Before the promoters start the process of company incorporation, there are certain fundamental decisions to be taken by them, which have long term impact on the company and its functioning. There are many decisions which need to be made, however top five is listed and discussed here.
The company registration is more important before starting any type of business.The name of a company can be adopted only after the approval by the ROC. In specific, a company can be registered with a new and unique name and it should not be same or similar to an already existing company or LLP company or not in violation of any others trademark.
A private limited company must have only two shareholders and two directors since for the beginning and must maintain this minimum statutory number at all the time. The shareholders and directors are collectively known as promoters. The powers and duties of shareholder and directors are different, hence the decision to this effect must be taken carefully.
The shareholders of a company are joint owners of one separate legal entity, their contribution to the capital determines their ratio of sharing the profits in form of dividends or their rights towards rights shares or bonus shares. A company is required to disclose the activities for which it is being formed, the nature of activities is broadly mentioned in the object clause of the MOA of the company. Any act done outside the adopted main object of the company is termed as ultra-virus.
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