Introduction to Leading Private Limited for Annual Filing Services

Introduction to Leading Private Limited for Annual Filing Services

Private Limited Company has the status of a separate legal entity and it has its own specific laws and regulations. In order to remain active, a company needs to comply with several compliances and other administrative procedures. This includes filing of annual return, reporting to investors, ensuring proper compliance, and keeping statutory registers. Some of the private limited companies may require specialized services for this purpose. These services include filing audited financial statements, and Income Tax returns.

Annual Return is a form filed with the MCA that enumerates the business activities of a private limited company. The privatelimited company should prepare an annual financial statement, a balance sheet, and a profit and loss account. They also need to conduct two board meetings per year. The first annual board meeting must be held within 30 days of incorporation. The meeting must be attended by at least two directors and the minutes of the meeting must be recorded.

Private limited companies also need to maintain a statutory register that contains the register of members and directors. It is also mandatory to update the statutory registers regularly. If a private limited company fails to file an annual return or other forms on time, it could lose its membership in the MCA, and its name could be removed from the Register of Companies. Also, the director and other officers can be disqualified for serving in the company.

Investors prefer to invest in companies with regular compliance records. To meet their demands, the company should have an auditor and a Chartered Accountant. Audited financial statements and an Audit Report must be prepared and submitted. A private limited company must submit its accounts to the MCA every year, regardless of its turnover.