Hi Experts,
My friend and I got a private limited company in the month of may, it was incorporate on May 15, 2014. Without the Incorporation in place and without commencement certificate we started doing business. Meaning, we started giving services at the start of April itself, we got some advance money also.
Following are my questions..
1) I understand now that we should have waited till commencement certificate for us to charge fees to our clients, what are the legal implications now?
2) Can we give the reason stating that, April 1st registration was not open as New Company Act was coming in place, we could not loose our business, as a result we went out and started business.
3) Can our business and money transaction that happened between us and client before incorporation be accouted in clean and legal way ?
Regards, Seeking your help ... Sincerely
CAclubindia
