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• Annual Compliance of Proprietorship
• Annual Compliance of Partnership
• Annual Compliance of Limited Liability Partnership
• Annual Compliance of Private Limited Company
• Add Directors
• Remove Directors
• Increase Authorized Capital of Company
• Amendment in Memorandum
• Auditor Appointment
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Annual Compliance of Proprietorship
Sole Proprietorships of India have only the minimal statutory compliances, which are much lesser than those applicable to the private or public limited companies. It is mainly because of the fact that a sole proprietorship has a no separate legal entity different from its owner or proprietor, and this form of business entity does not avail the benefits of limited liability.
Annual Compliance of Partnership
Partnership firms are required to maintain compliance like LLPs and Companies registered in India. Partnership firm compliance mainly includes filing of income tax return, while corporate entities like LLP and Company require both income tax return filing with the Income Tax Department and annual return filing with the Ministry of Corporate Affairs. Partnership firms having annual turnover of over Rs.100 lakhs are also required to obtain a tax audit.
Annual Compliance of Limited Liability Partnership
Post incorporation of a Limited Liability Partnership (LLP), certain compliance and procedural matters need to be completed to ensure the smooth functioning of the LLP. The overall compliance requirement for a LLP is less cumbersome, when compared to the post incorporation compliances required for a company.
Annual Compliance of Private Limited Company
Ask anyone with experience, and he’ll tell you running a company is no easy task, certainly not for the faint of heart. Besides all the business stress involved and all the financial pressure to handle, you have customers demanding payment, employees expecting salaries, clients pushing for performance, and that’s enough in itself to make anyone snap.
Appointment of Director
Director of a company is a person elected by the shareholders for managing the affairs of the company as per the Memorandum of Association and Articles of Association of the company. Since a company is an artificial judicial person created by law, it can only act through the agency of natural persons. Thus, only living persons can be Directors of a company and the management of a company is entrusted to the Board of Directors. Appointment of Directors can be required for a company from time to time based on the requirements of the shareholders of the business.
Resignation of Director
Director of a company is a person elected by the shareholders for managing the affairs of the company as per the Memorandum of Association and Articles of Association of the company. Director in a company may need to resign or the Board of Directors or Shareholders may want to remove a Director for any reasons. In such cases, a Director can resign or be removed by filing the intimation of change of Director with MCA.
Increase In Authorised Capital
The authorised capital of a Company determines the number of shares a Company can issue to its shareholders. An increase in authorized capital might be required for issuing new shares and/or inducting more capital into the Company. The initial authorised capital of the Company is mentioned in the Memorandum of Association of the Company and is usually Rs. 1 lakh. The authorised capital can be increased by the company at anytime with shareholders approval and by paying additional fee to the Registrar of Companies.
Memorandum of Association Amendment
Memorandum of Association of a Company sets down the constitution of a company including the permitted range of activities of the company, state of incorporation, type of company, capital clause, liability clause and more. Changes to Memorandum of Association of a company can be required while changing name of a company, changing registered office from state to state. alteration of objects clause, alteration of capital clause or increase of authorised capital. Changes to the Memorandum of Association of a company would require the passing of a special resolution and shareholders consent
Auditor Appointment
The Companies Act, 2013 has changed the rules of the game. There has been a paradigm shift in the provisions relating to appointment of Statutory Auditors. In this article I have tried to cover all aspects relating to appointment of auditor, however in this article I have not covered appointment of auditor by Government Companies or Companies owned or controlled, directly or indirectly by Central or State Government.