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The Companies Act, 1956, does not really define as to what is a company. However, it says that to incorporate a company it should be formed and registered under the Companies Act ,1956 . It even includes an existing company i.e., a company formed or registered under any of the previous company laws.
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In a nutshell, the most striking features of a company are : |
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Limited Liability of the members |
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Transferability of shares |
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Capacity to sue and be sued. |
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2. What are the types of the Company?
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Under the Act, there are basically two types of companies,
namely:
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Public Limited Company by Shares |
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Public Limited Company by Guarantee |
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3.How many directors & members are required to form various types of company? |
Directors and Members required for private company
A private company required minimum two directors and no restriction on maximum number of directors as provided in Articles of Association of the Company and required minimum two members to form a company but restricted to maximum 50 number of members.
Directors and Members required for public company
A public company required minimum three and restricted to maximum twelve directors and, required minimum seven members to form a company but no restriction on total number of members.
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4.What is DIN 1, DIN2, DIN3? |
DIN is an unique Identification Number allotted to an individual
who is an existing director of a company or intends to be appointed as director of a company pursuant to section 266A & 266B of the Companies Act, 1956 (as amended vide Act No 23 of 2006).
DIN 1 is application for allotment of Director Identification Number to the Director of the company.
DIN 2 is a form for intimation of allotment of director identification number (DIN) to the company by Director.
DIN 3 is a form for intimation of Director Identification Number (Din) by the company to the registrar within a period of seven days of receiving form DIN-2.
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5.What are Annual Compliances Company required in a year? |
As a part of Annual Filing, companies incorporated under the Companies Act, 1956 are required to file the following documents along with the other compliance related e-Forms with the Registrar of Companies (RoC):
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Sr. |
Document |
e-Form |
1 |
Balance-Sheet |
Form 23AC to be filed by all companies |
2 |
Profit & Loss Account |
Form 23ACA to be filed by all companies |
3 |
Annual Return |
Form 20B to be filed by companies having share capital |
4 |
Annual Return |
Form 21A to be filed by companies without share capital |
5 |
Compliance Certificate |
Form 66 to be filed by companies with paid up capital between Rs. 10 lakh to Rs. 2 crore |
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