Requirements for initiating a Private Limited Company.
- To initiate a Private limited company a base number of 2 members are required and a most outrageous number of 200 members as per the Companies Act, 2013.
- There should be 2 directors and 2 shareholders in a Private Limited Company.
- A unique name should be given to your company.
- Make sure that the name does not exist which will help you to avoid hurdle in Private limited company registration process.
- It must have a base paid-up capital of Rs 1 lakh or such higher entirety which may be supported now and then.
Private Limited Company Benefits
- You are less than 60 years old and you earn more than Rupees 2,50,000 (irrespective of your gender (for the FY 2017-18).
- You are a senior citizen (above the age of 60years but below the age of 80 years) and earn more than Rupees 3,00,000.
- If total income is more than 5 lakhs or you have claimed any income tax refund then you are required to e-file your taxes. (Not applicable in the case of super senior citizens).
- Person who is required to get audited his financial statements under income tax act.
- A person can also file ITR voluntarily.