Name Change

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Frequently Asked Qustion

Will the change of the name of the company create any new entity?
What should be the name of the company?
Is the approval of Central Government required for name change?
What should the ROC be intimated after the name change of the company?

Company Name Change

Some times company or LLP need to change their name for several reasons like, change of company name are business model change, change of promoters, rebranding, etc. It can be change by the promoters at any time after incorporation.

To change a company name shareholders approval is required along with approval from the Ministry of Corporate Affairs is needed. There is no impact on the legal entity or its existence when a company or LLP name chang.Only the name of the company would have been changed but in case of assets and liabilities of the entity would continue.

Change of company name requires passing of a board resolution, obtaining name approval from MCA, passing of a special resolution and applying for approval of new company name to the MCA. If the MCA accepts the application, a new certificate of incorporation is issued. changes must be made to incorporate and change the MOA and AOA of the company as well after obtaining the new certificate of incorporation.

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Reasons to Company Name Change

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Easy Transfer-ability

Ownership of a business can be easily transferred in a company by transferring shares. The signing, filing and transfer of share transfer form and share certificates is sufficient to transfer ownership of a company. In a private limited company, the consent of other shareholders maybe required to effect share transfers.

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Uninterrupted Existence

Private Limited Company has 'perpetual succession', meaning uninterrupted existence until it is legally dissolved. A company being a separate legal person, is unaffected by the death or other departure of any member and continues to be in existence irrespective of the changes in ownership.

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Borrowing Capacity

Private Limited Companies can raise equity funds in India. Companies can also issue equity shares, preference shares, debentures and accept deposits with RBI permission. Banks and Financial Institutions prefer to provide funding to a company rather than partnership firms or proprietary concerns.

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Owning Property

Private Limited Company being an artificial person, can acquire, own, enjoy and alienate, property in its name. The property owned by a company could be machinery, building, intangible assets, land, residential property, factory, etc., No shareholder can make a claim upon the property of the company - as long as the company is a going concern.

 

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