Balance-Sheet: Form AOC-4
Consolidated Financial Statement: Form AOC (CFS)
Annual Return: Form MGT-7.
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Formation of Companies, Public and Private
Incorporation of LLP
Conversion of Partnership Firms to Companies
Statutory Due Diligence Reviews
SEBI Compliance
Compulsory and Voluntary Liquidation Procedures
FEMA and RBI Compliance on FDI
Section 25 Companies and Electoral Trust
The Companies Act, 2013 defines a private company, its company managed by family, friends & relatives and the liability of members are limited to their shares in the company. The Pvt. Ltd. company restrict the right to transfer the Company’s share & also limits the number of members to two hundred.
Advantages of Private Limited Company Registration
Private Limited Company is one of the most popular means of initiating a business. The following are some of the advantages of a private limited company:-
Separate Legal identity
Stability due to Limited Liability of members
Greater flexibility in the management of business affairs.
Only two members and two shareholders are required to incorporate a private limited company
The minimum number of directors required to form a private limited company is two as compared to a public Limited Company where the minimum requirement is three.
Business can be immediately commenced after receiving a certificate of incorporation.
With various advantages & benefits given to private limited companies, it is necessary for them to prove that they are worthy of these advantages & benefits by complying with the provisions and rules of the Companies Act, 2013 right from the date of incorporation.
The appointment of an auditor is mandatory in every company, public as well as private. The Companies Act, 2013 provides that the company is required to appoint an auditor within one month from the Date of incorporation. The act also provides that, an Auditor can be appointed for a period for 5+ years.
Every Private Limited Company is required to prepare its Accounts for the Financial Year and mandatorily get them audited by a Chartered Accountant at the end of the Financial Year compulsorily. The Auditor is required to provide an Audit Report for the Audited Financial Statements as they are required to be filed with the ROC.
Every Private Limited Company is required to file its An Annual Return in Form MGT-7 is Required to be filed within 60 days of Annual General Meeting. Annual Return will be for the period 1st April to 31st March. The annual returns will be calculated from 1st April to 31st March
The Balance Sheet, Statement of Profit and Loss Account and the Director Report are required to be filed by the private limited company within 30 days of Annual General Meeting with the ROC in Form AOC-4.
An annual general meeting is mandatorily required to be held in every calendar year. However, it is required to be held within six months from the closing of the financial year. Also, the act says the AGM should not be held on public holidays.
Just like AGM, Board meetings are essential for a private limited company. The first board meeting of a company is to be conducted within a period of 30 days from the date of incorporation. Minimum four board meetings are required to be conducted during the year and the time gap between two board meetings should not exceed 120 days. However, for small start-up private limited companies, there is an exception. They are allowed to conduct, minimum of two board meetings instead of four. The notice of the Board meeting is required to be sent to every director at least 7 days before the date of the board meeting. Minimum 2 directors or where there are more than 2, 1/3rd of the total number of directors, whichever is greater, should be present at the Board meeting. The Minutes of the Board Meeting is required to be made in the prescribed format & maintained at the Registered Office of the Company.
The Companies Act, 2013 provides that a Directors’ Report is required to be prepared to mention all the information that is required under Section 134. Also, every director is under an obligation to provide the details about all the directorships held in other companies every year. This is required to be made in writing and in a prescribed format.
Calculation and Quarterly Payment of Advance Tax
Filing of Income Tax Returns(Companies are Taxable at a flat rate of 30%)
Tax Audit is Mandatory where the sales, turnover or gross receipts exceed Rs. One Crore in the previous year. Filing of Tax Audit Report.
The Company is required to maintain the statutory registers and records as mentioned in Act. Following are important Registers are required to be maintained by the private limited Company:
Register of Directors and KMP’s and their Shareholding
Register of Members
Register of Charges
Register of Loans, Guarantee, Security and Acquisition
Register of Investments
Register of Contracts
Minutes of the Board Meetings and Annual General Meeting
Such records are to be maintained at the Company’s registered office or any other place in India as approved by the Board and shall remain open for inspection to its members during business hours. Also, the Company is required to preserve the books of accounts for at least eight financial years.
There are many other compliances which need to be done on happening of the following events in the Company:
Change in Authorized or Paid-up Share Capital of the Company.
Transfer of shares
Appointment or Change of Directors.
Appointment or Change of Auditors.
Loans are given to other Companies.
Loans to Directors (only if the company complies with Section 185)
Opening or closing of bank accounts or change in authorized signatories.
Creation or satisfaction of Charges.
The respective forms are required to be filed with the ROC within the specified time for all such events. Delay in such filings attracts the penalty or additional fees which keep on increasing as long as the non-compliance continues. Non-compliance If the Private limited Company fails to comply with the rules and regulations of the Companies Act, then the Company and every officer in default are punishable with fine as provided by the Act for the period during which the default continues. Hence, the private limited companies should ensure that they remain compliant since “it takes less time to do things right than to explain why you did it wrong”.
Filing LLP Annual Return Annual Return or Form 11 is a summary of an LLP’s Partners. It is also an indication of whether there is any change in the management. Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of a financial year. That is, the Annual Return has to be filed on or before 30th May every year. Form 11 or Annual Return is applicable to those LLP’s which were registered till 30th September 2017. For LLPs registered after 1st October 2017, the return can be filed in the year 2019. Filing Annual Accounts or Statement of Accounts or P&L and Balance Sheet All LLPs are required to maintain their Books of Accounts in Double Entry System. They also need to prepare a Statement of Solvency (Accounts) every year ending on 31st March. For this purpose, LLP Form 8 should be filed with the Registrar of Companies on or before 30th October every year.
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