Compliance-Private Limited Company

The term compliance describes the ability to comply with orders, set of rules, or requests.

Compliance-Private Limited Company

Although Private Limited Company is the most popular form of starting a business, there are various compliances which are required to be followed once the company is incorporated.

The term compliance describes the ability to comply with orders, set of rules, or requests.

A private limited company that has been incorporated in India must ensure the compliances concerning the Companies Act, 2013 are adequately met.

Company law provides legal compliance that are required to be followed by every company like reporting of financial results, reporting of changes in management, maintenance of statuary registers, auditing of accounts etc.

Mandatory Compliances

We have elaborated below such compliances which a private limited company has to mandatorily ensure:

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Frequently Asked Questions

Q: What is the eligibility of designated partners/partners in an LLP?

Ans: Any individual, or even a company or an LLP, can become a partner. However, only an individual can become a ‘designated partner’ in an LLP.

Q: What is an LLP agreement?

Ans: An LLP agreement is made between the partners and the LLP regarding the relationship between the individual partners in the LLP. An LLP agreement usually consists of management policies, the inclusion of new partners, policy-making strategies, and so on.

Q: What kind of start-ups commonly register LLPs?

Ans: Typically, only start-ups that will not be looking for venture capital funding register LLPs. This is because venture capitalists only invest in private and public limited companies.

Q: I am an NRI. Can I start an LLP business in India?

Ans: Yes, non-resident Indians and foreign nationals who are willing to enter into an LLP partnership can do so, provided they submit the necessary documents after getting them notarized by the concerned authorities. Although, at least one of the designated partners in an LLP should be an Indian national.

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