As soon as a business is started, it becomes a juristic person in front of law. It has its own name and property. It is a separate legal entity which is distinct from its members who incorporate it.
On formation, All the business entity doing business in India are required to filled business return for timely compliances of respective various Law in with they have registered them self with the appropriate government agencies according to the requirements of the respective act and other applicable rules there in. Non filing or late filing of documents attracts penal provisions.