ABC Ltd. has been converted into a private limited company with the name ABC Pvt. Ltd. Brief the company on the major compliances that need to be followed by it after conversion into a private limited company.

CS Executive · Setting Up of Business, Industrial and Labour Laws · PYQS · December 2023
ABC Ltd. has been converted into a private limited company with the name ABC Pvt. Ltd. Brief the company on the major compliances that need to be followed by it after conversion into a private limited company.

Answer & Explanation:

Once the company gets converted into a private limited company, it needs to intimate and inform the authorities and persons as required by law. Following are the major compliances that need to be followed by the company after conversion into a private limited company: Arrange new rubber stamps and/or common seal (if keeping) with the new name, and all the stationery in the new name of the Company. Arrange printing of fresh copies of the Altered Memorandum of Association and Articles of Association with the new Certificate of Incorporation. Paint the new name of the Company outside every office, building, etc., along with the former name so changed. Get the new name printed on its business letters, letterheads, Bill heads, Invoice Forms, Receipt Forms, and all other official publications along with the former name so changed. Inform about the conversion of the Company to all concerned persons/government authorities. Intimate all the Banks where the Company is operating Bank Accounts about its conversion and file necessary applications and documents with regard to the change in the name of the Account holder. Make an application to the Income Tax Department for a new Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).

Topics: Company Law

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