Growing markets are pushing new limits of ever expanding Indian Economy and the need of Corporate Services is increasing at an unbelievable pace. Corporate Services are offered by leading Law Firms and it includes a team of Lawyers, Charted Accountants, Company Secretaries, Technical, Banking and Accountancy Experts. The aim of our corporate services is to ensure smooth and effective start and to help companies at every point of time (startup/ established) for all kind of services like legal, accountancy, banking etc. Our best advocates for corporate and trade law in Chandigarh are known for taking care of the niceties involved. This article is an attempt to enlighten those who wish to seek knowledge about the corporate sector in India.
The laws applicable to Corporate Sector in India are Companies Act 2013, The Chartered Accountants Act 1949 as amended by (Amendment) Act 2011, Banking Regulation Act 1949 and the regulations applicable to a particular sector of the industry.
Section 3 deals with the formation of a company.
(1) A company may be formed for any lawful purpose by-
(a) seven or more persons, where the company to be formed is to be a public company;
(b) two or more persons, where the company to be formed is to be a private company; or
(c) one person, where the company to be formed is to be One Person Company, that is to say, a private company, by subscribing their names or his name to a memorandum and complying with the requirements of this Act in respect of registration:
Provided that the memorandum of One Person Company shall indicate the name of the other person, with his prior written consent in the prescribed form, who shall, in the event of the subscriber‘s death or his incapacity to contract become the member of the company and the written consent of such person shall also be filed with the Registrar at the time of incorporation of the One Person Company along with its memorandum and articles:
Provided further that such other person may withdraw his consent in such manner as may be prescribed:
Provided also that the member of One Person Company may at any time change the name of such other person by giving notice in such manner as may be prescribed:
Provided also that it shall be the duty of the member of One Person Company to intimate the company the change, if any, in the name of the other person nominated by him by indicating in the memorandum or otherwise within such time and in such manner as may be prescribed, and the company shall intimate the Registrar any such change within such time and in such manner as may be prescribed:
Provided also that any such change in the name of the person shall not be deemed to be an alteration of the memorandum.
(2) A company formed under subsection (1) may be either-
(a) a company limited by shares; or
(b) a company limited by guarantee; or
(c) an unlimited company.
Once a company is eligible to be registered as a company, it shall have memorandum and articles in compliance with the provisions of section 3 and section 4 of Companies Act 2013. The incorporation of the company shall be done as per the provisions of section 7 of Companies Act 2013. The documents shall be filed with the Registrar within whose jurisdiction the registered office of a company is proposed to be situated. A company shall, on and from the fifteenth day of its incorporation and at all times thereafter, have a registered office capable of receiving and acknowledging all communications and notices as may be addressed to it. Every company shall have Board of Directors in accordance with the provisions of section 149, 152 and 154 of Companies Act 2013. The company must have a share capital to run a business.
Every startup needs right kind of guidance and corporate services in order to achieve success. Sometimes the corporate services are not up to the mark or there may be lapses on the part of the company. Every company should ensure that memorandums and articles are complete, though, they can be amended at any point in time. There should not be any misrepresentation on the part of the company because directors of the company are liable for misrepresentation.
The corporate services are to be selected very carefully. It is advisable to take professional help of corporate services for startup rather than preceding it on an individual basis. Our best practicing lawyers dealing with corporate law in Chandigarh can tell you the importance of team work and the amount of hard work involved in the corporate services.
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