SJY & Associates Chartered AccountantsSectors
CA for startups and new companies in Pune
Compliance points that commonly arise in the first years of a private company or LLP.
The first decision is the structure. A private limited company suits founders who expect to bring in investors or issue shares to employees. An LLP has fewer annual filings but cannot issue equity in the same way. A proprietorship is simplest, but it gives no separation between the owner and the business.
The first year carries filings that are easy to miss. A company appoints its first auditor, files the declaration for commencement of business, opens a bank account in its own name and keeps statutory registers. Each share allotment needs board approval, a return of allotment and proper records of the money received.
Founders also meet payroll, TDS and GST earlier than they expect. DPIIT recognition, ESOPs and foreign investment each have their own conditions and reporting, which are best considered before the transaction rather than afterwards.
Related services
- ROC & incorporation in Bhosari, Pune
- GST & indirect tax in Bhosari, Pune
- Business advisory in Bhosari, Pune
Common questions
Should a new business be a company or an LLP?
It depends on funding plans, the number of owners and the expected compliance cost. A company is usually preferred where outside equity is expected.
Does a new company need an audit in its first year?
Yes. Every company must have its accounts audited, whatever its turnover, including in its first year.
Also
Contact
SJY & Associates, Chartered Accountants
Shop No. 1, 1st Floor, above Lokmanya Multipurpose Co-operative Bank, Pune–Nashik Highway, opposite Mankikar Hospital, Bhosari, Pune 411039. Monday to Friday, 9:30 am to 6:30 pm.