For every aspiring entrepreneur, it might be difficult to perceive the legal duties which need to be followed related to the company. In this blog, we have tried to explain exactly which five legal objects every entrepreneur is supposed to have from legal perspective.
An Incorporation Certificate is an important legal document which reveals that the company is legally formed and certified according to the Company’s Act 2006. Once your company is duly registered, you will receive your incorporation certificate. Issued by the state government, it acts as a license of the company as a legal entity. It consists of all basic information such as the name, type, location, etc of the company and the date of its incorporation. It along with memorandum and articles of association is important to open your company’s bank account and various other formalities to perceive the legitimacy of the firm.
DIN (Director Identification Number) is an eight digit number allotted by the state government which acts as a unique individual code for every prospective director. It has a validity of lifetime and can be used for any company, even when the director leaves and joins another. DPIN (Designated Partner Identification Number) is a code which is allotted to designated partners of limited liability partnership. A person can either have a DIN or DPIN according to the type of company. If the person has both, then the DPIN will be nullified. DIN/DPIN is the license for directorship of a company required to be registered by the proprietor or partner.
Like an individual, a company too is required to have an identity card of its own. For this purpose a company which is actively executing its business and generating income from it needs to have a PAN. PAN (Permanent Account Number) of a company is required to be stated on every important document and financial transactions. It is a 10 digit unique identification code allotted by the income tax department to track the financial transactions and payment of taxes according to the company’s liabilities. It helps the company to maintain and exhibit accurate payment of taxes to the income tax authorities and correspondence regarding the same.
TAN (Tax Deduction or Collection Number) is a 10 digit number allotted by the Income Tax Department for every individual or company who will be deducting or collecting tax. It is required to be obtained to further file TDS return or TCS return on the TIN website.
DSC (Digital Signature Certificate) is a digital key for the purpose of authenticating important documents and reports. It is mandatory to affix DSC on various legal documents to validate its legitimacy. It contains important data about the applicant.
These were the five important legal objects every entrepreneur has to get for the purpose of performing their legal duties. Myefilings has been one of the most premium service provider for all types of business under one roof with the best advisory team.