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Public Limited Company

Public Limited Company

A public company is a company which is not a private company.It is
limited by shares where there is no restrictions on the maximum
number of shareholders,transfer of shares and acceptance of public
deposits. Here minimum number of members is seven where as
there no limit on the maximum side. A public company has all the
advantages of a private company however it has more stringent
regulatory requirements as compare to private company. A private
limited company can also be converted to a public limited company
and after such conversion it can get listed on a stock exchange of India.


Advantages

  • Can have large capital.
  • No limitation on maximum shareholders.
  • Shares are freely transferable
  • High Status.
  • Management structure is clearly defined ,which makes it easy to appoint,retire or remove directors.
  • Liability of the members is limited to the face value of shares they have paid.

  • Disadvantages

  • More Expensive to set up.
  • More stringent legal formalities to follow.
  • May face management problems like slow decision making.
  • May need professional help to form thus not easy tos tart.

  • Registration

  • Minimum requirements are;
  • 3 directors
  • 7 promoters(shareholders)
  • PDIN(Director identification Number) foe all the directors
  • DSC(Digital Signature Certificate) for all the directors.
  • After the above compliances done ,name approval is required.
  • Drafting of MOA & AOA.
  • Stamping,Digitally signing and e-filing of various documents with the concerned registrar.
  • Payment of Fees
  • Obtaining of Certificate Of Incorporation.
  • Preparation and filing of prospectus /statement in lieu of Prospectus (in case of public companies) for obtaining the certificate of commencement of business.
  • After obtaining Certificate Of Commencement oF Business,business can be started in public company.
Traditional
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Faq's

Is it necessary to Register for GST ?

All existing taxpayers registered under any of the following Acts :
a) Central Excise
b) Service Tax
State Sales Tax or VAT (Except exclusive liquor dealers if registered under VAT)
a) Entry Tax
b) Luxury Tax
Entertainment Tax (Except levied by Local Bodies)
have to register for GST. The enrolment for GST will ensure smooth transition to the GST regime.

Is the Registration process different for taxpayers registered under Centre, State or Union Territory Tax Acts ?

No. The Registration process is common for all taxpayers registered under Centre, State or Union Territory Tax Acts

Do existing taxpayers required to enrol separately with Central and State authorities under GST ?

Registration under GST is common for both GST and State GST. Also there is common Return and common Challan for Central and State GST.

When will Provisional Registration Certificate be issued ?

The Provisional Registration Certificate will be available only if the Registration Application is submitted successfully.

When will be the Final Registration Certificate be issued ?

The Final Registration Certificate will be issued within 6 months from the date of verification of documents by Authorised Center/State officials of the concerned Jurisdiction.