Private Limited Company Accounting
- Turnover Sales 40 Lakhs Extra Fees
- 1 Year Accounting
- 1 Year Income Tax Filing
- 1 Year Annual Return Filing
- Financial Statement Preparation
- 24/7 support
- Turnover Sales 40 Lakhs-1 cr Extra Fees
- 1 Year Accounting
- 1 Year Income Tax Filing
- 1 Year Annual Return Filing
- Financial Statement Preparation
- 24/7 support
- Turnover Sales 1 cr-2 cr Extra Fees
- 1 Year Accounting
- 1 Year Income Tax Filing
- 1 Year Annual Return Filing
- Financial Statement Preparation
- 24/7 support
- Turnover Sales 2 cr-5 cr Extra Fees
- 1 Year Accounting
- 1 Year Income Tax Filing
- 1 Year Annual Return Filing
- Financial Statement Preparation
- 24/7 support
- Turnover Sales 5 cr-10 cr Extra Fees
- 1 Year Accounting
- 1 Year Income Tax Filing
- 1 Year Annual Return Filing
- Financial Statement Preparation
- 24/7 support
- Turnover Sales 10 cr-20 cr Extra Fees
- 1 Year Accounting
- 1 Year Income Tax Filing
- 1 Year Annual Return Filing
- Financial Statement Preparation
- 24/7 support
- Turnover Sales 20 cr-50 cr Extra Fees
- 1 Year Accounting
- 1 Year Income Tax Filing
- 1 Year Annual Return Filing
- Financial Statement Preparation
- 24/7 support
- Turnover Sales 50 cr-100 cr Extra Fees
- 1 Year Accounting
- 1 Year Income Tax Filing
- 1 Year Annual Return Filing
- Financial Statement Preparation
- 24/7 support
Private Limited Company
A Private Limited Company (PLC) is one of the most common types of legal entityin India. Private Limited Companies are governed by the Companies Act, 2013 and require a minimum of 2 Directors and 2 Shareholders with one of the Directors being an Indian Resident and Indian Citizen.
To register a company in India, the following are minimum requirements:
100% Foreign Direct Ownership (FDI) is permitted in most sectors in India and there is no restriction on foreign shareholding of a private limited company. Hence, most foreign subsidiaries are established in India as private limited company.
Advantages of Private Limited Company
The following are the major advantages of incorporating a private limited company in India versus other entity types.
Separate Legal Entity
A company is both a legal entity and a juristic person. Therefore, a company has broad legal rights to like acquiring property, incurring debts, hiring people, etc. As a company is a separate legal entity, the company’s members (shareholders or directors) are not personally liable for the company’s liability.
Limited Liability
A private limited company is a separate legal entity with limited liability provisions. Therefore, the shareholders are not liable for the losses of the company – for an amount more than what was invested by them into the company as share capital.
Uninterrupted Existence
A company has ‘perpetual succession,’ which means it will continue to exist until it is legally dissolved. Because a company is a separate legal entity, it is unaffected by the death or other departure of any of its members, and it continues to exist regardless of membership changes.
Fund Raising
A private limited company has multiple options for fundraising. A company can raise funds from shareholders, investors, angels, venture capital funds, private equity funds, foreign funds, NBFCs, banks and other financial institutions. Only a company can raise debt and equity funds from investors.
Disadvantages of Private Limited Company
While a company has various advantages, registering a company may not be ideal for all entrepreneurs due to the following reasons:
Compliances
A company has to mandatorily maintain various compliances irrespective of business turnover or activity. Hence, operating a company involves a minimum recurring cost each year.
Customer Reviews For Company Accounting
Company Accounting FAQ'S
ROC is the officer governed by the MCA that deals with the functioning, the ROC has to ensure that the Private Limited Companies and the LLPs comply with the statutory requirement of the ACT. The registrar of the companies functions as the regulator for the companies registered with them.
After the AGM all the private limited companies are required to file the annual return within 60 days of holding the annual general meeting.
The Private Limited Companies are required to file the annual accounts and the returns that disclose the details of the shareholder and the directors to the ROC.
The annual general meeting (AGM) is held for the management and the shareholders to interact with each other. The Companies Act,2013 makes it compulsory to hold meetings to discuss the yearly results and appoint auditors.
A company is required to maintain the compliances once the company is incorporated. The auditor is to be appointed within 30 days. Additionally, there is income tax filing and annual return filing that is to be done every year.
Audited financial statements are necessary for every company from its incorporation. The company must file the audited statements only.
TaxBanking has over 999+ customers and we have completed over 2000+ services through our platform. At TaxBanking, we take pride in the services delivered by us and guarantee your satisfaction with our services and support. We constantly improve and strive to deliver the best accounting, financial or secretarial services through the internet.