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Compliances of Private Limited Company is the parliamentary act through which all the legal working of the companies may conduct its business activities by following some specific rules and regulations prescribed under the Companies Act 2013. The government can strike off the names of the companies who are going forward without following the compliances as well as disqualify the directors in case of non-compliances. The various techniques of corporate sectors to dodge taxes often put them into a great problem. This article will further describe you about the compliances of Private Limited Company.
Compliances are categorized as Mandatory Compliances and Event-Based Compliances.
Following are the Mandatory compliances which are to be fulfilled by every private limited company:
Board meetings: at least one board meeting in a quarter and four board meeting in a year must be held. All the Directors are mandatory to be there at the time of meetings. Quorum is one-third or two Directors whichever is greater. The logged and signing minutes must be maintained at the registered office. The Notice of Board meeting needs to be sent before 7 days of meeting to every director through email or in hand.
General meetings: The shareholders meeting must be held every year. In this meeting, the approval of financial statements, declaration of dividends, the appointment of auditors etc is the first and foremost motive. It shall be held in a city of registered office.
Small companies are the Private limited companies which have started with the paid capital of Rs. 50,00,000 and turnover less than Rs. 2 Crore. 2 board meetings are enough for the small companies.
The agenda of the first board meetings of small companies are to approve Company incorporation expenses, authorize any director for issuing share certificate and the opening of bank account, first auditor appointment of the company etc.
Specific numbers of registered are required to be maintained like Register of a member, Register of directors, Register of contracts, Register of charges etc. The register shall be kept in the registered office of the company.
FORM NO. | For what needs to fill |
---|---|
DIR-12 | If any change in directors |
SH-7 | If any change in Authorized share capital |
PAS-3 | If an increase in paid-up share capital |
INC-22 | If a change in registered office |
CHG-1 | If a change in secured borrowings |
INC-24 | If a change in name of the company |
INC-27 | In case of conversion of the company |
MGT-14 | Fillings of resolution and agreements |
For more details regarding Private limited company, Company registration, regulations governing NBFCs you can visit our website: Legal Raasta
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