logo

Test Data
Test Data

About

KB & CO. CHARTERED ACCOUNTANTS

KB & CO. CHARTERED ACCOUNTANTS is a Professional Service Organization, set up in March 2004 by young 3 Chartered Accountant, Promoted by CA Babu K Thevar, our firm is one of the leading Chartered Accountants, serving an Indian and Multinational Corporates, Banking and Financial Institutions, Start-ups, High net-worth individuals, executives and expatriates. The firm is led by senior member, CA Babu K Thevar having collective experience of over twenty years, the firm also comprises of Team of 30 Semi Qualified Professionals. The Major areas of Workings are Risk Management, Auditing, Taxation, Company Law, Management Consultancy.
OUR SPECIALISED AREA OF

  • Statutory Audits and Internal Audits.
  • Fund based management advisory, such as preparation of project report, fund flow Statement, Budgets, Cash flow Statement, Trend Project, Etc.
  • Internal Control Advisory
  • Due diligence Audits and Investigations
  • Advisory Services on Corporate laws, other allied laws
  • Compliance and Secretarial Services including incorporation under the Companies Act.
  • Special Investigation Audit and Fraud Audits
  • Income Tax, GST
  • Management and Internal Audit of Entities
  • Preparation of Techno-Economic Feasibility Reports and representation to Financial Institutions and Banks for Term and Working Capital loans
  • Designing Management Information Systems
  • Preparation of Systems Manuals
  • Project Finance
Some of the Our Clients:

  • Kumar properties
  • Golden Gate
  • Naryana Hrudalaya Ltd ( NH Ltd)
  • SBI Bank ( credit card ) and Branch statutory auditors
  • Nixt serv IT Solutions (P) Ltd
  • Hosting Raja
  • Sri Adhinatha Jain Educational Trust
  • TKS pvt Ltd
  • Assis India Pvt Ltd.
  • Suguna & co.
  • Daily Thanthi ( Dina Thanthi News paper)

CA

Company Law
FORMATION OF COMPANY
Companies are broadly of below types :

  • Private Limited Company (with Private Limited or Pvt. Ltd. as its suffix)
  • Public Limited Company (with Limited or Ltd. as its suffix)
  • One Person Company (with OPC as its suffix)
     
The companies so formed could be with limited liability (by shares or guarantee) or with unlimited liability.

Note : For Government Companies, suffix “Pvt. Ltd / Ltd.” not required (Notification dated 5th June 2015)

Section 3 of the Companies Act, 2013 deals with the basic requirement with respect to the constitution of the company. In the case of a public company with or without limited liability any 7 or more persons can form a company for any lawful purpose by subscribing their names to memorandum and complying with the requirements of this Act in respect of registration. In exactly the same way, 2 or more persons can form a private company and one person where company to be formed is one person company.

However, that one person need to specify the name of one nominee in the Memorandum of Association (MOA) who would take his place in case of his death or his incapacity to contract. The nominee could be changed as per the process and this will not attract process for alteration of the Memorandum of Association.

Persons who form the company are known as promoters. It is they who conceive the idea of forming the company. They take all necessary steps for its registration.
One person company (OPC)
One member company
Private Company in nature
Encourages entrepreneur- ship and corporatization of business
Procedural requirements are simplified through exemptions
Separate Legal Entity
Limited Liability
Law with respect to formation of OPC provides that—

  • The memorandum of OPC shall indicate the name of the other person,who shall, in the 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 prior written consent in prescribed form and the same shall be filed with Registrar of companies at the time of incorporation.
  • Such other person may be given the right to withdraw his consent
  • The member of OPC may at any time change the name of such other person by giving notice to the company and the company shall intimate the same to the Registrar
  • Any such change in the name of the person shall not be deemed to be an alteration of the memorandum.
  • 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;
    • shall be a nominee for the sole member of a OPC.
  • A natural person shall not be a member of more than a OPC at any point of time and the said person shall not be a nominee of more than a OPC.
  • Where a natural person being member in OPC becomes member in another such company by virtue of his being a nominee in that OPC, such person shall meet the eligibility criteria (as given in point above) within a period of 182 days.
  • No minor shall become member or nominee of the OPC or can hold share with beneficial interest.
  • Such Company cannot be incorporated or converted into a company under section 8 of the Act. Though it may be converted to private or public companies in certain cases. The procedure of conversion is given in the rules 6 & 7 of the Chapter II.
  • Such Company cannot carry out Non-Banking Financial Investment activities including investment in securities of anybody corporate.
  • OPC cannot convert voluntarily into any kind of company unless two years have expired from the date of incorporation, except where the paid up share capital is increased beyond fifty lakh rupees or its average annual turnover during the relevant period exceeds two crore rupees.
INCORPORATION OF COMPANY
Steps for Incorporation
  • Obtain Digital Signatures
  • Obtain Director Identification Number
  • Name availability for proposed company
  • Preparation of the Memorandum of Association (MOA) and Articles of Association (AOA)
  • Application for incorporation fo a private company
  • Duty of registrar to scrutinise the documents
  • If after fillings the Requisite forms for incorporation with the Registrar of Companies along with fees, ROC is satisfied with the contents of the documents filed, ROC will issue the Certificate of incorporation in Form No. INC 11 as directed by Rule-18 of Companies (incorporation) Rules, 2014
  • Certificate of Incorporation issued by ROC
INCORPORATION OF COMPANY : Section 7 of the Companies Act, 2013 provides for the procedure to be followed for incorporation of a company.
1) Filing of the documents and information with the registrar : For the registration of the company following documents and information are required to be filed with the registrar within whose jurisdiction the registered office of the company is proposed to be situated—

  • the memorandum and articles of the company duly signed by all the subscribers to the memorandum.
  • a declaration by person who is engaged in the formation of the company (an advocate, a chartered accountant, cost accountant or company secretary in practice), and by a person named in the articles (director, manager or secretary of the company), that all the requirements of this Act and the rules made thereunder in respect of registration and matters precedent or incidental thereto have been complied with.
  • an affidavit from each of the subscribers to the memorandum and from persons named as the first directors, if any, in the articles stating that—

    • he is not convicted of any offence in connection with the promotion, formation or management of any company, or
    • he has not been found guilty of any fraud or misfeasance or of any breach of duty to any company under this Act or any previous company law during the last five years,
    • and that all the documents filed with the Registrar for registration of the company contain information that is correct and complete and true to the best of his knowledge and belief;
  • the address for correspondence till its registered office is established;
  • the particulars (names, including surnames or family names, residential address, nationality) of every subscriber to the memorandum along with proof of identity, and in the case of a subscriber being a body corporate, such particulars as may be prescribed.
  • the particulars (names, including surnames or family names, the Director Identification Number, residential address, nationality) of the persons mentioned in the articles as the subscribers to the Memorandum and such other particulars including proof of identity as may be prescribed; and
  • the particulars of the interests of the persons mentioned in the articles as the first directors of the company in other firms or bodies corporate along with their consent to act as directors of the company in such form and manner as may be prescribed.

Particulars provided in this provision shall be of the individual subscriber and not of the professional engaged in the incorporation of the company [The Companies (Incorporation) Rules, 2014].

(2) Issue of certificate of incorporation on registration : The Registrar on the basis of documents and information filed, shall register all the documents and information in the register and issue a certificate of incorporation in the prescribed form to the effect that the proposed company is incorporated under this Act.

(3) Allotment of Corporate Identity Number (CIN) : On and from the date mentioned in the certificate of incorporation, the Registrar shall allot to the company a corporate identity number, which shall be a distinct identity for the company and which shall also be included in the certificate.
Meet Our
Professional team
Our Services
What we Do
Consectetur adipisicing elit, sed do eiusmod tempor utnaitas labore etolore magna aliqua minim veniam quis nostrud exercitation ullamco laboris aliquip commodo consequat aute irure. (Sample Text)
CA
Corporate Tax Returns
CA
Business Startup
CA
Corporate Finance
CA
Accounts & Audit
Why
Choose KB & Co.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
CA
tax planning
CA
Innovative Solutions
CA
Customer satisfaction
CA
10
Years experience
CA
20
Award winner
CA
30
Our Staff
CA
1000
SMES