Sticking to the Compliances that have been put up by the government is very important to adhere to. The Annual Compliance for Startups helps to ensure that
Annual Compliance for Startups – A business that operates as a private limited company must adhere to all the variety of regulations set forth by
Annual Compliances for Private Limited Company – A private company is a legal entity with its own identity that must keep its active status by
Construction industry is one of the top industries for the start-ups as in however it is also having one of the highest rates of failure.
This is an innovative way to incorporate a company now in India. This was introduced by amended Companies Act in the year 2013.
In this type of business structure, only one person holds every right and stakes in the company, same as Proprietorship firms. This could be termed as Hybrid version of Proprietorship firms. A nominee is must be appointed in this structure of firms to establish the nature of perpetuity and to work in some circumstance like disability or death of the owner.
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1. Limited Liability: It is one of the most important factors of a Pvt. Ltd. company that saves the members from being personally affected by the fall but not the growth of the company. If the company incurs big losses, more than its assets, the owners or the members, personal assets remain untouched. They are not required to liquidate and liquefy their personal properties to pay off the debts and losses the company makes protecting the individual investors.
2. Perpetual Business Entity: A Pvt. Ltd. company, once registered, is considered as an individual under the law. It remains unharmed under different situations and survives unless the company is winded up following a legal procedure. It means that the status of the members do not impact on the life of the business. So even if the owners pass away, go bankrupt, or have to liquefy assets, a Pvt. Ltd. company remains unaffected and continues to live till someone closes it.
3. Separate Legal Identity: Unlike a proprietorship firm, a One Person Company once registered holds a separate legal identity form its stake holder, similar to Private Limited Company.
4. Less Compliance: One Person Company has to perform some annual compliances similar as private limited companies but there are some exemptions also like no requirement of Board Meeting or Annual General Meeting as there is only One stake holder.
One Person Company (OPC) is a hybrid structure, wherein it combines most of the benefits of a sole proprietorship and a company form of business. It has only one person as a member who will act in the capacity of a director as well as a shareholder. Section 2(62) defines One Person Company as a company which has only one person as a member.
One Person Company will be formed as a Private Limited Company. It can be formed as company limited by share capital or limited by guarantee or unlimited company. The words One Person Company will have to be mentioned in brackets below the name of such company, wherever its name is Printed,engraved or affixed.
There is no any minimum capital required to incorporate OPC. A person can incorporate company with less than Rs 100000 as per latest amendment of companies act 2013.
An One Person Company can be started with one director and shareholder only.
A nominee is a person who in the event of death or disability of the subscriber of the One Person Company shall assume his position. Memorandum of Association of an One Person Company will mandatorily prescribe the name of the person.
Yes. Anyone can be appointed as a nominee, provided he or she holds a correct PAN in his or her name.
Yes. A nominee can be changed at any time with due intimation to the Registrar.
One individual can form only one One Person Company.
No. Only an Indian citizen and resident can form a One Person Company.
No. Nominee is only required to hold a valid PAN in his/her name.
For the purpose of starting up a One Person Company, only an individual (natural person) who is an Indian Resident and citizen  can be appointed as a nominee for the sole member of an One Person Company.
For the purposes of this rule, the term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding one calendar year.
A person can become a nominee in not more than 1 One Person Company.
No, a One Person Company cannot be converted into a Section 8 company. Further, One Person Company cannot be voluntarily converted into any other kind of company until the cooling period of 2 years is completed from the date of incorporation.
An One Person Company can engage in any sort of business activities apart from Non-Banking Financial Investment Activities including “investment” in securities of body corporates.
The name of the nominee should be included in the Memorandum of Association of the One Person Company. The sole member of the One Person Company will have to obtain a written consent from the nominee in Form INC. 3. This Form has to be submitted to the ROC along with Form INC.2 during its incorporation.
In case the sole member of the One Person Company dies or is incapacitate by any disability, the nominee will assume the position of the member. Within 15 days of becoming the member, he will have to appoint a nominee for the One Person Company and intimate the ROC in Form INC.4 (along with Form INC. 3) within 30days of change in membership.
A One Person Company is required to hold a Board Meeting, if the numbers of directors are more than one. It will be deemed to have complied with the provisions relating to Board Meetings, if at least one meeting is conducted in each half of the calendar year. However, the gap between the two meetings should not be less than ninety (90) days.
Yes. The annual return of the One Person Company has to be signed by the sole member of the One Person Company.
Provisions of Annual General Meeting (AGM) and Extra-Ordinary General Meetings do not apply to a One Person Company.
An One Person Company will cease to operate as an OPC where the paid up capital of an One Person Company exceeds Rs.50 lacs or its average annual turnover during the relevant period exceeds Rs.2 Crores, it shall cease to continue as One Person Company.
Sticking to the Compliances that have been put up by the government is very important to adhere to. The Annual Compliance for Startups helps to ensure that
Annual Compliance for Startups – A business that operates as a private limited company must adhere to all the variety of regulations set forth by
Annual Compliances for Private Limited Company – A private company is a legal entity with its own identity that must keep its active status by
Construction industry is one of the top industries for the start-ups as in however it is also having one of the highest rates of failure.
LLP (Limited Liability Partnership) is a partnership firm that has all the features just like a ‘company’. It is just like a partnership firm in