Termination of Promoter Duties The role of promoters comes to an end once the board of directors have been formed and they take over as the governing body of the company.
Such condition shall not define a small company in cases like: a holding company or a subsidiary company; a company registered under Section 8 any company or a corporate body governed by any special Act only a private company can be classified as a small company The status of a small company changes every year.
The Government has also directed all the companies who get their supplies from micro and small enterprises to submit a half yearly return to the Ministry of Corporate Affairs ( MCA) if the payment exceeds 45 days from the date of acceptance. 1.
Registered office After incorporating a company, its now time to register for a head office for the firm within 15 days of its incorporation where all the government notices, agendas and other legal documents and communications will be addressed. 6.