Form 1 Filing Help ! Private Limited Registration

CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 28 February 2010

Dear Ravi... !!

Frankly speaking that u shud hire a consultant for the incorporation of company.. becoz according to ur questions, it seems that u just entered to the corporate word..!!

I think u shud get a basic knowledge of company... consultant will tell u in detail about all these..

What is the difference between Authorized capital and Subscribed capital?

authorised capital is maximum limit of capital.. Issued & subscribed capital are the part of authorised capital..

If I declare the company capital amount of Rs 1 lakh, does that mean the limit in the company account stays 1 lakh?

ur query is not clear... maximum capital can be 1 lac if the companies authorised capital is 1 lac...

For Rs 1 lakh capital is it ok if I declare 10,000 equity shares of Rs 10 each?

Yes

In form 1, question/option number 8, how much do I enter in "Number of shares subscribed" & "Total amount of shares subscribed" if there are 3 directors?

No. of Shares subscribed 10,000

Total amount of share subscribed 100,000

Form 1 requires Digital Signature of "An advocate or attorney or pleader or company secretary or chartered accountant (in whole-time practice)", Now if I apporach a CA how much would he charge to sign it?

Depends of the consultant which u'll hire for this service...

1 Like

Ravi (Self) (35 Points)
Replied 28 February 2010

Adarsh, I have completed majority of work for registering a company with the help of you guys, now why should I hire a consultant and get duped with his/her sky high fees? Its not like this forum is free so get the most out of here, No! What I feel is when things can be done myself then why not do it? I had once hired a lawyer to register a partnership firm which he screwed up badly and after a year of commencing business I get to know the company is still not registered!

And as for my 2nd question, what I ment was if I declare authorized capital of Rs 1 lakh, and then spend 3-4lakhs and show it in yearly audit, Would that be illegal?

CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 28 February 2010

Dear Ravi...

U r trying to do two thing simultaneously... Business & Profession...

In my opinion, if u wanna be expert in 1 field, then u can make more money... just spend time of those work in which u r expert.. multidimensional work will result u big problem in future.. its purely a suggestion.. in olden days, ppl like to work in that way in which u r doing.... see to the top businessman of ur field, n try to get info that whether they have done all da work by themsalves.. u'll definitely get the answer - NO..!! they just planned to make their business bigger by getting confidence from professional for adverse circumstances... just work to be the best in ur field... becoz just incorporating company is not an issue.. u hv to maintain legal books n papers according to companies act.. its complecated n u cannot devote time to all these if u concentrate on ur business...

about ur question :-

in which form u'll introduce money to the company??????

1 Like

Ravi (Self) (35 Points)
Replied 28 February 2010

Adarsh, I know I shouldnt be doing all this but I want to be assured that this time my company is registered, I will obviously hire company accountant and a lawyer and others if its demanded later on, but me doing the registration is totally for my satisfaction and not for multitasking :)

Money will taken from the promoters or 3rd party.

CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 28 February 2010

in which form ???

as loan or as shareholding ?

CA SURENDRA KUMAR RAKHECHA (Practising CA at Surat) (26263 Points)
Replied 01 March 2010

One should not take legal risk if he is not expert in the field.

Although; registration of private limited company does not involve that much expertise; but ultimately one has to hire the services of those professionals who are experts.

After amendments in Companies Act; there are heavy penalties for non-compliance.

If one does not know what are the effects thereof; one may find himself in very miserable situation.

Suppose; one half-expert is given the task of company secretary. Small companies don't require daily services. So if they appoint a person who is not expert; one day situation may be like this :

Sir, there is a notice for prosecution.....

So what ?

It relates to you.

Why..................?????

The company did not file Annual Returns for three years......

????!!!!!!!!!............

Better be with the expert and know all the proceedings for at least 2 years. Then start..............with confidence.

There are so many other areas which you can start at your own; without taking risks.

Better read - RISK MANAGEMENT.

(It is not necessary that all should agree with my views).

2 Like

Akanksha (Student) (31 Points)
Replied 02 March 2010

i also agree with Adarsh Sir and Surendra Sir..

1 Like

Narayan Mahajan (Practising C A) (23 Points)
Replied 04 March 2010

Yes, it is better to assign the matter to expert because there are so many legal implications in case of default and doing this you can also focus on your business.

1 Like

Form 1 Filing Help ! Private Limited Registration

8 Replies

Online classes for CA CS CMA. Professional courses for GST, Tally, Others & Books

One should not take legal risk if he is not expert in the field.

Although; registration of private limited company does not involve that much expertise; but ultimately one has to hire the services of those professionals who are experts.

After amendments in Companies Act; there are heavy penalties for non-compliance.

If one does not know what are the effects thereof; one may find himself in very miserable situation.

Suppose; one half-expert is given the task of company secretary. Small companies don't require daily services. So if they appoint a person who is not expert; one day situation may be like this :

Sir, there is a notice for prosecution.....

So what ?

It relates to you.

Why..................?????

The company did not file Annual Returns for three years......

????!!!!!!!!!............

Better be with the expert and know all the proceedings for at least 2 years. Then start..............with confidence.

There are so many other areas which you can start at your own; without taking risks.

Better read - RISK MANAGEMENT.

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