Advantages connected with company registration in Pakistan
Public observation between community is that by registering their business as Private Limited Company their business is going to growth very fast as relate to any other business. But this perception is absolutely wrong
First thing while opening a business is not the company registration, the first thing to attention on is to have a doable business plan and idea that in your perception has enough strength to make you appropriate income as per your plan.
When planning and preparation of capital is confirmed next step comes to company registration. Company registration is in simple words is providing your business with legal shelter. Private Limited Company registration limits the liability of your business up to the amount of capital with which the company is registered.
Added advantages associated with the company registration are as under:
Registering your business as Private Limited Company gives it unlimited life because Private limited Company has infinite business life as associate to sole proprietor or even partnership firm that dissolves instantly upon the death of any member or sole proprietor.
After your business is registered as Private Limited Company the liability of the members of the company in case of any business loss or other issue is limited up to the amount of capital with which the company is registered. While in case of Sole Proprietor or Partnership business registration the liability of the associates is unlimited so that means in case of any loss or connected issue associates will be individually accountable to make good the loss through their personal property and bank accounts.
Now Private Limited Company the ownership is transferable from one person to another person noiseless easily under the regulation provided in company’s ordinance, 1984. Whereas Sole proprietorship cannot be transferred and partnership business dissolves instantly upon death or any other matter with the partner.
Private Limited companies once registered with a business name has the advantage that no other company can be registered with the similar name or the name that has closely resembling with the name of the company previously exists.
Private Limited Company offers the chance to provide the opportunity to provide its directors with the monthly salaries and in this way the net profit of the company is compact eventually resulting in tax benefit.
Private Limited companies after registration are regulated by company’s ordinance, 1984. As per the requirement of companies ordinance, 1984 the court having jurisdiction in the matter of all types of companies including private limited companies is High Court.
Still for private limited company and all other types of companies there is an omission that Federal Government may by notification in the official Gazette empower any civil court to exercise the powers. In other words if Federal Government thinks fit it can empower any civil court and in that case private limited companies and all other types of companies registered under this ordinance are dealt by the aforesaid court.
One more limit obligatory by the company’s ordinance, 1984 upon court is that any petition filed before it in the matter of private limited company or any other company is to be disposed of within 90 days.
Appeal against the orders of high court can be made to Supreme Court with certain exceptions.
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