How To Change A Company Name?

Changing the name of a corporation cannot continue without complying with the wants of selecting a corporation name set by the Registrar of Companies.

Changing a corporation Name

Getting a corporation ’s name changed by the Registrar of Companies (RoC) is not any small matter! Executing a company name search will assist you select an appropriate name. an equivalent rules and laws apply to vary a person’s name, as well. The procedure to vary the corporate name is well-defined and is to be followed strictly. Hence, it's essential to follow all the wants of the registrar of companies in India.

Benefits To Changing name

1. once you Can’t Get A Copyright: Acquiring copyright and trademark is important to the success of a business because it forms a part of its branding and marketing strategy. However, if the present name of the corporate cannot get copyright it'll affect revenue streams and future earning potential. for brand spanking new names, check name availability, before you opt to vary the corporate name.

2. Memorable Business Name: From a marketing and a business standpoint, memorability is everything when it involves the name of the corporate . So when registering the name of the corporate with the registrar of companies, confirm you select a reputation that's easy to recollect , and also the one that's available as per a corporation name check.

3. Repositioning: To change name or a brand’s name, especially when your business is prepared to maneuver into a replacement market helps with the concept of repositioning. this is often done to specialise in one particular product or niche that's doing better than others, or when entering a replacement market.

4. Specific product or service: This occurs when a business gains popularity for one particular product or service. For that reason, a business or a brand are often renamed to maximize their popularity and generate more demand, or sales.

5. Location Friendly Name: When it involves choosing the way to change name , one effortless thanks to move forward is to think about the situation . If your business is moving to a location then it might be prudent to rename your business to something that's more friendly and acceptable with the situation of the business.

6. Change Of Ownership: When a business passes ownership, it's only natural for the new owner to see name availability, and alter name . For this purpose, the owner will approach the registrar of companies India to vary his/her name .

Checklist For Updating name , After name Change
1. Updating your social media accounts
2. Update Email footers
3. Name change on stationery – letterheads, business cards, etc.
4. Website changes
5. Informing customers and suppliers
6. Voicemails, messages on answering machines
7. Company registers and Articles of Association
8. Update your computer systems
9. Employment Contracts
10. Update business licenses or permits
11. Supplier Contracts

How To Execute a corporation Name Search

One of the foremost important steps before registering a corporation name with the registrar of companies is to make sure to see name availability.

It is advised to shortlist four to 5 business names before checking availability, within the event a number of those names are already taken or in use. When registering your company with the registrar of companies, the Ministry of Corporate Affairs will authorize the name to be used supported existing rules and regulations.

In the event, a brand has already been trademarked, you'll need a NOC certificate from the owner of the name .

Documents Required For name Change When a corporation decides to vary its name, a resolution is passed among the board of directors/members of the corporate . After which, the subsequent two documents are filed with the registrar of companies;

MGT-14:

This e-form is filed with the registrar of companies on the Ministry of Corporate Affairs portal, thirty days after filing the resolution to vary the corporate name. along side the MGT-14 form, the subsequent forms need to be attached also .

1. Notice of Extraordinary general meeting (EGM).
2. Copy of special resolution passed within the EGM.
3. Copy of altered Memorandum of Association and Article of Association, with the new name .

INC-24

After the MGT-14 is approved, the INC-24 e-form is filed within a period of 30 days with the registrar of companies on the Ministry of Corporate Affairs portal. along side the INC-24 form, the subsequent forms need to be attached also .
1. Extract of the Minutes of the Extraordinary general meeting of the corporate
2. Notice of EGM
3. Copy of resolution agreement
4. Copy of altered MOA and AOA, with the new name .

Source: How To Change A Company Name?

Difference between Bookkeeping and Accounting?

When most small business owners consider the terms bookkeeping and accounting, they often use them interchangeably. While it’s true both bookkeeping and accounting are important within the management of your company’s finances, some key differences between the 2 functions do exist. Therefore, business owners got to understand the roles of every and the way they work together to make sure your company’s success.

Yes, bookkeeping and accounting both need to do with money and therefore the financial picture of your business, but there are key differences. Here’s your chance to know them.When running your business, your ability to grow and succeed is usually hooked in to how organized your financial records are. But managing your business finances is quite just recording your financial transactions and balancing your checkbook. For your business to flourish, you want to be ready to access and use your company’s financial reports to develop a workable business strategy. While both bookkeepers and accountants handle your business’s financial information, they perform different tasks within your company’s financial cycle.

The Function of Bookkeeping

Bookkeeping is comprised of the tasks required during the primary a part of the accounting process. It involves the consistent, timely, and accurate recording of a business’s financial transactions in chronological order. A bookkeeper’s duties include:

Maintaining an entire and arranged set of books, comprised of the overall ledger and every one subledgers (i.e., fixed assets, inventories, assets , accounts payable, cash, tax, costs, and sales) during which to post financial transactions.

Creating and issuing customer invoices.
Recording suppliers’ invoices.
Paying suppliers.
Logging cash receipts from customers.
Documenting inventory changes.
Processing employee payroll.
Managing fund transactions.
Preserving all supporting documents for all business transactions.

A bookkeeper follows a selected set of procedures to perform these duties on a repetitive basis. The complexity of a company’s bookkeeping system depends on the dimensions of the business and the way many transactions are completed on a daily, weekly, and monthly basis. Typically, an accountant or the tiny business owner oversees the bookkeeper’s work.

The Function of Accounting

Accounting involves the method of analyzing, interpreting, reporting, and summarizing the financial data recorded by the bookkeeper or the business owner. a number of an accountant’s responsibilities include:

Preparing adjusted entries (i.e., earned revenue or incurred expenses that haven’t yet been recorded during the bookkeeping process).
Preparing financial statements on the condition and performance of the corporate .
Creating management reports to deal with specific issues.
Analyzing operations costs.
Creating a corporation budget.
Compiling tax returns from the financial data.
Helping the business owner understand the company’s financial data and therefore the impact of his/her financial decisions.

Basically, the accounting process helps you understand where your business stands financially at any point in time by measuring your company’s progress within the terms of growth and financial success. Additionally, the financial data generated helps you to form informed business decisions, so you’ll plan for your company’s future.

Benefits of Filing Income Tax Return (ITR)

Income Tax Return is a document an individual is required to file with the Income Tax Department on a yearly basis. However, it is not mandatory for everyone to file the Return. If your income in the previous year is above the basic exemption limit of INR 2,50,000 (Rupees Two Lakh Fifty Thousand only), then you are required to file the Income Tax Return compulsorily.

Even though it is not mandatory for some persons to file the Income Tax Return, one should file it every year as there are many benefits of filing it.

Here are some of the major benefits of filing Income Tax Return:

Loans and credits:
 In order to urge a loan, one should have the tax Returns for the last three years. All banks and lending institutions invite a minimum of three years of tax Returns to grant a loan to a private . At the time of processing application , banks and lending institutions check the declared income and source to verify the repaying capacity of the individual seeking a loan. They use tax Returns to verify an equivalent .

In case you’re seeking a private loan, a home equity credit , or a automobile loan , it’s essential for you to file tax Return. If you often file tax Return, you’ll get a loan from any bank or financial institution very easily. Even the banks prefer allotting credit cards to perons who file regular tax Returns.

Easy to claim your TDS:
 TDS means Tax Deducted at Source. it’s a Tax deducted from your income by the person paying the salary or making the other payment on which TDS is applicable. The deductor while making the payment deducts the tax amount and pays it to the tax department directly on your behalf.

You may get the tax amount so deducted by filing tax Return. If there’s no tax amount payable at the time of filing the tax Return, the entire TDS amount are going to be refunded.

If you’re working as an employee during a company and earning but Rs 2.5 lakh a year, you’ll claim your TDS from the Tax department. just in case you’re a businessman and need your TDS to urge back in your account, it’s mandatory to file an ITR per annum .

For going out of country
 In order to use for a VISA to go to any country, you would like to possess tax Returns. While giving VISA, embassies officials check the income proofs and address proofs of a private . Thus, tax Returns are checked by the officials to verify the income and address. Therefore, if you’re getting to go abroad, you want to get your tax Return filed immediately.

From the fiscal year 2017–18, tax Return of a previous year are often filed within the same assessment year only. After the top of the assessment year, the tax Return of the previous year can’t be filed.

Required for giant insurance cover:
 If you would like to use for an insurance cover of over INR 50,00,000 (Rupees Fifty lakh only), the insurance companies invite tax Return. The annual income and tax returns help insurers to work out the precise premium amount and security amount. Most of the days , tax Return may be a necessary document for purchasing an insurance cover.

Helps in executing financial transactions:
 Income Tax Return is required just in case of executing some financial transactions. Transactions or payments for house, car, mutual funds etc require tax Returns. Some payments for giant investments also need tax Returns.

Address proof:
 Income Tax Return works as an address proof in many government organisations and agencies. you’ll use it as an Address proof in situ of unavailability of other documents.

Source: http://companyformationindia.com/blog/benefit-filling-income-tax-returns.html

How to sell on Online Portal

Step 1

Register your business (How to Sell Online in India)

There ar three choices to try and do a similar. Please choose the most effective possibility supported the variations listed below.

Private Ltd.
Entrepreneurs reaching to raise funds for angles or VC’s
If you’re 2 or additional partners
Time Taken: five Days
Cost: Rs fifteen,000

LLP
Best suited to traders and on-line sellers
If you’re 2 or additional partners
Time Taken: five Days
Cost: Rs 8,500

Proprietorship
Best suited to individual traders and on-line sellers
Time Taken: two Days
Cost: Rs fifteen,000

Step 2

Apply for a store and institution act license
It will price you Rs 1500 to Rs 3500 looking on the kind of structure. it’ll take solely two days to urge his registration. it’s mandatory for all kind of businesses and is necessary to show the license at registered workplace.

Step 3

Apply for GST registration
This is a mandatory registration needed to sell on-line. The time needed for a similar are going to be five days.

What is company incorporation

Incorporation of a corporation refers to the legal method by that a company entity or a corporation is born or comes into existence. a company company is separated from the legal entity on its own.
But These firms are often known with terms like Iraqi National Congress or restricted or personal restricted in their names and, it had become a company legal entity, that has utterly separated from its house owners.
Let begin the procedure for Company Incorporation
However, a bunch of seven or additional folks comes along to make a public company, and solely 2 ar required to make a non-public company.
Here, ar the subsequent steps concerned within the incorporation of the corporate
1. Ascertaining Name of the corporate
Similarly, the primary step of the incorporation of the corporate is to decide on AN acceptable name. because it has known by its name, wherever it’s registered. And, it's conjointly essential to get the approval of the Registrar to its projected name. On hearing regarding the accessible name, the promoter should decide the name for the corporate.
Similarly, promoters have to be compelled to write AN application to the Registrar firms of the State for the corporate incorporation. As five hundred rupees should pay with the appliance. The Registrar then permits the corporate to adopt the name given. And, they fulfil all the legal documents formalities among a amount of 3 months.
2. Preparation of ratite and AOA for company’s Incorporation
a. memoranda of association
Therefore, the memoranda of association has noted a constitution or rulebook. It describes the scope and object and therefore the relation outside the globe. it's to sign a minimum of seven-person. if it's a public Ltd.. and two-person for a non-public Ltd., And, The memoranda should properly stamp.
b. Articles of association
Besides memoranda, the promoters also will prepare the articles of association. it's primarily a document that state rules, that the inner management of the corporate can follow. However, it creates a contract between the corporate and its members.
Therefore, this text mentions the rights, duties, and liabilities of the members. And, it's equally binding on all the members of the corporate.
3. Preparation of different documents for company’s Incorporation
The promoters ar expected to arrange the subsequent document at the time of incorporating the company;
The first step – consent of administrators.
Second step – Notice of registered address.
Third step – Particulars of administrators.
It is needed to own a registered workplace and its data should be filed with the registrar among thirty days.
The declaration should signed by AN advocate of the supreme court or tribunal or professional or lawyer of tribunal or active controller.
4. Payment of fees
A prescribed fee should paid to the registrar of the corporate throughout the course of incorporation. It depends on the nominal capital of shareholders of the corporate.
5. Company’s Incorporation certificate
Since all the specified documents should file with the registrar, the registrar is totally happy, that each one the documents have consummated by the corporate, that is being incorporated. And, he can register the corporate, and issue the certificate of incorporation.
Therefore, it's proof that each one necessities of the Act are met.
6. Certificate of Incorporation
Once the certificate of incorporation, the corporate becomes the legal entity and perpetual succession. this is often conclusive proof of the existence of the corporate. Once, the certificate has issued by the corporate involves the existences from the date mentioned on that.
7. Commencement of business
Therefore, a non-public company has not needed to induce a Certificate of Commencement. it's a straight method, to start out the work once obtaining a Certificate of Incorporation. A public company should complete bound formalities, As, it's needed to induce the Certificate of Commencement. before, it starts the work of incorporation.
8. Capital subscription
After, the formalities of the company’s incorporation, ensuing stage is to lift funds. a non-public Ltd. and therefore the public Ltd. will begin, the business like a shot with none share capital.
A public Ltd. cannot start business unless the minimum subscription within the prospectus has not signed. And, the allotment should receive in money and created properly.
Additional data should note
As per the Rule-16(1) of the company’s incorporation, each subscriber should file with the registrar, at the time of incorporation.
Name
Date of Birth & Place Of birth
Occupation
PAN card variety
Educational qualification
Nationality
Father’s/Mother’s name
Permanent residential address
Email, phone no., Fax no. (Optional)

Why should you incorporate a Private Limited Company?

A private limited company is a môst flexible and credible structures ôf businesses. It is a type ôf structure wherein investors can be separate and the peôple managing the cômpany that is directôrs can be different. It can have cômbinatiôn ôf variôus instruments like preference shares, equity shares ôr debentures.

Separate Identity

A private limited cômpany has a separate identity and is different frôm its directôrs.

Easily Transferable

Private limited cômpany can be purchased i.e by purchasing shares and can be sôld just like any cômmôdity. Hence it is easily transferrable.

Easy to boost funds

Raising funds frôm investôrs is incredibly straightforward during a personal company. personal restricted will raise funds by method ôf equity shares, preferred stock ôr debentures.

Trustworthy and credible

Private company has a lot of cômpliance and is mônitôred by strict set ôr rules. All the knowledge is on the market on-line. therefore the company and banks can trust a Privte company quite the other structure.

Tax edges

Wth the launch ôf Startup Asian nation theme the govt has given a deduction fôr three years for brand new start-ups. There area unit sôme cônditiôns related to a similar that we've got mentioned in another blôgs.

Private Limited Company | Company Formation in India

Learn all about DIR- 3 KYC

Starting your own business may be a long cherished dream and changing into a Director is that the most honourable position. As you all apprehend that to begin a corporation in Republic of India it's vital to urge the corporate registration through with the Registrar of firms and wish to follow the rules arranged down by the Ministry of company Affairs.

Suddenly there was a bout of confusion for all the administrators of the corporate by receiving messages from the Ministry of company Affairs to file the DIR- three KYC before the maturity date that was fifteenth Gregorian calendar month 2018 to hold on along with your prestigious position as a Director and keep the DIN standing Active.

So all the leased Accountants, Company Secretary companies were activated with this news and were needed to support their revered purchasers seeking for the main points and the way to travel concerning it.

As we tend to all square measure aware that the Ministry of company Affairs makes amendments and frames rules as per the businesses Act 2013, DIR- three KYC was conjointly introduced within the year 2018. In straightforward terms, i'd prefer to justify all concerning DIR- three KYC.

Documents Required:
1. Name (as per PAN database)
2. Father’s Name (as per PAN database)
3. PAN of the Director (mandatory for voters of India)
4. Date of Birth (DoB)” (as per PAN database)
5. Personal Mobile variety and private Email Address
6. Proof of gift Address like financial statement or any Utility Bill within the name of the director with the right address, less than a pair of months previous.
7. Aadhaar is obligatory, if it's appointed. If not, then elector ID or Passport or license shall be connected.
8. Digital Signature of Director (Rs 800 are going to be requested if DSC isn't offered or DSC has expired)

Pre-requisites for filing the DIR- three KYC
1. The DIR- three KYC type must be punctually certified by a active leased businessperson/ Company Secretary/ Certified Management Accountant
2. The form ought to be uploaded beside the Director’s Digital Signature Certificate (DSC)
3. For Associate in Nursing Indian subject, the PAN mentioned in DSC are going to be verified with the PAN within the DIR- three KYC type
4. For Foreign nationals, the name within the DSC and therefore the name within the DIR – three KYC type ought to match
5. Non-Resident Indians (NRIs) should have a far off address and mobile variety
6. In case of multiple DIN numbers, the Director must retain the oldest DIN variety and submit all the most recent ones by filing DIR five type.

So, all this exercise is completed by the govt. of Republic of India to create the business clear and authentic, and anyone or everybody can't be a Director. To be a Director in Republic of India, it's obligatory to possess your documents done as per the Indian Government standards.

COMPANY FORMATION IN INDIA |  COMPANY REGISTRATION IN INDIA