You are on page 1of 10

1

VOC Private Limited


FROM DATAR GHATPANDE RELEKAR SARAF AND CO.

Legal Framework for Incorporation

Existing Structure: Partnership.

New Structure: VOC shall be a private limited company.

Primary benefit of choosing private limited company over partnership:


limited liability of the owners and incorporated structure.

Primary benefit of choosing private limited company over public limited


company: concentration of ownership.

Memorandum of Association

Name of the Company: VOC Private Limited.

Address of Registered Office: Mumbai, Maharashtra.

Liability of the Members is Limited.

Share Capital of the Company: 250 Million with 25 Million Shares of


10 each.

Promoters Shall Receive 5 Million Shares each.

Objects of the Company (MOA)

The main objects of the company to be pursued by the company on its


incorporation:

To carry on business as importer, exporter, buyer, seller, lesser of and dealer


in all type of spices, grains, other agricultural products and dry goods.

To establish, maintain, provide, procure, or make available services of every


kind including commercial, financial, statistical, logistical, educational, data
processing, actuarial, and other services.

Articles of Association

Lien on Shares

Calls on Shares

Transfer/Transmission/Surrender/Forfeiture of Shares

Alterations in Capital

Members Meetings

Directors

Directors: Appointment and Duties

Promoters Shall Appoint Two of the Three Directors. Other Members


May Appoint One of the Three Directors. As Long as Promoters Hold
More Than 66% of The Shares, Managing Director Shall be Appointed by
Promoters.

Duties of the Directors Shall Be:

To Provide Continuity to the Company

To Govern the Company using Broad Policies

To Acquire Sufficient Resources for Continuation of Organisations Operations

Directors Duties

To Account to the Shareholders the Various Products of the Organisation and


Expenditure of the Funds

To Ensure Smooth Functioning of the Organisation

To Enhance the Goodwill

To Avoid Illegality and Malpractices

Criteria for Entering Into Contracts

Goodwill of the party

No loss making firm

No legal issues which can hamper


the business
Good relations with the government
if party is from some other country

Suitable credit period

Past experience with the company in doing the business

The outside party is not involved in any illegal activity or


any business which is unlawful in the eyes of the law

Advantages of an LLP

LLP

No Surcharge on Taxes

No Dividend Distribution Tax

No Limit on Membership

Partners Can Prevent Exit of a Partner

Private Limited

Surcharges as per Applicable

15% Dividend Distribution Tax

Membership Restricted to 200

Member Can Sell the Shares at Will

10

Thank You

You might also like