PVT LTD COMPANY
CHANGE OBJECTIVE / ACTIVITY
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OVERVIEW
CHANGE OBJECTIVE / ACTIVITY
Aspiring to steer your business in a path you hadn’t anticipated as it develops and grows is common. It’s important to alter the Memorandum of Association (MoA) and complete other requirements to change a business’s official aims. With Taxkey’s assistance, you can simplify the process for yourself and set up your company for a smooth transfer into a new stage.
BUSINESS GOALS CHANGE
WHY WOULD BUSINESS GOALS CHANGE?
The MoA’s stated company aim limits the range of possible business actions. Thus, the following circumstances call for shifting objectives:
- The Firm might intend to expand the scope of its operations in order to conduct business on a bigger scale.
- To achieve the objectives already established by the Company through fresh or improved approaches.
- To conduct such extra business that can be easily merged with the Company's current activity.
- To dispose of or sell the business's portion in order to change its structure.
- If the Company merges with another company or gets acquired by another company, it must broaden its current goal.
DOCUMENTS REQUIRED
DOCUMENTS REQUIRED TO SET UP OBJECTIVES OF BUSINESS
- Notice regarding EGM
- Attested true copy of the special resolution
- Minutes of the board meeting and EGM
- Altered MoA
- A true certified copy of the board resolution (optional)
- ID proof of all the directors of the company
- Address proof of all the directors of the company
- Attendance sheet or register of board meetings and general meetings
MODIFYING COMPANY GOALS
METHOD FOR MODIFYING COMPANY GOALS
The MoA outlines the two major goals. Primarily, to discuss the company’s core commercial activities. Secondly, to cover the necessary tasks for carrying out business strategies and requirements.
You must do the following five steps in order to change these corporate objectives:
1. Board Resolution
A meeting of the board should be conducted, and a resolution has to be passed to make the important changes in the name and objectives of the business. A director or company secretary should have the authority to sign, attest to, and submit the necessary paperwork to the RoC. The location and time for the members’ extraordinary general meeting (EGM) will then be set.
2. EGM special resolution
Members will vote on a special resolution during the EGM. It received the members’ response to the special resolution. A message should be sent to all members with the necessary details. The resolution is approved once this notice has been sent.
3. Submit MGT-14 together with RoC
The corporation and/or its director(s) must submit the form MGT-14 to the RoC in order for the process to move forward. The application for the same must also be accompanied by a few other documents (listed below).
4. New certificate of incorporation
The RoC will issue a new certificate of incorporation to the Firm if the CIN number changes due to a change in the industry code.
5. Incorporating the MoA Object Clauses
The business must take action to include the object provision in all copies of the MoA after the RoC issues the certificate of incorporation.
ASSOCIATION'S PROVISIONS
MEMORANDUM OF ASSOCIATION'S PROVISIONS
The following clauses make up the Company's MOA:
Name Clause
Depending on the form of business, this is the first clause in every MOA that must include the name of the company with the last word as Private Limited, Limited, or OPC Private Limited. The Section 8 Corporation need not comply with such a regulation.
Registration Address Clause
The phrase identifies the state in which the company’s registered office is located.
Object Clause
It outlines the purposes for which the Firm was founded.
Liability Clause
It details whether a member’s liability is limited or infinite.
Capital Clause
The Capital of the company is mentioned for the last time in this phrase. The company under this section shall specify the Authorized Capital divided into such shares. Authorized Capital is the maximum sum that a company may raise Capital.
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