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  • Privileges To Small Companies

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    Nikhil Kasat
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    This document outlines some privileges provided to small companies under the Companies Act 2013. A small company is defined as one with a paid up capital of less than Rs. 50 lacs or turnover of less than Rs. 2 crores. Some key privileges for small companies include: 1. Small companies are not required to include a cash flow statement in their financial statements. 2. The signature of a company secretary is not compulsory on the annual return of a small company. 3. Small companies need to hold only one board meeting every half year, with a gap of at least 90 days between meetings, rather than the usual requirement of 4 meetings per year with no more than 120 days between each meeting.

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    Privileges to Small Companies

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    This document outlines some privileges provided to small companies under the Companies Act 2013. A small company is defined as one with a paid up capital of less than Rs. 50 lacs or turnover of less than Rs. 2 crores. Some key privileges for small companies include: 1. Small companies are not required to include a cash flow statement in their financial statements. 2. The signature of a company secretary is not compulsory on the annual return of a small company. 3. Small companies need to hold only one board meeting every half year, with a gap of at least 90 days between meetings, rather than the usual requirement of 4 meetings per year with no more than 120 days between each meeting.

    Copyright:

    © All Rights Reserved
    Scarica in formato PDF, TXT o leggi online su Scribd
    Segnala contenuti inappropriati
    96 visualizzazioni2 pagine

    Privileges To Small Companies

    Caricato da

    Nikhil Kasat
    This document outlines some privileges provided to small companies under the Companies Act 2013. A small company is defined as one with a paid up capital of less than Rs. 50 lacs or turnover of less than Rs. 2 crores. Some key privileges for small companies include: 1. Small companies are not required to include a cash flow statement in their financial statements. 2. The signature of a company secretary is not compulsory on the annual return of a small company. 3. Small companies need to hold only one board meeting every half year, with a gap of at least 90 days between meetings, rather than the usual requirement of 4 meetings per year with no more than 120 days between each meeting.

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    © All Rights Reserved
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    di 2

    SMALL COMPANIES AND PRIVILEGES TO SMALL COMPANIES

    S. No
    1.

    Particulars
    Definition of small Companies
    [Section 2(85)]

    small company means a company, other than a public


    company,
    (i)
    (ii)

    Paid up Share Capital > Rs. 50 Lacs or


    Turnover as per last Profit and loss account >
    Rs 2 Crores
    Provided that nothing in this clause shall apply to
    (A) a holding company or a subsidiary company;
    (B) a company registered under section 8; or
    (C) a company or body corporate governed by any
    special Act;
    Privileges to One Person Company or Small Companies
    1.

    Financial Statement does not


    includes Cash Flow Statement
    for OPC/Small
    Companies/Dormant Companies
    [Section 2(40)]

    financial statement in relation to a company, includes:(i)


    (ii)
    (iii)
    (iv)
    (v)

    2.

    Signature of Company Secretary


    is not compulsory in case of
    OPC/Small Companies [Proviso to
    Section 92(1)]

    3.

    Relaxation in number of Board


    Meeting in a year [Section 173(5)]

    CA. Prashant Agarwal

    a balance sheet
    a profit and loss account/ income and
    expenditure account
    cash flow statement
    a statement of changes in equity, if applicable;
    and
    any explanatory note annexed to, or forming
    part of, any document referred to in sub-clause
    (i) to sub-clause (iv):

    Provided that the financial statement, with respect to One


    Person Company,small company and dormant company,
    may not include the cash flow statement;
    The annual report should be signed by a director and the
    company secretary, or where there is no company
    secretary, by a company secretary in practice:
    Provided that in relation to OPC and small company, the
    annual return shall be signed by the company secretary, or
    where there is no company secretary, by the director of
    the company.

    First Board meeting- with in 30 days of


    incorporation
    Number of board meeting in a year Minimum
    number of 4 Board Meeting every year in such a
    manner that not more than one hundred and
    twenty days shall intervene between two

    consecutive meetings of Board

    CA. Prashant Agarwal

    Section 173(5) A One Person Company, small


    company and dormant company shall be deemed
    to have complied with the provisions of this
    section if at least one meeting of the Board of
    Directors has been conducted in each half of a
    calendar year and the gap between the two
    meetings is not less than ninety days:

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