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Private Limited Company is one of the most popular forms of Company for starting a business, once registered, it gives access to some crucial benefits, one can add shareholders, raise loans, attract the best talent with equity among other things. To obtain such benefits one needs to comply with the rules and regulations under Companies Act, 2013[1], which starts from the date of incorporation.
Therefore, it is essential to take help of a professional to ensure timely compliance of private limited company, in order not to attract any interest or penalty. Appointment of auditor is also a part of compliance to be satisfied by the company. In this article we have described about Rules for Appointment of Auditor Under Companies Act.
Table of Contents
The following table will help to elaborate some of the important/ mandatory compliances, including appointment of auditor under Companies Act, of a Private Limited Company:
Audit means examination of accounting records undertaken with a view to ensure that an organization is providing a true and correct view of its financial position to the shareholders. To broadly specify the purpose of a statutory audit is the same as the purpose of any other audit – to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions.
Annual Filings with the Registrar of Companies
Annual General Meeting
Board Meetings
Every director is under obligation to submit reports containing details about directorship in other companies every year. This is to be in writing and in the format prescribed.
Some of the statutory registers and records required to be maintained by a Private Limited Company are Register of shares, Register of Members, Register of Directors etc. Apart from incorporation documents of the Company, all the resolutions passed at the meeting of the Board of directors, minutes of all meeting i.e. Board or Annual General Meeting should be maintained and preserved by the Company.
Such records are to be kept at the registered office of the company and shall be open for inspection to its members during business hours. Also, the statutory records and registration are required to be maintained for a period of eight years and in good order.
There are certain event based compliance apart from the Compliance mentioned above, such as:
These are some of the major compliances for a Private Limited Company in India. If the company fails to comply with any provisions, including the appointment of Auditor under Companies Act, there are penalties for every such non-compliance.
Read our article: Conversion of a company into LLP – Tax implications
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