One Person Company

One Person Company

The possibility of One Person Company in India was displayed through the Companies Act, 2013 to help business visionaries who in solitude are fit for starting a meander by empowering them to make a lone individual money related substance. One of the best good conditions of a One Person Company (OPC) is that there can be only a solitary part in an OPC, while no less than two people are required for joining and staying with up a Private Limited or a Limited Liability Partnership (LLP). Like a Company, a One Person Company is an alternate honest to goodness substance from its promoter, offering compelled commitment protection to its sole speculator, while having movement of business and being definitely not hard to merge.

Notwithstanding the way that a One Person Company empowers a singular Entrepreneur to work a corporate component with limited hazard protection, an OPC has a few imprisonments. For instance, every One Person Company (OPC) must name a picked one Director in the MOA and AOA of the association - who will wind up being the proprietor of the OPC if the sole Director is impeded. Also, a One Person Company must be changed over into a Private Limited Company in case it crosses a yearly turnover of Rs.2 crores and must record inspected cash related announcements with the Ministry of Corporate Affairs toward the complete of each Financial Year like an extensive variety of Companies. In this way, it is basic for the Entrepreneur to carefully consider the features of a One Person Company going before union.