Change in Objective of Business

Do you want to increase your company’s share capital base? Easebis experts will set up your compliances and documents.

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    Why should I Use Easebis for Change in Objective of my Business

    Our online bookkeeping services have end-to-end online fulfilment provided by our professional. It’s very simple, completely digital, and available for all 365 days.

    1. Book a slot with our compliance experts

    2. Provide all the required information

    3. Get your company compliances done

    Changing Company Name & Objectives - An Overview

    As your company grows and evolves, it is normal that you want to take your company in a direction that you didn’t anticipate before. When you change the objectives of business, it is necessary to make it official by amending the memorandum of association (MoA) and fulfilling other formalities for the same.

    Easebis’s service can make this whole process easy for you and pave the way for a comfortable transition into a new phase for your business.

    Process for Changing the Company Objectives

    he MoA explains the two major company objectives:

    • Main object: Covers the major business activities of the company
    • Ancillary object: Covers the necessary activities for conducting the business plans and needs.

    To get these company objectives changed, you will need to follow the five steps:

    Step 1: Board Resolution

    A meeting of the board should be held, and a resolution has to be passed to make the essential changes in the name and objectives of business. A director/company secretary should be authorised to sign, certify, and file the required forms with the RoC.

    Following that, a place and time will be fixed for conducting an extraordinary general meeting (EGM) of members.

    Step 2: Special Resolution in EGM

    In the EGM, members will pass a special resolution. The reply of the members to the special resolution is obtained. All the members should be given notice with certain mandatory information. Once this notice is circulated, the resolution is passed.

    Step 3: File form MGT-14 with RoC

    The form MGT-14 needs to be filed with the RoC by the company and its director(s) to process further. Some other documents need to be attached with the form for the same (listed below).

    Step 4: Issuance of Fresh Certificate of Incorporation

    In case the CIN number changes due to a change in the industry code, the RoC will issue a new certificate of incorporation to the company.

    Step 5: Incorporation of the MoA Object Clauses

    After the RoC issues the incorporation certificate, the company must take steps to incorporate the object clause in all the MoA copies.

    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 certified true 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

    Why Easebis?

    • Here is why you should choose Easebis for changing the objects of your company:

      • Simple and speedy process
      • Experts will guide you in deciding what to add under main and ancillary objectives of company.
      • A resolution drafted and forms filled & filed for you
      • We will make the amendments to your MoA
      • You get the best support
      • All your queries will be answered.

    Why Choose Easebis

    8756 +Happy Customers

    700 +Company Registered

    20+ Team Members & CA

    4 . 8 Google Rating & Positive Reviews

    Frequently Asked Questions (FAQs)

    What is accounting, and why is it important for businesses?

    1. Accounting is the process of tracking, organizing, and analyzing financial information to help businesses make informed decisions. It is important for businesses because it provides insight into financial performance, helps with tax planning, and can help with strategic decision-making.

    What is the difference between bookkeeping and accounting?

    1. Bookkeeping involves recording financial transactions, while accounting involves analyzing and interpreting financial data to produce financial statements and provide financial advice. Bookkeeping is the foundation of all accounting services.

    What financial statements are typically included in accounting services?

    1. Financial statements typically included in accounting services include balance sheets, income statements, and cash flow statements. These statements provide insight into a business’s financial health and performance.

    What types of businesses benefit from outsourcing their accounting services?

    1. All types of businesses can benefit from outsourcing their accounting services, particularly those without the in-house resources to manage their finances effectively. Outsourcing can also help businesses save time and money.

    How often should a business review its financial statements?

    1. Businesses should review their financial statements on a regular basis, such as monthly or quarterly, to ensure accuracy and identify any areas for improvement. Reviewing financial statements can also help businesses make informed decisions about future investments or growth opportunities.

    What are some common accounting software programs used by businesses?

    1. Common accounting software programs used by businesses include QuickBooks, Xero, and FreshBooks. These programs can help with bookkeeping, invoicing, payroll, and tax preparation.

    What is the difference between cash-basis and accrual-basis accounting?

    1. Cash-basis accounting records transactions when cash is received or paid, while accrual-basis accounting records transactions when they occur, regardless of when cash is received or paid. Accrual-basis accounting provides a more accurate picture of a business’s financial health.

    What are some common accounting mistakes that businesses should avoid?

    1. Common accounting mistakes that businesses should avoid include failing to reconcile bank statements, not tracking expenses properly, and not keeping records up to date.

    What is the role of an accountant in tax preparation and planning?

    1. Common accounting mistakes that businesses should avoid include failing to reconcile bank statements, not tracking expenses properly, and not keeping records up to date.

    How can accounting services help businesses save money and make better financial decisions?

    1. Accounting services can help businesses save money by identifying areas for cost-cutting and providing insights into financial performance. Accounting services can also help businesses make better financial decisions by providing accurate and timely financial information.

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