POST INCORPORATION WORKS
In my earlier article – Incorporation of Companies & Table of Procedure of Incorporation of Company under Companies Act-2013, I explained detailed procedure for incorporation of company. After Incorporation many works are required to be done by companies on time to time.
As soon as a company is incorporated, whether public or private limited, it becomes a juristic person. It has its own name and property. It is a separate legal entity distinct from its members who incorporate it.
A company does its business through its Directors. The directors are also called the ears, eyes and hands of the company. The directors of a company are in fiduciary position. On the one hand they run the company as its owner (Policy maker) and on the other hand they are merely a servant of the company and take remuneration. They are entitled to do any work on behalf of the company, what a company can do in ordinary course of business. Any action done by the directors in the ordinary course of business are treated as done by the Company. But wrong done by the Directors (criminal action) are the responsibility of the Directors and not the responsibility of the Company.
Works are divided into three Categories:-
WORKS REQUIRE TO BE DONE IN THE FIRST BOARD MEETING OF COMPANY
CALL BOARD MEETING OF COMPANY:
[Within 30 days of Incorporation of company- Section- 173(1)]
HOLD BOARD MEETING:
|1.||Elect the Chairman of Meeting.|
|2.||To keep in Safe Custody Certificate of Incorporation.|
|3.||Maintain copy of Incorporation Documents:
|4.||Confirmation of appointment of first Director of Company.
|5.||Maintain a Registered Office
|6.||Appointment of First Auditor of Company.
|7.||Issue Share Certificate to Subscribers of Memorandum.
|8.||Adopt Letter Head of Company.→ As per Section- 3(c) – on letter head of Company following things should be mentioned:
|9.||Adopt and Affix Board outside the Registered office.→ As per Section- 3(c) – on Board of Company following things should be mentioned:
|10.||Adoption of Common Seal of Company.
|11.||Authorize Director to maintain of Books and Registers.
|12.||Authorize Director to maintain of Minute Books.
|13.||Open Current Account of Company.
|14.||Adopt rubber stamps.
|15.||Obtain Permanent Account Number (PAN) of Company.
|16.||Obtain TAN No.|
|17.||If Company in Service Industry- Apply for Service Tax Number.|
|18.||If company is engage in transaction of Sale and Purchase- apply for Sales Tax Registration No.|
|19.||Apply for Certificate of Commencement of Business.
|20.||The ROC will issue certificate of Commencement of Business after filling of Form-21.|
|21.||Suggestion- List of Stationary Items to get
Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES is a Company Secretary in Practice from Delhi and can be contacted at firstname.lastname@example.org, Mob: +91-8130757966)
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018