The Benefits of Private Limited for Annual Filing in Chennai

The Benefits of Private Limited for Annual Filing in Chennai


One of the most popular forms of business entities in the world is the private limited company. This type of company provides many advantages to its owners and is known to be more stable than other kinds of businesses. It is also known for its flexibility and less complicated management. It allows a small business to receive loans from financial institutions and attract investors who are able to invest in a secure and profitable company.

To register a business in Chennai, it is necessary to first get registered with the Registrar of Companies (RoC). The ROC issues a Certificate of Incorporation with TAN and PAN. Once the certificate is issued, it is important to comply with the requirements of the ROC. These requirements include filing an annual return with the RoC. Failure to do so can result in large penalties.

Annual filing is one of the most essential compliances of a private limited company. This is required to ensure that the company is operating in accordance with the law. It includes filing a balance sheet, director's report and a profit and loss account. It is also important to ensure that the company maintains a statutory register. This is a legal record that contains the minutes of the board meetings, the ROC file and the register of shareholders.

Another important compliance of a private limited company is to hold an Annual General Meeting. The AGM is a meeting of the members of the company to approve the business's financial statement. A minimum of 21 days' notice is required to hold the AGM. It should not be held on public holidays.

 

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