The Benefits of Private Limited for Annual Filing in Chennai

The Benefits of Private Limited for Annual Filing in Chennai

A private limited company is a legal entity that is formed in India. It offers a number of benefits, including a high degree of legitimacy, limited liability, and flexibility. In addition, a private limited company is seen as more solid and stable than other types of companies.

Incorporation of a business in India has become easier than ever. The government has moved most of its incorporation procedures online. A private limited company can be formed with a minimum of Rs.10,000 in authorized share capital.

To begin with, you will need to select a name for your private limited company. In most cases, you will have to use the term "Private Limited" at the end of your company name.

The next step is to register your private limited company with the Registrar of Companies (ROC). The ROC will issue your certificate of incorporation, which will contain a unique number known as a CIN. During the process of registering your company, you will also be asked to submit other documents.

You will need to submit an identity and address proof for your individual directors. These should be valid for at least two months. You will also need to submit a passport-size photo.

Your private limited company will need to comply with the rules of the Companies Act of 2013, which regulates remuneration, appointment of directors, and shareholder meetings. You will need to file a return to the MCA every year.

There is a maximum limit of two hundred people who can be a member of a private limited company. The Board of Directors will need to provide a true financial position to shareholders. If the company's sales exceed a certain amount, tax audits will be required.