The Benefits of Private Limited for Annual Filing in Chennai

The Benefits of Private Limited for Annual Filing in Chennai

 



Private Limited Company in Chennai is a form of business entity. It is the most popular type of company among young startup owners. This type of business has a separate legal identity and provides limited liability protection. However, there are certain requirements that must be met before the company can operate. The registration process for a private limited company in Chennai is relatively easy.

A private limited company has its own CIN number, which is issued by the Registrar of Companies (ROC) in different states under the Ministry of Corporate Affairs (MCA). Besides the CIN, the other essential documents for the formation of a private limited company include the Memorandum of Association and an Incorporation Certificate.

Regardless of whether the company has an annual turnover or not, the company is required to file an annual return with the MCA. Failure to do so can lead to heavy penalties and removal from the register. Moreover, it can also result in the company being declared inoperative.

A private limited company is governed by the Companies Act, 2013. Almost all activities undertaken by a private limited company are regulated by the law. Such compliances are important to keep the company running smoothly.

Annual compliances must be completed by every director of a private limited company. Every year, the directors must disclose their directorships in other companies. If any of the directors is found guilty of violating this rule, they will be debarred from future business.

 

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