In the previous article, we have stated about 5 Compliance that you can do after incorporating a company. Here in this article, we are going to discuss the relevant facts which every promoter or director of the proposed company should be aware of.
While incorporating a private limited company a lot of information varies greatly by states, but there is similar information while incorporating a company. The facts are enlisted here below:-
1. Business Name
The business name is one of the important components of the operation. It is often stated that proposed name of the company is the first element of the business that consumers will be exposed to. The tone of the business name will set the scene of interaction that the consumers have with the business unit. It gives an idea to the consumers of what to expect.
The name should be an open-ended platform which leads towards growth in the future. Generally, a good business will leave no room for confusion.
2. Business Objective
Business Objective is a vital part of any business owner’s business plan. They are the life blood of the business plan. The business objective should clearly define targets that are set by management or business owner. The main object leads the company towards the goal they are shooting for.
3. Drafting of (Memorandum of Association) MOA and (Articles of Association) AOA
Drafting MOA and AOA is generally a step subsequent to the availability of name made by the Registrar. It should be noted that the main objects should match with the object as filed in Form INC 1. These two documents are basically the charter and internal rules and regulations of the company.
In the drafted MOA, the amount of authorized share capital should be absolute and clear. Therefore, it must draft with utmost case and with the advice of the experts and the other object clause should be drafted in a very boarder sense.
You can also refer our previous article- 5 Compliance that you can do after incorporating a company.
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