Need opinions on starting a new software firm

Hi,

I am planning to start a small software firm very soon. Regarding this, I had few questions where I need your expert opinions. If you could let me know following:

1. I've come to know that to start a Pvt. Ltd. firm, one needs to have minimum of Rs. 1 Lac of capital to show. Is it mandatory as such or we need not...If we need to, where we need to specify it or how to prove that we have this much capital?

2. Also, the firm I am planning to start is to be run by myself with one my friend where she'll be taking care of technical responsibilities and me taking care of administrative part. So initially, we two only be employees of the company. Can I be the director of a company and emplaoyee at the same time? If we want to do so, what we need to do?

3. I also read the rule as, there has to be minimum of two directors while formtion of incorporation. Here in our case, as I am taking care of money part to start with, I would like to be whole single owner of the company...Is it possible to do such?

Also, if you could point me to some further useful information if available, it would be great.

Thanks in advance,

Dhanshri...