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Company Incorporation Summary notes for quick revision

Company Incorporation Summary notes for quick revision

Promotion: The term ‘Promotion’ means all those steps that are required to bring a companyinto existence and continues until BOD take the charge of the company.

Position of Promoter: A Promoter is neither an agent nor a trustee of the company, since the company has not yet come into existence. However, his position is similar to that of an agentand trustee.



Procedure for Incorporation of Company:

Subscription: The memorandum and articles must be subscribed by at least 7 persons incase of a public company and at least two persons in case of a private company and 1person in case of a One-Person company.

Availability of name: An application in Form-INC -1  shall be made to the ROC for ascertaining the availability of proposed name and if the name is available.

Documents required to be filed with the registrar: After obtaining the approval of name, the following documents shall be filed with the registrar:

-Memorandum of association.

-Articles of Association

-Form No.1: Statutory declaration that all requirements of company registration are met

-Form 18: Address of registered office of the company

-Form 32: Particulars of Directors, manager and secretary



Mode of formation of One-Person Company:

-The memorandum of OPC shall indicate the name of the other person, who shall, inthe event of the subscriber’s death or his incapacity to contract, become the member of the company.

-The other person whose name is given in the memorandum shall give his priorwritten consent in prescribed form and the same shall be filed with Registrar ofcompanies at the time of incorporation.

-Only a natural person who is an Indian citizen and resident in India (person who has stayed in India for a period of not less than 182 days during the immediately preceding one calendar year ) shall be eligible to incorporate a OPC.

-No person shall be eligible to incorporate more than one OPC or become nominee inmore than one such company

-No minor shall become member or nominee of the OPC or can hold share withbeneficial interest.

-Such Company cannot be incorporated or converted into a company under section 8 ofthe Act

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