Introduction to Leading Private Limited for Annual Filing Services

 

The annual filing of a private limited company is a requirement, regardless of whether the company is a start-up or an established firm. A private limited company needs to meet certain compliances, which include filing an annual financial statement and filing an annual return. There are various other administrative requirements that are required to run a business. These include filing a Director Identification Number (DIN), maintaining a statutory register, and conducting an AGM.

Each private limited company is required to file annual returns with the MCA. Failure to comply with this requirement can lead to severe penalties. In addition to a fine, the company name can also be removed from the MCA register. Furthermore, the directors of the company can be debarred. As a result, investors prefer to invest in a company that has regular compliance records.

It is also important for private limited companies to file form MBP-1 with the MCA within 30 days of the first annual board meeting. A board meeting must be attended by at least two and no less than one third of the directors. If the company has not paid MSMEs in a timely manner, it must notify the RoC. The company is also liable to pay a penalty for each day of delay in payment.

In addition, private limited companies are required to submit audited financial statements every year. It is recommended that the accounting of these companies is conducted by a Chartered Accountant. An Audit Report and a Profit and Loss Statement must be filed.