Explain the following terms/concept : Small company
Explain the following terms/concept :
Small company
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- The amount of paid-up capital is not more than ₹ 50 lakh or such a higher amount as may be prescribed.
- The turnover of its last Profit and Loss account does not exceed 2 crores or such a higher amount as may be prescribed.
- A small company means, company other than a public company.
- A small company is formed as per section 2(85).
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