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 one of the most popular business structures in India. It offers several benefits over other types of companies. These include limited liability for the owners, tax advantages, and greater credibility.

Among the numerous advantages of Private Limited Company, one of the key ones is the low cost of legal and tax compliances. This is especially beneficial for small businesses, start-ups, and cottage industries. Moreover, it can be used to raise funds from third-party investors.

Among other benefits, it can help local businesses to survive and grow in Tamil Nadu. Similarly, it can serve as a platform to collaborate with big firms. Lastly, it can help traditional businesses to plan and organize.

For the smooth functioning of the company, a private limited company is required to file its annual complaints with the Registrar of Companies. Besides, the company must also adhere to the legislative acts and other administrative bodies.

The directors of the private limited company are required to provide a written declaration of their directorships in other companies on a yearly basis. Failure to file the declaration on time will result in the company being withdrawn from the ROC.

If a company fails to file its annual returns on time, the directors and the office will be suspended. This will also prevent them from further dealings with the company.

All Private Limited Companies in Chennai are required to register with the Registrar of Companies. Moreover, the registrar must issue an Incorporation Certificate to the business.