If your business in the private limited company is not running properly or faces continuous losses, it is better to
close such private limited company and look for a new beginning. A private limited company needs to be closed or
windup when there are no exchanges or the Directors of company are not willing to proceed its operations. A private
limited company generally can be shut by both voluntary and compulsory circumstances.
Private limited Company Closure is done through Bhanu and Co.
Winding up a private limited company is a tedious, but necessary, procedure. Without doing so, you would need to
annually meet the requirements of the Registrar of Companies (which means spending money on audit and compliances).
The bigger reason you would want to do this, of course, is because it releases the assets and investments made by you.
A company can also be closed under the fast track exit scheme quickly in about 90 days, whereas traditional methods take longer and are more cumbersome. Hence, closing a company under fast track exit scheme is faster and easier.
When compared to maintaining compliance for a dormant company, it might actually be cheaper to wind up a company and incorporate again when the time is right.Bhanu and Co can help you wind up a company starting from just Rs.25000 all inclusive fee.
A company that doesn't file its compliance on time incurs fines and penalty including debarment of the Directors from starting another Company. Hence, it is better to officially wind up a company that is inactive and avoid potential fines or liabilities in the future.
The fast track exit scheme was specifically introduced by the Government to make it easy for inactive companies that have NIL assets and liabilities to close down or wind up. Hence, the formalities for winding up of a company under fast track exit scheme is easy to complete.
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