Closing a private limited Company

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Winding up private company

A private limited company is treated as a business entity dealt completely by private ownership. For the registration of a Private limited company it is mandatory to have four roles defined sorted namely 2 Directors and 2 Shareholders. It is not necessary to have four different people to be part of the establishment; a person can act as both the shareholder and one of the directors. Company registration is done under statute and only under law closing a private limited company can be done. Company closure could happen owing to many reasons that would range from internal to external factors such as inadequate working capital, voluntary shutting down the business, change in government policies and so on. The term winding up of company is also used to define the same where the company would not be functional anymore. In case the closure of private company is not done even after ceasing the business operations then there are ROC compliances which need to be done on regular basis to avoid the heavy penalties under the companies’ act, 2013, hence to avoid this it is advisable to do a proper private limited company closing for the well being.. Under statute a company closure can be done as per the procedure for closure of private limited company under companies act 2013, it is recommended by the government that if a company is not considered to be functional and profitable and the team behind is not willing to continue it is recommended for closing a private limited company instead of letting it exist without annual compliances of ROC... At Unilex Consultants we provide you a hassle company closure process which would be dealt by our professionals within time frame. Our team takes care of the documentation for closing a pvt ltd company and aids in provide you the realistic estimation of cost.. Advantages of closing a Private Limited Compan

Advantages of closing company

COMPLIANCE FREE

There is no need of sticking on the track to stay compliant as the company would be dissolved anyway.

NO PENALTY

Once the closure is initiated there is no need of the company to be worried about being in a state to pay the penalty fee for the unaddressed causes..

APPROPRIATE BUSINESS

If the business which you have chosen is not running and generating profits, then resources can be utilized into a better one

Documentation for Strike off Company

Indemnity Bond notarized by Directors (STK 3).

Latest financial statements

Statement of Accounts containing assets & liabilities of the Company

Affidavit in Form STK 4 by every Company.

Special Resolution or Consent of 75% Members.

Bank Account Closure Certificates.

PAN Card of the Company.

Board resolution for closure

Packages



Note:


Process involved in registering a Closing a private limited Company

1

Eligibility for Strike Off

2

Document Preparation

3

Application Submission

Requirements for winding up of company

    - The company applying under FTE should not have any asset and liability.
    - The company should not have commenced any business activity or operation since incorporation or at least one year must has been passed since last business activity or operation.
    - The Company has duly filed all the financials to the ROC, till the time of its closure.

Ways of closing a private limited company

    Defunct Company : A defunct company is nothing but a company that is failing to provide compliance to the activities to match the legal levels also the company that is not producing returns and other filings as such to stay legal on the yearly basis. The defunct company can be free from all the legal ties it has, but it differs as the Tribunal is given on the basis of its failure to do any transactions financially and so on.
    Winding up Voluntarily : This type is a situation where the members inside the company decide to wind up all the operations and legal partnership ties the company would have externally. Here the main factor is the passing of special resolution in the board.
    Selling a Private Limited Company : Selling off a Private Limited Company is like providing a voluntary closure, but the thing that differs here is that the control and the total members of the current ownership team are severed off from all the ties with the company and the company given to a new interested buyer and all the properties and legal ties the company has would be transferred to the person who is buying the company.

FAQs About closing a company

Is ROC filing mandatory before company strike off application?
Yes, it is a mandatory process to solve as the MCA database has to stay updated that the company is free from all the legal ties.
What is the basic Eligibility criteria for closing a company?
The primary factor is that the company must at least be 1 year old in terms of nature of functioning in order to apply for closing.
What is time limit to file Closure documents with ROC?
The Form has to filled be filed with ROC office within 30 days from the date of Signing of the Statement of Assets and Liabilities.
What is Fast Track Exit (FTE) Scheme?
FTE is a company closure scheme initiated by MCA for easy and faster closure of Company. This is a mandatory thing to address in order to close a company.
What is MCA ?
MCA is Ministry of Corporate Affairs which has the database to maintain and also takes care of the complaint rules.

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