A one-person company is a company that is incorporated by a single person. Before the enforcement of the companies act,2013. One single person could not establish a company. If any individual wanted to establish a business, he or she can opt only for the sole proprietorship that had to be a minimum of two directors and two members for the establishment of one company. As per the section, one company is to be formed with 1 director and 1 member. It is a form of a company where the compliance requirement is lesser than the private company. In itr filing consultants in noida people can find experienced ones for solving their issues.
The companies act, 2013 providers that are individual forms for a company with a single member and one director. The director and members can be the same person. The one person means the individual who may be a resident or NRI that can incorporate his or her business that has the features of a company and benefits of a sole proprietorship. Get the income tax return filing consultants noida and then solve all the issues that you are facing.
Advantages of OPC
The separate legal entity of OPC gives protection to the single individual that has incorporated it. The liability of a member is limited to his or her shares and he or she is not personally liable for any loss to the company. Find the one person company registration in gurgaon and then register your company easily.
Easy to obtain funds
Since OPC is not a private company, it is easy for going to fundraise through venture capital, angel investors, incubators, etc. It becomes easy to obtain funds as well. It is easy for one person company registration in delhi.
The companies act, of 2013 provides a certain exemption to OPC about compliance. The OPC does need not to prepare the cash flow statements. The company secretary that not need to sign the books of accounts and annual returns and it can’t be signed only by the director. With Services plus people can end with the requirement they need for one person company registration.
It is easy to incorporation OPC with only one member and one nominee that is required for its incorporation. The member can present as director as well. The minimum authorised capital for incorporating OPC is Rs 1 lakh but there is no minimum paid-up capital requirement. It is easy to incorporate as compared to other forms of company.
Easy to manage
It is easy to make decisions and then the decision-making process becomes easy. The ordinary and special resolutions can be passed by members easily by entering them into the minute book and signed by the sole member. Running and managing the company that is easy as there won’t be any conflict or delay within the company.
In the OPC it comes with features of perpetual succession that when there is only one member is present. While incorporating the OPC, then the single member needs to appoint a nominee. The member’s death, then the nominee will run the company in the member’s place. The nominee is free to take decisions and he can implement the new rules and regulation as per himself.