SMC stands for Single Member Company. In this type is the limited liability company, but you are alone, so a Legal Solutions company, if registered by Ali Faizan as SMC Pvt Ltd. Its name is written Legal Solutions SMC Pvt Ltd. It was launched in 2010. You and your company have different NTN numbers. Another factor in choosing a type of business is the profitability of the business; You do business for profit or it`s a non-profit organization. Unlike a public limited company, you can register a limited liability company with or without share capital. This is very important and it must be given priority. After starting your business, you will need to report regularly to RBF and SECP. It is important that the NTN of the partners/directors before them is registered for the NTN company. When a new director is added to the company or when an investor invests in your business and becomes the director of your company. First, THE SECP is informed of the addition of the Director, the SECP provides a document known as the CTC. Then the document must be sent to FBR and the bank.
If you have decided to go alone, you can register an SMC. You are the sole promoter, shareholder and director of the Company. However, you can appoint another person to act as CEO of your company if you deem it necessary. When registering a SMC, you must designate one of your loved ones to act as trustee in the event of death from a legal disability. The company name contains parentheses and the words “(SMC-Private) Limited” at the end. The process of registering a business can be a daunting task for many entrepreneurs. But there is no need to worry. Simply arrange a FREE call with our expert advisor and we`ll take care of it for you. The liability of its members is limited to the size of their shares in the paid-up capital of the company.
These companies can also be classified as public limited companies and limited liability companies. (i) A public limited company. (ii) A limited liability company. (iii) An unlimited society. Today, an investor will not invest in the start-up unless the startup is a legal entity because it has to take shares in your company; He must become a shareholder of your startup. The procedure for registering, setting up and regulating companies in Pakistan is set out in the Companies Act 2017. SECP is a department with the power to train and manage the creation of the company. The following information must be provided to the Pakistan Exchange Commission SECP for the registration of the company in a prescribed manner. In a limited liability company, the liability of the members is unlimited, that is, in the event of liquidation of a company, if the assets of the company are insufficient to settle its liabilities, the assets of the partners can be used to settle the liabilities of the company. The above will be explained in detail later.
The brand includes the protection of your company logo, now you can even mark the way you offer a service. As gastronomy SOPs can be protected by trademark law. Copyright allows you to protect your brand name and slogan. While for new inventions or products, we have patents. Before filing a patent, the product must be at least 13% different from the other product in its category. For example, if you want to patent for a chair, the chair you produce must distinguish by 13% those available on the market. It is such a company in which the liability of the partners is limited by the memorandum to the amount that cannot be paid on the shares. It can be a public company or a private company. If you intend to do charitable activities, you can start a non-profit corporation for better recognition and credibility. By law, you can only set up a non-profit corporation as a corporation. You need to deposit a certain amount with the company.
You also agree to contribute to the payment of the Company`s debts up to a certain limit in the event of liquidation. The Company may have a name without the words “Limited” or “Guarantee Limited”.