Easily Maintain Company Compliance
For a company, board meeting must be conducted, returns must be filed and statutory register must be maintained to maintain compliance.
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Company Annual Filing
Private Limited Company compliance are required to file its Annual Accounts and Returns disclosing information of its shareholders, directors etc to the Registrar of Companies. Such compliances are mandatory to be made once in a year. Every Private Limited Company in India is necessary to hold a meeting of its shareholders once in every year within a period of six months from the date of closing of the financial year. In India, generally the financial year starts on April 1st and end on 31st March. So a Company's annual return would be on September 30th.
Annual return contains information and documents that consist of the Balance Sheet of the Company, Profit & Loss Account, Compliance Certificate, Registered Office Address, Register of Member, Shares and Debentures details, Debt information about the Management of the Company. If a Company fails to comply with the rules and regulations of the Companies Act, then the Company and Shareholders shall be punishable with fine for the period for which default continues. Every private company is necessary to maintain proper records and registers of directors, members, shares, etc. And such documentations are to be kept at the registered office of the company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship and details of transfers of securities. Glad e Filings can help file your company annual filing in India.
ADVANTAGES OF PRIVATE LIMITED COMPANY
Separate Legal Entity
A company is a legal entity and a juristic person established under the Act. Therefore a company type of organization has wide legal ability and can own property and also sustain financial debts. The members (Shareholders/Directors) of a company have no liability to the creditors of a company for such debts.
A company enjoys better avenues for borrowing of funds. It can issue debentures, secured as well as unsecured and can also accept deposits from the public, etc. Even banking and financial institutions prefer to render large financial assistance to a company rather than partnership firms or proprietary concerns.
Easy Transferability
Shares of a company limited by shares are transferable by a shareholder to any other person. Filing and signing a share transfer form and handing over the buyer of the shares along with share certificate can easily transfer shares.
Limited Liability
Limited Liability means the status of being legally responsible only to a limited amount for debts of a company. Unlike proprietorships and partnerships, in a limited liability company the liability of the members in respect of the company's debts is limited.