Annual compliance for a company includes all the requirements undertaken by the company to comply as per the rules and regulations. Annual compliance is required for all forms of entities. It is mandatory for business owners to comply with Companies act, Income tax, GST & State Laws etc.
A private limited company that has been incorporated in India should make sure the compliances concerning the Companies Act, 2013 are adequately filed. The word compliance represent the ability to comply with orders, set of rules, or requests. The Companies Act, 2013 regulates the appointment, qualification, remuneration, and retirement of the Company's Directors and other particulars such as conducting board meetings and shareholder meetings.
LLP or the Limited Partnership is a combination of a limited and partnership company. To incorporate an LLP minimum two partners are required and there is no such upper limit.
It is mandatory for Limited Liability Partnerships to file the annual returns within 60 days from the end of the close of the financial year and account statement and solvency within 30 days from the end of six months of the end of the financial year.
A partnership is a form of business in which there is a legal relationship between two or more persons who have agreed to share the profits of a business run by all or any of them representing all.
Persons who have entered into partnership with one another are called "partners" individually, and "a firm" collectively.
Partnership firm registration is necessary when two or more parties sign a formal agreement to manage and operate a business
A sole proprietorship is a type of business which is owned, managed, controlled and run by one person and in which there is no legal distinction between the owner and the business entity.
Proprietorship is a type of unregistered entity. The micro and small businesses that are operating in the unorganized sector chose registering as a proprietorship.
All companies incorporated under the Companies Act, 2013 or earlier like private limited company, one person company, LLPs, and section 8 company is required to file annual return and income tax return for each year irrespective whether they have worked or not in that particular financial year.
Section-8 Companies are required to hold an Annual General Meeting at the end of each financial year and file financial statements and annual return with the Ministry of Corporate Affair to maintain compliance.
Nidhi Company is a company registered under Companies Act. Nidhi Company is a type of Non-Banking Financial Company (NBFC) which is governed and regulate by the provisions of Companies Act, 2013. Nidhi companies work with the object of developing the habit of saving and reserve funds amongst its members and also accepting deposits and lending funds to its members only. They are also known as Permanent Fund, Benefit Funds, Mutual Benefits Funds and Mutual Benefit Company. The basic concept of Nidhi is “Principle of Mutuality”. These companies mostly work in southern part of the India.
A producer company is a body corporate engaged in any one or all of the following objects that is production, harvesting, grading, pooling, procurement, handling, marketing, selling, and the export of primary produce of the members or import of goods or services for their benefit.
The producer company’s primary object is to deal with the produce of its members and it must also carry on any of the following activities on behalf of its members
Non-Banking Financial companies (NBFC) are registered under the 2013 Companies Act and are engaged in the business of collecting deposits, loans and advances, buying stocks, bonds, shares, government-issued debentures, and securities. The NBFCs operate its business under the regulations of the financial operations of the Reserve Bank of India. NBFC are required to get a license from the Reserve Bank of India to operate its business.
Compliance with the laws of the Government helps the organization to increase its credibility and hence it also helps to get the fund and loans when there is a requirement. Check out the other event based compliances which one needs to comply with as per the rules and regulations of the companies’ act, 2013 to avoid the penalties.
Where no provision is made in the articles of a company for the appointment of the first director, the subscribers to the memorandum who are individuals shall be deemed to be the first directors of the company until the directors are duly appointed and in case of a One Person Company an individual being member shall be deemed to be its first director until the director or directors are duly appointed by the member in accordance with the provisions of this section.
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Subject to the provisions of this Chapter, every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting and the manner and procedure of selection of auditors by the members of the company at such meeting shall be such
(1)If, on any application made the Tribunal is of the opinion— (a) that the company’s affairs have been or are being conducted in a manner prejudicial or oppressive to any member or members or prejudicial to public interest or in a manner prejudicial to the interests of the company; and *(b) that to wind up the company would unfairly prejudice such member or members, but that otherwise the facts would justify the making of a winding-up order on the ground that it was just and equitable that the
(1) The auditor appointed may removed from his office before the expiry of his term only by a special resolution of the company, after obtaining the previous approval of the Central Government in that behalf:- Removal of auditor before expiry of his term:- (i) The application to the Central Government for removal of auditor shall be made in 1Form ADT-2 and shall be accompanied with fees as provided for this purpose under the Companies (Registration Offices and Fees) Rules, 2014.
Mauris volutpat urna tristique finibus iaculis. Morbi facilisis, justo eu vulputate elementum, est augue tincidunt ante, sed efficitur leo ligula vel velit.
Mauris volutpat urna tristique finibus iaculis. Morbi facilisis, justo eu vulputate elementum, est augue tincidunt ante, sed efficitur leo ligula vel velit.
Mauris volutpat urna tristique finibus iaculis. Morbi facilisis, justo eu vulputate elementum, est augue tincidunt ante, sed efficitur leo ligula vel velit.
Mauris volutpat urna tristique finibus iaculis. Morbi facilisis, justo eu vulputate elementum, est augue tincidunt ante, sed efficitur leo ligula vel velit.
Mauris volutpat urna tristique finibus iaculis. Morbi facilisis, justo eu vulputate elementum, est augue tincidunt ante, sed efficitur leo ligula vel velit.
Mauris volutpat urna tristique finibus iaculis. Morbi facilisis, justo eu vulputate elementum, est augue tincidunt ante, sed efficitur leo ligula vel velit.
Mauris volutpat urna tristique finibus iaculis. Morbi facilisis, justo eu vulputate elementum, est augue tincidunt ante, sed efficitur leo ligula vel velit.
Mauris volutpat urna tristique finibus iaculis. Morbi facilisis, justo eu vulputate elementum, est augue tincidunt ante, sed efficitur leo ligula vel velit.
Mauris volutpat urna tristique finibus iaculis. Morbi facilisis, justo eu vulputate elementum, est augue tincidunt ante, sed efficitur leo ligula vel velit.
Mauris volutpat urna tristique finibus iaculis. Morbi facilisis, justo eu vulputate elementum, est augue tincidunt ante, sed efficitur leo.
Closure is the term used to refer to the actions necessary when it is no longer necessary or possible for a business or other organization to continue to operate. Closure may be the result of a bankruptcy, where the organization lacks sufficient funds to continue operations, as a result of the proprietor of the business dying, as a result of a business being purchased by another organization (or a competitor) and shut down as superfluous, or because it is the non-surviving entity in a corporate merger. A closure may occur because the purpose for which the organization was created is no longer necessary.
Winding up is the liquidation of Company’s assets which are collected and sold in order to pay the debts incurred by a company. When the company winding up process starts first the debts, expenses and costs are paid away and distributed among the shareholders. Once the Company is liquidated it is officially dissolved and the Company ceases to exist.
A partnership is a form of business in which there is a legal relationship between two or more persons who have agreed to share the profits of a business run by all or any of them representing all.
Persons who have entered into partnership with one another are called "partners" individually, and "a firm" collectively.
A sole proprietorship is a type of business which is owned, managed, controlled and run by one person and in which there is no legal distinction between the owner and the business entity. Proprietorship is a type of unregistered entity. The micro and small businesses that are operating in the unorganized sector chose
Public company is an organization whose ownership is divided amongst general public shareholders through publicly traded stock shares on a stock exchange.
A company is considered public when the company’s securities trade on public markets, and when the company discloses certain business and financial information regularly to the public.
According to Section 2 (62) of the Company's Act 2013, one person company is a company which has only one person as a member.
Only a person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC. Here, the term "resident in India" means a person who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding one financial year.
A limited liability partnership (LLP) is a body corporate formed under the Limited Liability Partnership Act, 2008. It is a legal separate entity from its partners. LLP is a partnership structure where it is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution.
LLP Registration has become an alternative form of business that provides the advantages of a Company and the flexibility of a Partnership
Section 8 company is a company which registered as a Non-Profit Organization. The objective of these companies is to promote the fields of arts, commerce, science, research, education, sports, charity, social welfare, environment protection and other similar activities.
A non-profit organization can be registered under the Registrar of societies or as a Non-profit making organization under the Section 8 Company of the Company Act, 2013.
Nidhi Company is a company registered under Companies Act. Nidhi Company is a type of Non-Banking Financial Company (NBFC) which is governed and regulate by the provisions of Companies Act, 2013. Nidhi companies work with the object of developing the habit of saving and reserve funds amongst its members and also accepting deposits and lending funds to its members only. They are also known as Permanent Fund, Benefit Funds, Mutual Benefits Funds and Mutual Benefit Company. The basic concept of Nidhi is “Principle of Mutuality”.
A producer company is a body corporate engaged in any one or all of the following objects that is production, harvesting, grading, pooling, procurement, handling, marketing, selling, and the export of primary produce of the members or import of goods or services for their benefit.