Private Limited Company is kind of business registration which is suitable for startup business. It is preferred by the entrepreneurs who want to enter the corporate business structure with limited liability.
Benefits of Private Company registration
- Unique Legal Entity
- Limited Liability Protection
- Power to own assets
- Funding Capability
- Easy Share Transfer
- Continual Existence
- Preference in VC Funding
Annual Compliance of Private Company
A Private Company has many compliances which are required to fulfill in order to maintain its legal status.
Here are some important annual compliance of Private Company
- Board Meetings: A pvt ltd company is required to hold board meetings with the company board members at least four time in a year. At least 1/3rd directors are required to be present in the meeting.
- Annual General Meeting : A pvt ltd firm is required to hold annual general meeting yearly in the city of registered office. The main purpose of AGM is financial statement, dividend declaration, audit acceptance and more.
- Annual Tax Filing : A pvt ltd company is required to file annual tax returns as per the government requirements.
- Proper Document Maintenance : A private limited company is required to maintain proper documents to show the transactions and the payouts.
A Private Limited Company is required to fulfill above listed compliance to maintain its legal structure. Thus, you must consult a leading business consultant for management of annual compliance of Private Company.
GSB Taxation | Annual Compliance of Private Company