Procedure of Closing a Private Limited Company
The Closure of a Private Limited Company is an official process that includes several steps. Here is a full description of the process for closing a Private Limited Company:
Step 1: File an Application for Closure with the ROC
The first step in the closure process is to make an application for closure with the Registrar of Companies (ROC). The application must be accompanied by the proper papers and prices. The documents required include the company's latest balance sheet and earnings and loss account, tax returns for the past three years, bank statements for six months, share certificate and register, memorandum and articles of association, board decision for the closure, and note of closure to the ROC.
Step 2: ROC Review and Approval
Once the application and papers have been filed, the ROC will review the application and, if accepted, give a notice of close. The ROC's approval is needed to continue with the close process.
Step 3: Publication of Notice of Closure
After getting the notice of closure from the ROC, the enterprise must publish of closure in a local newspaper and at the ROC's website. This is a legal necessity, and the general public and important officials are required to be informed of the company's shutdown.
Step 4: Approval from ROC and Central Government
Once the news of closure has been made, the company must wait for the approval of the closing from the ROC and the Central Government. This permission is important to make sure that all legal and regulatory needs have been met and that the business venture can be fully stopped.
Step 5: File a Final Return
After getting approval for the shutdown, the organisation should make a final return with the ROC and the Income Tax Department. The closing file have to contain details of the organization's property, liabilities, income, and spending up to the date of closure.
Company Closure Compliance
The Closure of a Private Limited Company needs obedience with various laws and rules, including the Companies Act, 2013, the Income Tax Act, 1961, the Goods and Services Tax Act, 2017, and the Insolvency and Bankruptcy Code, 2016. These laws and rules control the process of stopping a company, including the filing of necessary paperwork, payment of fees, and meeting with tax and other legal requirements.
The Companies Act of 2013 gives the cause for the Closure of an organisation, which includes the situations for setting out the name of the corporation, Shutting off, and voluntary financial disaster. The Income Tax Act of 1961 demands the filing of income tax returns and the fee of taxes through the business enterprise until its closure. The Goods and Services Tax Act 2017 demands the registration, charge, and submission of information for the goods and services tax until the closure of the firm. The Failure and Bankruptcy Code, 2016 controls the failure, closure, and financial disaster of a company, consisting of the hire of a receiver and the split of assets to debtors.
Compliance with these laws and rules is important to ensure an easy and good closing of a Private Limited Company. Non-compliance can result in fines, court action, and the failure to close the company. It is suggested that professionals seek help and support to ensure compliance with all important laws and rules.
Why Choose Sahyog?
Sahyog stands out as a preferred choice for the Closure of Private Limited Company due to its smooth and hassle-free process. Their expert team helps through every step of the close process, ensuring a smooth and successful experience. Sahyog offers personalised solutions that are made to meet the unique wants and needs of each client, ensuring a stress-free close. With a focus on speed and kindness, Sahyog reduces the close process, handling all necessary paperwork and processes with expertise. Choosing Sahyog for the closure of a Private Limited Company offers a reliable partner that navigates the difficulties of closure with accuracy and commitment, making the entire process efficient and effective.
