There are two types of companies – private company and public company. All the companies are required to get itself register under the Companies Act, 2013. It does not end here. After incorporation and registration of a company, it requires to comply with some rules and laws. Managing the business’s everyday operations while complying with the difficult corporate laws can be a task for the entrepreneur. So, it is always better to take the professionals’ help and understand the legal requirement to ensure timely fulfillment of these compliances to waive off the penalties or fines. Let’s take a look at the annual compliances of each kind of company.
Annual Compliances of Private Company
A private limited company that has been incorporated in India must ensure the compliances concerning the Companies Act, 2013 are adequately met. The RoC compliance for registered Private Limited Companies is necessary. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement.
A minimum of seven or more persons can start a Public Limited Company. The Public Limited Companies are bounded to follow the annual and periodic compliances. A Public Limited Company has to pay hefty fines and penalties in case of non- Compliance.
Every company is obliged to comply with these compliances and fill and submit the appropriate forms timely to save itself from hefty fines/penalty and maybe imprisonment.
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