A company is registered in accordance with the Companies Act and is a separate legal entity, distinct from both its shareholders, directors and managers. The liability of the shareholders is limited to the amount paid or unpaid on issued share capital. A company has perpetual existence. The owners and management is separated. The Companies Act, 1956 does, however, place many restrictions on the company for the compliance. It must maintain certain books of accounts, registers, and file an annual return, annual compliance with the registrar of companies which includes the accounts as well as details of directors and mortgages.

Types of Companies

There are three types of companies keeping in view their nature, which is outlined below

The aforesaid companies are further classified into the following:

For some specific business purposes, Public & Private Companies takes the form of the following:

Under the Companies Act 1956, a company is require to comply with the following types of compliances:

Below are given such compliances

Event Applicable Sections e-Forms Time Limit
Appointment/Resignation of Director 303 32 Within 30 days of appointment
Increase in Authorized Share Capital 94 5 Within 30 days of passing of the resolution in this behalf.
Change in Address of Registered Office 146 18 The return has to be submitted within 30 days of incorporation or change of situation of Registered office.
Appointment of Managing director / Whole-time Director / Manager by Public Company 269(2) 25C Within 90 days from the date of appointment
Allotment of Shares on cash 75(1) 2 Return must be submitted within 30 days of allotment of shares<
Allotment of shares in consideration other than cash 75(2) 2 & 3 The Return has to be submitted within 30 days of allotment of shares>
Taking Secured Loan/Modifying terms of such Secured Loan 125/127 8

Within 30 days after the date of its creation.

Note: The delay can be condoned for further period of 30 days subject to payment of additional fees

Issue of Series of Debentures 128 & 129 10 The return has to be filed either by execution of deed or of any debentures of the series, within 30 days of creation of charge.
Payment of secured Loan on which charge is created 138 17 The return must be submitted within 30 days of satisfaction or payment of charge. Only payment of secured loan in full has to be registered.
In case a public company wants to carry on business mentioned in other objects clause of Memorandum of Association 149(2A) 20A Before commencement of new business, the declaration has to be submitted.
Filing of Statutory Report (in case of Public Company only) 165 22 The report must be submitted immediately after sending the same to members preferably within 7 days of the date of report.
On passing of Special Resolution 192 23 Return has to be submitted within 30 days of passing the resolution
Appointment of Managing Director by Board of Directors 192 23 Return has to be submitted within 30 days of appointment
To keep books of accounts at a place other than its registered office 209(1) 23AA Notice has to be submitted within 7 days of the Board's decision.
For conversion of a Public Company into a Private Company. 31(1) 1B Within three months from the date when the special resolution has been passed in this regard.

Annual Filings

Annual Fillings are those fillings which are require to be done each calendar year with the Registrar of Companies, irrespective of whether the Company is carrying on any business or not, the various annual fillings are outlined below:

Statutory Registers

Following statutory registers are required to be maintained in compliance of various provisions of the Companies Act, 1956

Books of Accounts

Every Company has to maintain the necessary accounting records at his registered office in respect of the following:

All sums of money received and expended by the Company and the matters in respect of which the expenditure and receipt takes place. All Assets and Purchases of goods by the Company Assets and liabilities of the Company In case of companies engaged in class of companies engaged in production, processing, manufacturing or mining, activities, such particulars relating to utilization of material or labour or to such other items of costs as may be prescribed by Central Government.

The company can also keep these books of accounts at any other place in India by filling eform 23AA with Registrar of Companies within 7 days of decision.