The threshold limit of balance sheet for Furniture and Appliances: Trader & Stores in India is 2 crores.
This means that any business in this sector with a balance sheet total of more than 2 crores is required to be registered under the Companies Act, 2013.
The threshold limit for different types of businesses is as follows:
- Manufacturing: 1 crore
- Trading: 2 crores
- Services: 40 lakhs
- Construction: 1 crore
- Hotels and restaurants: 40 lakhs
If a business exceeds the threshold limit Balance sheet for Furniture and appliances, it must file annual returns and financial statements with the Registrar of Companies (RoC). It must also appoint a company secretary and an auditor.
To visit: https://www.mca.gov.in/
Here are some of the benefits of registering a company under the Companies Act, 2013:
1. Limited liability:
The liability of the shareholders is limited to the amount of their investment in the company.
2. Perpetual succession:
The company continues to exist even if some of the shareholders die or exit the company.
3. Transferability of shares:
Shares of a company can be freely transferred to other parties.
4. Raising of capital:
It is easier for a company to raise capital from the public.
5. Access to government contracts:
Only registered companies can bid for government contracts.
For further details access our website: https://vibrantfinserv.com