With the ever changing socio-economic environment, it is imperative that the organizations keep up with this change at all the times and enjoy a favorable position in the global market. It is a universal fact that corporate law scenario is always dynamic and keeps on changing according to the prevailing economic and business trends.
Pravinjana Consultants – our team works round the clock to ensure that our clients stay updated with prevailing corporate legal norms and stay ahead in the game. We believe in working in a proactive as well as simplified and efficient manner so as to ensure strict compliance with relevant laws in a timely manner.
The setup of a company’s presence in India starts with its incorporation which involves everything ranging from strategy, execution, and compliance. This three-fold approach allows us to holistically undertake our company secretarial services with an off-the-textbook method to help foreign entrants in India develop a flexible yet robust business methodology, which carries room for scalability in the future.
The incorporation of a business entity can be in multiple forms, based on the type of short-term and long-term presence that an enterprise aims to develop in India. While short-term presence can be facilitated via the likes of project offices and liaison offices; a long-term presence requires the incorporation of a wholly owned subsidiary or a partnership such as an LLP.
Range of Services
- Incorporation of Entities (Private Limited, Public Limited, Section 8, Nidhi Company, NBFC, Joint Venture, Limited Liability Partnership)
- Conversion Activities – Public limited to Private Limited, LLP to Private Limited and vice versa
- Preparation & assistance in maintenance of Statutory Records & Registers
- Preparation of Notice, Agenda, Attendance Sheet along with Board Minutes, General Meeting Minutes & other Resolutions
- Assistance in convening & scrutinizing of Board Meetings, Committee Meetings as well as Annual/Extraordinary General Meetings
- Preparation & Certification of vivid E-forms along with Director’s report, Extract of Annual Return and other ancillary documents with Annual Returns required to be filed with Registrar of Companies from time to time
- Providing Legal opinion from time to time on matters related to Company Law, FEMA or Limited Liability Partnership Act or any other law for the time being
- Representation before Registrar of Companies, Regional Director, Reserve Bank of India, SEBI as well as National Company Law Tribunal (NCLT)
Thorough assistance in a comprehensive manner in other non-routine activities like:
- Shifting of registered office from one state to another or within the same state
- Revival of Companies
- Removal of Auditor
- Change in Directors/KMPs
- Share Allotment/Share Transfer/Share Stamping
- Implementation of ESOP in a company
- Creation/Satisfaction of Charge and related activities
- Compliance activities related to Listed entities as per SEBI regulations
- Compliance related to FEMA, viz FCGPR, FCTRS, FLA-returns etc
FAQ's
For registering as an MSME, it is imperative to have an Aadhar Number, but you can make a choice with regards to registering with a PAN or without a PAN.
For starters, you need to visit the website “udyamregistration dot gov dot in” (as MSME registration is now known as Udyam Registration for all intents and purposes) and go to the section “For Entrepreneurs Who Are Not Yet Registered As MSME” and enter your Aadhaar Number. Following this, you’ll have an option to proceed either with PAN or without. If you proceed with PAN, your details are automatically verified by government databases and you can fill in your ITR details.
After your PAN details are verified and you click on “Validate PAN”, the Udyam Registration Box will appear where you enter the necessary company/industry details.
If you proceed without PAN and fill the Udyam Registration, make sure to update your PAN and GSTIN details within the designated timeline later.
Once the details are verified and sent, you shall see a “Thank You” message along with your registration number. The MSME certificate has no expiry date as long as the company complies with all the necessary legal and financial norms.
Primarily, it is required by an LLP to file e-form LLP-8 and LLP-11, where the former essentially denotes a statement of accounts and solvency and the latter denotes the annual return of the LLP. Form LLP-11 must be filed on or before 30th May of every year and form LLP-8 must be filed on before 30th October every year. Both the forms are filed with the Registrar of Companies.
Other than these, there are annual income tax compliances which shall be undertaken by the LLP. This includes filing the income tax return under form ITR-5. The due dates vary accordingly, in case if the LLP requires an audit (the due date for the return being 30th September every year) or in case it doesn’t require an audit (30th July every year).
The primary difference between a private limited company and an LLP is the regulatory act which governs the two, where Pvt. Ltd. Companies are governed by the Companies Act, 2013 and LLPs are governed by the LLP Act, 2008.
A point of similarity is that both of these entities offer limited liability, where the private assets of the partners (in case of LLP) and shareholders (in case of Pvt. Ltd. Company) aren’t at risk provided either the company or the LLP goes into any form of debt. The key difference here is that there can be a distinction between shareholders and management (directors, etc.) in a Pvt. Ltd. Company, whereas it is the partners of the LLP who are management personnel as well.
It is relatively cheaper to start and maintain an LLP, while it has limitations where it cannot raise funds from the public and as for a Pvt. Ltd. Company, it is advantageous since it is incorporated as a separate legal entity and it can have its own assets – however, it has more compliances as compared to an LLP and can’t trade its shares publicly. Another aspect of differentiation between the two is that an LLP offers no limit on the number of members, while a Pvt. Ltd. Company limits the maximum number of members to 200. As for number of directors, both types of entities require a minimum of two directors (or two designated partners in case of an LLP) – where there is a limit of 15 directors in a Pvt. Ltd. Company and no limit on the number of partners in an LLP.
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