One Person Company in India

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One Person Company in India

4 out of 5 based on 1 customer rating
(1 customer review)

Rs.22,000.00

The concept of One Person Company (OPC) in India was introduced through the Companies Act, 2013 to support single entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity.

One of the biggest advantages of a OPC is that there can only be one member in a OPC. As compared to other forms of incorporation where minimum of two members are required for incorporation, OPC becomes a better choice..

Even though an OPC is a great choice however it also has certain shortcomings for example every OPC has to nominate a nominee Director in the MOA or AOA who shall become the owner of the OPC in case the promoter Director is disabled/deceased/or otherwise incapable of running the OPC. Also, it is compulsory for an OPC to be converted into a Private Limited Company if it crosses an annual turnover of Rs. 2 crores and must file audited financial statements with the Ministry of Corporate Affairs at the end of each Financial Year.

The Suits can help incorporate a One Person Company (OPC) in India.

Product Description

The concept of One Person Company (OPC) in India was introduced through the Companies Act, 2013 to support single entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity.

One of the biggest advantages of a OPC is that there can only be one member in a OPC. As compared to other forms of incorporation where minimum of two members are required for incorporation, OPC becomes a better choice..

Even though an OPC is a great choice however it also has certain shortcomings for example every OPC has to nominate a nominee Director in the MOA or AOA who shall become the owner of the OPC in case the promoter Director is disabled/deceased/or otherwise incapable of running the OPC. Also, it is compulsory for an OPC to be converted into a Private Limited Company if it crosses an annual turnover of Rs. 2 crores and must file audited financial statements with the Ministry of Corporate Affairs at the end of each Financial Year.

The Suits can help incorporate a One Person Company (OPC) in India.

ADVANTAGES OF A ONE PERSON COMPANY

Separate Legal Entity

A company is a separate legal entity and a juristic person established under the Act. The Shareholder and/or Director of a company have no liability to the creditors of a company for such debts.

Uninterrupted Existance

A company, being a separate legal person, is unaffected by the death or other departure of any member but continues to be in existence irrespective of the changes in membership.

Owning Property

A company being a juristic person, can acquire, own, enjoy and alienate, property in its own name. No shareholder can make any claim upon the property of the company so long as the company is a going concern.

Limited Liability

Limited Liability means the status of being legally responsible only to a limited amount for debts of a company. Unlike proprietorships and partnerships, in an OPC the liability of the members in respect of the company’s debts is limited.

1 review for One Person Company in India

  1. 4 out of 5

    :

    Good to find an expert who knows what he’s talknig about!

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