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BusinessWindo.Com

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Companies Limited by Shares vs. Limited by Guarantee

Companies Limited by Shares vs. Limited by Guarantee

A company limited by shares can be described as an incorporated business structure and is regarded as a legal person or entity, which is held responsible for its own debts. It is the most popular company structure out there and is normally created by people who wish to earn profits from their business ventures. The biggest advantage of such a company is that it can be started by any business irrespective of its size and this includes startups as well. It can be owned by at least one person or more. These owners are also referred to as member or shareholders. In order to become a shareholder you should have at least one share in that particular company.

In these companies the shareholders enjoy a limited amount of liability. In case the business in question becomes insolvent a shareholder would only need to pay the price of his shares. Beyond that the company itself would be held responsible for all the debts incurred by itself. In these companies the shareholders get shares of the profits made by the business. This is proportionate to the amount of shares held by them or the percentage of the same with respect to the total shares offered by the company.

The owners of the company appoint managers in order to look after the daily activities of the company. In most cases the shareholders employ themselves as the directors of such a company.

Differences with companies limited by guarantee

As far as legal definitions are concerned both the companies are one and the same. However, the ownership pattern of these companies is different in the sense that there are no shareholders. In these companies the owners are also referred to as guarantors. They can be called members as well. Anyone can become a guarantor by assuring to provide a certain sum of money to the company in question.

The money guaranteed is the extent to which someone is held liable towards the business. It needs to be paid when a company goes out of business. Here too, directors are appointed by members in order to take care of the everyday affairs of the company and as is the case with most companies limited by shares here too the guarantors themselves become the directors.

Here you can see a close comparison between companies limited by shares and limited by guarantee:

 

Sl. no

Basis of Distinction

Limited by Guarantee

Limited by Shares

1

Definition as per the Companies Act, 2013

“Company Limited by Guarantee” means a company having the liability of its members limited by the memorandum to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up. [As per Section 2(21)]

“Company Limited by Shares” means a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them. [As per Section 2(22)].

2

Meaning- Required as to Memorandum

Memorandum states that members shall have limited liability to the extent of the amount that they have guaranteed to pay to the company at the time of its winding up.

Memorandum states that members shall have limited liability to the extent of the amount unpaid, if any, on the shares held by them.

3

Object

They are formed to provide specific services to the public and are non-profit making business. Therefore, it has specific objects & detailed rules pertaining to which areas they want to work upon.

They are formed for profit-making business and have very general objectives and the clauses which allow them to pursue any legal activity or trade.

4

Share Capital

May or may not have share capital

Must have share capital

5

Shareholders

There are no shares – hence there are no shareholders. Instead, the company will have members.

Owners of shares are called shareholders of the company.

6

Company

Companies limited by guarantee are non-profitable organization. They are specially designed for charitable purposes.

Companies limited by shares are profit making organization

7

Examples

Advanced PCB Technologies Private Limited

Reliance Jio Infocomm Limited (RJIL)

 

Which one should you choose?

The decision regarding which form of company you should choose depends on the profit sharing model that you wish to follow. This is always going to be the most logical and straightforward approach that needs to be taken in such cases. If it is a profit-making business that you want you should go for a company that is limited by shares. If you want your company to be a non profit-making one your company should be limited by guarantee. In case, it is not that simple then you need to talk to a professional business consultant or adviser and find out what you should do. You should be able to get proper guidance from them. In this context you should also remember that you cannot change your company from one form to another.

Procedure for export and import in India

Procedure for export and import in India

As far as overall merchandise exports are concerned India ranks 19th in the world. In terms of overall imports it lies at the 12th spot. The present Indian government is said to be in favour of businesses and as such it is expected to sign a number of deals that would make the trade sector much more liberal than it already is. It is expected that in the days to come these trade liberalization deals would make it easier for more import and export related businesses to start in India. However before you start such a business there are a few things that you need to know really well. Documentation is an important part of this business. As the entrepreneur or business owner it is important that you understand this part really well.

The first step

If you wish to do an import and export business in India you need to get an Import Export Code (also referred to as IE Code). This particular code will be provided by the Directorate General of Foreign Trade. You can get this code by providing your PAN and opening a business bank account. There are plenty of websites in India that can help you get the IE Code. If you need a import export code (IEC) license for your business, we can assist you to obtain the IE Code in Bangalore Karnataka or anywhere in India through online.

Commercial invoice

Commercial invoices are issued by sellers to the buyers. They have the terms of transaction such as the date when the transaction happened, details pertaining to sellers, details of buyers, value of the transaction, and terms of shipping to name a few. It is on the basis of the commercial invoice raised by the seller that customs duty is imposed on a shipment.

Airway bills

An airway bill can be regarded as the proof that goods and shipment are being sent by the air. These bills also act as proofs of the fact that the air cargo agent has received the goods that are to be shipped. Such a bill acts as an invoice for the air shipment as well as being a certificate of insurance. It also provides guidance to the air cargo agent regarding how it is going to handle, dispatch, and deliver the shipment in question. Typically, an airway bill would contain details such as information on the consignee and the shipper. It will mention the destination airport as well as the departure airport and describe the goods that are being shipped. It would bear the carrier’s sign and seal as well.

Bill of lading

A shipping agency provides bill of lading for the goods that it has shipped. Such a bill normally has information regarding the shipper, the consignee, the vessel that is carrying the goods, the port where the goods are loaded and one where they are discharged, the place of delivery and receipt, the mode of payment, and the carrier’s name.

Some more important documents in this regard are bill of exchange, certificate of origin, packing list, and letter of credit. A bill of exchange is used when an importer decides that it would pay the exporter at a future date or before it. This date is normally arrived upon by mutual agreement.

How can I Apply for Shop & Establishment Registration in Karnataka?

How can I Apply for Shop & Establishment Registration in Karnataka?

No matter what kind of shop or establishment you are opening in Karnataka you would have to apply for registration with Department of Labour, Karnataka. These days the Karnataka government has made it easy for you to perform these procedures online by starting the e-Karmika portal. This is the online facility where you can register, as well as renew your establishments. All this is done under the aegis of Karnataka Shops and Commercial Establishments Act, 1961. This particular act just happens to be one of the many State Labour Laws and Rules that the Department of Labour is implementing.

Rules and laws

The department performs a whole range of functions and this includes enforcing a number of laws in the state. As per these laws, the citizens need to interact with the department. All this is part of various enactments of the Indian government as well as the Karnataka government. Karnataka Shops and Commercial Establishments Act, 1961 covers a number of areas where the department is supposed to work. They may be mentioned as below:

  • Issuance of registration certificate
  • Filing of annual returns
  • Renewal of registration certificate
  • Exemption on weekly holidays for shops and establishments
  • Amendment in registration certificate
  • Exemption for women working in night shift
  • Issuance of duplicate registration certificate
  • Submission of appeals    

Documents to be uploaded

As you would know as a prospective business owner, certain documents always have to be provided at various stages of your existence to relevant authorities. Here too scanned copies of certain documents need to be uploaded at the time of making the application for opening a shop or any other establishment in Karnataka. Those documents may be mentioned as below:

  • Proprietor/ managing partner/ director’s photo
  • Authorisation letter for authorised signatory/self attestation letter for owner
  • Address proof for the establishment/ shop (rental/ lease agreement etc.)
  • Challan/payment receipt/transaction receipt
  • Identity proof of the owner/ authorised signatory (PAN card/ driving license/ voter card, etc)
  • Duly filled registration form signed by owner/authorised signatory
  • Statutory documents (partnership deed/ BBMP trade license/ incorporation certificate/ memorandum of article)

Registration fee

If your company does not have any employee other than yourself you would need to pay a registration fee of INR 250. In case there are between one and nine employees in your establishment you would need to part with INR 500. In case the number is between 10 and 19 you would have to pay INR 3000 as registration fee.

In case you have hired anywhere between 20 and 49 employees you would have to pay INR 8000. The amount would go up to INR 15,000 in case there are 50 to 99 employees in your shop or establishment. If you have 100 to 250 employees you should be paying a registration fee of INR 30,000. If there are between 251 and 500 employees in your unit then the registration fee payable by you would increase to INR 35,000. If the number of employees in your company is between 501 and 1000 the registration fee applicable for you would be INR 45,000. If you have more than 1000 employees you should pay INR 50,000 as registration fee.