company limited private conversion
Please tell us the NIC code for NGO as Section 8 Company
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Hi Ask Members,
We have some companies who have approached us for filing of INC-20A, Declaration for Commencement of Business. As per Law, if the company does not file INC-20A within 6 months of incorporation, the concerned ROC can strike off the name of the company from the Register of Companies. Will filing of INC-20A after 6 months cause any issues later on and might attract strike-off notice from ROC?
incorporation months after filing
Hi Ask Members,
I have one company that missed out to file SH-7 eForm since the last year 2020 Dec and so far there are a total of 3 SH-7 pending as of date.
What is the way to calculate additional fees as MCA only offers fees for the increased capital and unless we file the previous form, how to arrive at the fees of subsequent forms?
Please help if you have any experiences as such.
filing form late fees additional
Hi Members,
Looking at the difficulties of entrepreneurs, GOI launched the Exemption under Angel Tax. Can somebody explain the procedure if any startup has secured an angel funding round and is there any limit of exemption?
Hi Everyone,
While filing eForm INC-24 and filling MGT-14 Form filing date, the error is showing as a java pop that
"Date should be less than or equal to system date".
Kindly help.
Hi Members,
As with the latest gazetted notification, professionals can form multidisciplinary firms for their practice. My question is what would be the name guidelines for forming such entities to go in the corporate format?
firm professional multidisciplinary
Hi CC Members,
According to you what are the best instruments for startup funding?
instrument funding startup
Dear CC Members,
I wish to know from you which instrument is most viable for a startup?
a) Equity Shares
b) Convertible Notes
c) CCPS
d) Any other
instrument funding startup 
There are two ways of converting a One Person Company into a Private Limited Company as per the act. The conversion can be a voluntarily one or by compulsion but cases a proper procedure is to be followed.
If an OPC fulfils any of the situations given below, then it must convert to a Private Limited Company.
1. If the paid up capital of the OPC exceeds Rs. 50 lakh.
2. If the average turnover in any three consecutive financial years is more than Rs. 2 crore.
Compulsory Conversion:
When an OPC has paid up share capital that exceeds Rs.50 lakhs and the annual turnover is above Rs.2 crores, then it is obligatory for them to convert into a private limited company.
During the conversion, the members have to just pass a special resolution in the general meeting.
Before the resolution is passed, a No objection Certificate has to be taken in writing from the creditors, and the other members.
Within fifteen days of the passing of the resolution, company needs to file an application to the registrar along with a copy of the resolution.
After the application is filled and the fee payed, the registrar then makes a decision after studying the documents and issues the certificate of conversion.
Note: E-Forms are now filed with the Registrar of Companies.
Voluntary Conversion
When an OPC is incorporated, the conversion cannot happen before two years. The procedure of voluntary conversion of an OPC into a private limited company falls under the section 18 of the Companies Act.
The company can convert into another company coming under the same act by the modification of the memorandum of the association and articles of the association in accordance with the provisions.
An application has to be made by the company to register along with the relevant documents which are essential for the conversion.
On submission of all relevant documents, the registrar has the power to issue a certificate of incorporation.
The registration of the company under this act will not affect any liabilities, debts, or obligation before and after the conversion.
After the conversion is done, it is obligatory for a private limited company to have a paid up share capital of Rs. 50 lakh and also an annual turnover should not be less than 2 crores, failing which, it can convert back to an OPC by passing of a special resolution.