.

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IDENTIFY AUDITOR

idea posted by s.baalu Consultant, XYZ LTD

EASIEST WAY TO COMPLETE ALL THESE FORMALITIES IS TO IDENTIFY A QUALIFIED,EXPERIENCED AUDITOR WHO WILL TAKE CARE OF ALL THESE TIME CONSUMING FORMALITIES AND WILL DO THINGS RIGHT AND WITH HIS CONTACTS DOES THINGS FASTER.ANYWAY ONE REQUIRES AN AUDITOR FOR EVER.

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by Gopesh Porwal, MCA student, Jain High School  | 03 22 2013 14:50:46 +0000

can u provide reliable AUDITOR firm name in indore mail@swargapati.com

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A probate copy of partners

idea posted by Mohammad Bakhsh Consultant(Civil), Rail Vikas Nigam Limited

Starting a company need a great deal of knowledge and procedures.One of the key document is the constitution pf partnership duly probate.

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