Respected Experts!
Recently I am checking about my company profile, It is incorporated on 22nd January 2018. Board resolution etc has been done. All compliance was outsourced to a professional.
However, I was unable to check any annual filling in MCA website, only find out director KYC is updated last year. A secured business loan also availed by the bank on Nov 2018, but no DPT 3 filed till yet.
This company is a bootstrap or startup one. Company is not profitable till yet, probably break even in Mid of 2020.
Company total authorized share capital was 1 lakh only, which is 100% issued. Total 3 shareholders from them 2 are the directors.
What should we do in this current situation?
Is it good to convert to LLP or partnership for less compliance? If yes then what would be the process (as already bank loan availed - the term is 6 years)
Many Many Thanks in Advance!
CAclubindia
