Our team shall review and call you back in 3-4 hours.
Our team shall review and call you back in 3-4 hours.
Our team shall review and call you back in 3-4 hours.
A Partnership Firm is a popular business structure where two or more individuals join together to start a business, agreeing on a profit-sharing ratio through a Partnership Deed prepared on nonjudicial stamp paper. Governed by the Indian Partnership Act of 1932, the Partnership Deed is a crucial document. Forming a partnership is straightforward, with minimal compliance requirements compared to companies and LLPs. There are two types of Partnership Firms: Registered and Unregistered. The Act does not mandate registration with the Registrar of Firms or any other competent authority, leading many firms to operate without registration due to a lack of awareness. They often start their business with just a Partnership Deed and a PAN card. While there are no penalties for non-registration, an unregistered firm does face certain disadvantages. It is advisable to register the firm, as only a registered Partnership Firm is eligible to apply for Startup India recognition and benefit from the scheme once approved.
In addition to fulfilling statutory obligations like GST and Income Tax, private limited companies are mandated to adhere to certain regulatory requirements outlined in the Companies Act. These obligations are crucial for maintaining transparency, accountability, and legal standing. Failure to comply with these obligations can lead to penalties and legal repercussions. Here are the key compliance requirements that a private limited company must address without delay:
Within 180 days of incorporation, it is imperative for a private limited company to file the Commencement of Business (COB) e-form INC 20A. This form signifies that the company has commenced its operations and is actively conducting business as per its memorandum and articles of association.
A practicing Chartered Accountant must be appointed as the Statutory Auditor to audit the company's books of accounts and issue audited Annual Financial Statements. This ensures that the financial records are accurate, reliable, and compliant with regulatory standards.
The company is required to file various annual forms with the Registrar of Companies (ROC) to report its financial performance, management structure, and other relevant information. These forms include the Annual Return, Financial Statements, and other documents as prescribed by the Companies Act.
Directors of the company are obligated to undergo electronic Know Your Customer (e-KYC) verification, which involves providing updated personal and professional information. This process helps in maintaining the authenticity and integrity of the directorship
For startup companies, it's essential to allocate additional funds, approximately Rs 40-50K annually, for audit expenses and ROC filings. This financial provision ensures that the company can fulfill its compliance obligations without financial strain. By diligently adhering to these compliance requirements, private limited companies can operate smoothly within the legal framework and uphold their reputation in the business ecosystem.
After Company incorporation, you will receive below documents
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