Post Incorporation Compliances

A. Company Post Incorporation Compliances:

1. Allotment of Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN): After incorporation, obtaining a PAN and TAN is essential. PAN is used for income tax purposes, while TAN is required for deducting and remitting TDS (Tax Deducted at Source).

2. Bank Account Opening: Open a separate bank account in the name of your company. This is necessary for financial transactions and to maintain proper records.

3. Registration for Goods and Services Tax (GST): If your company engages in the supply of goods or services with an annual turnover exceeding the GST threshold, GST registration is mandatory. Regular GST return filings are also required.

4. Maintaining Statutory Registers: Companies must maintain various statutory registers as per the Companies Act, such as the Register of Members, Register of Directors and Key Managerial Personnel, and Register of Charges.

5. Filing Annual Returns and Financial Statements: Every company must file annual returns (Form MGT-7) and financial statements (Form AOC-4) with the Registrar of Companies (ROC) within the stipulated timelines.

B. LLP Post Incorporation Compliances:

1. LLP Agreement: Ensure the LLP agreement is executed and filed with the ROC within 30 days of incorporation. This agreement outlines the rights, duties, and responsibilities of partners.

2. Designated Partner Identification Number (DPIN): If there are any changes in designated partners, apply for DPIN accordingly.

3. Maintenance of Books of Accounts: LLPs are required to maintain proper books of accounts, including cash flow statements, profit and loss statements, and balance sheets.

4. Annual Filings: LLPs must file annual returns (Form 11) and statement of accounts and solvency (Form 8) with the ROC. These documents provide an overview of the LLP’s financial health and operations.