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When a company is incorporated, it needs to be registered with the MCA along with notification of its registered office, name of directors, MOA & AOA and other necessary information. A private company requires a minimum of 2 members and a public company requires a minimum of 7 members. A company can decide to wind up a company due to various reasons and can initiate the process anytime.
A company becomes an artificial legal person on incorporation. Regular compliances and filings becomes a compulsion and hence when a company is inactive, these legal necessities become a financial burden. Failing to abide by these compliances, the company may incur fines or the directors may be disqualified from incorporating another company. Hence, an inactive company is recommended to wind up and ultimate dissolve itself ending its existence.
To voluntarily wind up a company, the members appoint an administrator or liquidator who takes control of the company assets, pays the debts and finally distributes the surplus, if any, among the members of the company in accordance to their credit contribution. Jain Divya & Associatescan help you in Winding Up of Company quick and steadily. Get more information about the Winding Up of Company and other compliances by scheduling a consulting session with CA Divya Jain.