compliances and headaches for Private Limited Company
What are the headaches and compliances to follow if we form Private Limited Company instead of sole propritership for a startup up company? Im referring to annual compliances and other headaches whih can be avoided by forming other than limited company.
Also woudl like to know the disadvantages of having one person company.
If you form a private limited company, you have to compulsory get these things done every year despite of tunover you make:
- Statutory Audit by a Chartered Accountant as per Companies Act,
- Annual filing with ROC
These are the fixed costs associated with forming a private limited, however there are many benefits associated with forming a private limited company.
OPC is a good option if you are doing business at micro level.