Private company- Advantages, Formation, Compliances & Dissolution

Private Company

In This Modern Era If One Wish To Be An Entrepreneur Then Private Limited Company Is The Best Option To Come Out With A Best Entrepreneurship. Where By There will be less compliances and cost with a lots of benefits. And The Formation of the Company At The very Nominal Cost.

Advantages of Private Limited Company

• Companies Act Removes Many Restrictions From Private Company’s.
• Liabilities of Shareholder extends to unpaid p capital.
• Many Tax benefits.
• Less Compliances Than Public Company.
• Company Has A Perpetual Succession.
• Company May Sue Or Sued On The Name Of The Company.
• Private Company Easily Arrange The Finance.
• Procedure Of The Dissolution Of The Company Is Easier Than The Public Company.

Formation Of The Private Limited Company

• As per Companies Act .
• Minimum Of Two Directors.
• No cap on paid up capita.
• First Acquire Name Through RUN( Reserve Unique Name ).
• Subscribe MOA And AOA.
• Form Filing.
• Applicant Can Apply for Gst Registration (Optional ).
• Getting Certification Of Incorporation.
• Also Get The Pan & Tan With Certificate Of Incorporation.

Compliances  by Private Limited Company                                      

• Hold First Board Meeting Within 30 Days of Incorporation And Minimum 4 Meeting Should Be Held In One Year
• Hold First Annual  General Meeting  Within 18 Months Of Incorporation And At least one meeting should be held in a year
• Maintain Books Of Accounts At Registered Office Of The Company
• Maintain Minutes Of The Meeting.
• File Annual Return within the 60 Days of Holding an AGM.
• Appointment Of Auditor Within 15 Days of Incorporation
• File Bank Statement Within 180 Days From The date of Incorporations
• Other Compliances Specified By Act.

Dissolution of the Private Limited Company

• Company May Apply For Remove The Name Of the Company From The Registrar Of The Company.
• Registrar May Remove The Name of The Company From The Registrar Of The Company.
• Winding Of The Company On The Order Of The NCLT (National Company Law Tribunal) .
• Company Can Not Wind Up Voluntary.
• Company May Merge or Amalgamated With Another Company After Disposing All The Assets And Liabilities.