Introduction Private Limited Annual Filing Services

Introduction Private Limited Annual Filing Services

 

Private Limited Annual Filing is a legal obligation to comply with the Companies Act, 2013. It includes reporting on the activities carried out during the Financial Year. All private limited companies are required to comply with the law.

A private limited company is a business entity split into shares owned by the shareholders. It provides limited liability protection to the members. However, it is subject to certain requirements regarding the filing of annual returns, tax payments, and statutory registers.

The minimum paid up capital is INR 1 lakh. One or more directors are required. Each director must hold a DIN. The first annual board meeting of a private limited company must be held within 30 days of incorporation. Another board meeting must be held every half calendar year.

Every Private Limited Company must prepare the books of accounts and have them audited. They must also file an audited balance sheet with the MCA. This is done by a Chartered Accountant.

Every company must hold at least one annual general meeting (AGM) each year. These are also known as shareholders meetings. During these meetings, the shareholders approve or disapprove the financial statements of the company. In case of failure to comply, the company may face penalties.

Every private limited company must record the minutes of the board meetings. These must be kept separate from the minutes of the AGM. For every meeting, a seven-day notice must be given to the directors.